Bernanke: Be Humble! ... "Humble" is typically not an attribute associated with the Federal Reserve (Fed), especially in light of the trillions of dollars recently printed. Yet, in his latest press conference Fed Chairman Bernanke called for humility: we must be humble in setting monetary policy! The problem is, Bernanke's definition of the word "humble" appears to be something entirely different from what – in our humble opinion - common sense might expect. – Axel Merk/Merk Funds
Dominant Social Theme: "We are humble because we are aware of the great monetary forces at work and will do all we can to triumph over them. Thank you. I am Ben Bernanke."
Free-Market Analysis: Axel Merk of Merk Funds is out with another good analysis of the tremendous monetary inflation now inherent in the Western dollar reserve system and its eventual impact.
We have always argued ... wait. Sooner or later there will be tremendous price inflation.
Does Merk agree? He is troubled, at least by the language that US Federal Reserve Chairman Bernanke is using in calling for "humility" and points out that Bernanke's sense of it and a normal person's is not the same.
This is, in fact, a kind of elite dominant social theme, in our view. It is the presentation of a fear-based meme that only top money minds like Bernanke's can successfully manage what's going on.
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By humble, the very rich Bernanke means accept less and pay more. Sacrifice and do without things we've come to think of as normal occurences, like buying all the food we need for our families, or having electricity 24 hours a day, or being able to fill up our gas tank AND go to the grocery store on the same day. They, and all the rest of the bankers and government officials around the world know VERY well that they are running out of tricks to make their respective economies look solvent and vibrant. Europe is so close to total collapse it ain't funy (by any means). China is holding so much (bad) debt that default by other countries will drive THEM into chaos. The U.S. just keeps printing money and even stupid bankers know exactly where THAT leads. Better go into high gear with the stocking of food, water, medicine, guns and ammo, and warm clothes. It's coming on like a freight train and cannot be stopped. They know it, too, which is THE reason the Department of Homeland Security bought 450 million rounds of high powered rifle ammo. And is trying to buy hundreds of millions more. What do you THINK they are going to do with that ammo?
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