That is our Federal Reserve Chairman Ben Bernanke discussing in front of Congress yesterday the subject of, in his mind, muted inflation expectations. I believe that is a pipe dream. It's not going to turn out that rosy! In fact, I'll bet myself a gold coin that it won't! I'll bet myself a rare gold coin that it won't! Come to think of it, I'll bet myself some numismatic silver coins that it won't! Why, you may ask? Because the jets of inflation have been lit. I also believe that the jets of hyperinflation have been lit. It's that simple. Also, the folks at Agora Financial have been keeping score of Chairman Bernanke's track record. Note this:
Of course, this is the same Ben Bernanke who said...
- It's a pretty unlikely possibility. We've never had a decline in house prices on a nationwide basis. (July 2005)
- We see no serious broad spillover to banks or thrift institutions from the problems in the subprime market. (May 2007)
- The Federal Reserve is not currently forecasting a recession. (January 2008, a month after the recession began)
- Currently, we don't think [the unemployment rate] will get to 10%. (May 2009, six months before it hit 10.2%).
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