Mrcauser’s Weblog

Just another WordPress.com weblog

Got to keep his job…..

leave a comment »

Is he getting cocky?  He just promised, in order to save the Fed and the banking industry, not to “monetize” (inflate) the U.S debt. Quite a change from dropping cash from helicopters. Do you think he’ll be allowed to stand by an economy in  deflationary collapse?

I didn’t think so either.

Bernanke delivers blunt warning on U.S. debt – Washington Times

With uncharacteristic bluntness, Federal Reserve Chairman Ben S. Bernanke warned Congress on Wednesday that the United States could soon face a debt crisis like the one in Greece, and declared that the central bank will not help legislators by printing money to pay for the ballooning federal debt.

Recent events in Europe, where Greece and other nations with large, unsustainable deficits like the United States are having increasing trouble selling their debt to investors, show that the U.S. is vulnerable to a sudden reversal of fortunes that would force taxpayers to pay higher interest rates on the debt, Mr. Bernanke said.

“It’s not something that is 10 years away. It affects the markets currently,” he told the House Financial Services Committee. “It is possible that bond markets will become worried about the sustainability [of yearly deficits over $1 trillion], and we may find

Advertisements

Written by mrcauser

February 26, 2010 at 6:46 pm

Posted in Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: