Bernanke-'If We Were to Tighten, the Economy Would Tank'
Today, as the wire service AFP reported in a story carried at Yahoo.com, Federal Reserve Chairman Ben Bernanke, in the question and answer exchange after his prepared testimony, told the House Financial Services Committee that “If we were to tighten (monetary) policy, the economy would tank.”
That assessment of the economy’s fragility qualifies as news, especially given the Obama administration’s continued claim that the economy is “continuing to recover at a promising rate.” Outlets besides AFP virtually ignored Bernanke’s soundbite, which should be considered scary to anyone who realizes that Big Ben can’t go on “stimulating” at his current rate forever.
Tightening monetary policy means if interest rates rise. Interest rates are currently being held at ZERO and have been there four nearly five years. And Bernanke has just announced that if interest rates rise, at all, then the economy would tank.
Unfortunately for Ben, rates are already rising around the world. Rates on Portugal’s ten-year are over 7%. Rates on Greece’s ten-year are back over 10%. Japan, the country of zero interest rates has seen a spike in its rates since April. Even Treasuries are surging higher, despite the Fed buying $45 billion worth of them every month.
Bernanke has told us point blank what will happen if rates rise (economic collapse). But he’s not telling us the whole truth. The fact of the matter is that if rates rise now while the Fed is running QE 3 and QE 4 then it’s game over. The Fed will have officially lost control of the system and a wave of defaults will implode the markets.
http://gainspainscapital.com/2013/07/18/bernankes-hidden-hint-of-the-coming-economic-collapse/
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