Waiting For The Bernank
Of course, I have no idea what ole HellyBenny will have to say this afternoon. Because the POSX sits so precariously upon support between 73 and 73.50, I think you have to expect him to try to talk up the dollar. However, as you know, there is reality and there is fantasy. There is fact and there is fiction. There is TRUTH and there is MOPE.
MOPE: Management of Perception Economics. A term, coined by Santa himself, to describe the idea that by convincing citizens that all is well, all will actually be well. The Bernank’s belief in the “Wealth Effect” is proof of his devotion to MOPE.
http://www.federalreserve.gov/newsevents/other/o_bernanke20101105a.htm
TRUTH:
Fiscal 2011 U.S. Federal Government outlays: $3.6T. Fiscal 2012 U.S. Federal Government revenue: $2.1T. Total Deficit (need to borrow): $1.5T
Fiscal 2012 U.S. Federal Government outlays: $3.75T. Fiscal 2012 U.S. Federal Government revenue:
$2.1T. Total Deficit (need to borrow): $1.65T
http://online.wsj.com/article/SB10001424052748703361904576143253522341850.html
WHAT QE IS “ABOUT”:
1) Funding the deficit spending of the U.S. Federal Government
2) Providing free cash for insolvent TBTF/PD banks
3) Funding the deficit spending of the U.S. Federal Government
4) Creating the inflation necessary to service existing debts
5) Funding the deficit spending of the U.S. Federal Government
6) Infusing cash into the Primary Dealers which they, in turn, can use to buy S&P futures and prop up the stock market (see “Wealth Effect” above)
7) Funding the deficit spending of the U.S. Federal Government
Before The Bernank, takes the podium, please take a moment to ponder from where the U.S. government will find its $1,650,000,000,000 needed for next year without continued Quantitative Easing.
1) China? Nope.
2) Japan? Good one.
3) Europe? Mmmm, no.
4) The Middle East? Negative.
5) TBTF banks. Jim Rickards says so. He’s fooling himself. $1.65T? From the banks? Hahaha.
Be not afraid, my friends. The Bernank and his willing accomplices/stooges in the media may preen and posture all they want but MOPE cannot win long term. MOPE may get them by for a day or a few weeks but TRUTH shall prevail in the end.
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