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The Masked Tulip

Bernanke Pledges To Screw Your Grandmother For At Least Two More Years

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I try not to post ZH articles but I think this one probabl sums up how many on HPC feel:

http://www.zerohedge.com/news/guest-post-bernanke-pledges-screw-your-grandmother-least-two-more-years

I wonder what goes through Ben Bernanke’s mind as he sits in his gold plated boardroom in the majestic Marriner Eccles building in Washington DC and decides to screw grandmothers in order to further enrich Wall Street bankers. He just pledged to keep interest rates at zero percent for two more years. Ben is a supposedly book smart man. Does he have no guilt or shame for what he has wrought? How does he sleep at night knowing he has created bloody revolutions around the globe due to his inflationary zero interest policy? People are dying because he has decided that an elite group of Wall Street bankers who recklessly brought down the worldwide financial system in 2008 deserve to be kept alive and enriched at the expense of the many.
Ben Bernanke has purposely sacrificed the savers and seniors in this country at the satanic altar of his Wall Street high priests of debt. According to the BEA data on personal income, in the 3rd quarter of 2008 savers and seniors were able to earn $1.42 trillion of interest income. By the 3rd quarter of 2010 these same people were only able to earn $984 billion of interest income due to Ben Bernanke’s zero interest rate policy. Make no mistake about it, the $436 billion difference was taken out of the pockets of senior citizens and Americans trying to save for their futures and deposited into the accounts of the mega-Wall Street banks that destroyed our financial system with their reckless greed induced debt toga party. The beneficiaries of zero interest rates, QE1, QE2, and all future QEs are Wall Street bankers and heavily indebted entities – namely our profligate Federal Government, who make drunken sailors, seem fiscally responsible. The victims of zero interest rates and quantitative easing are savers and risk averse senior citizens as their income has plummeted and inflation has ravaged their everyday existence. Meanwhile, the Wall Street fat cats have paid themselves over $70 billion in bonuses since 2008.

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Not disagreeing with the critical point that the bankers are creaming it, whereas they ought to be swinging from lamp-posts, but I do wonder how higher interest rates could work without some sort of genuine growth.

You don't, imho, induce growth by raising interest rates and I find it hard to see where the wealth-creation is that would justify higher returns on deposits.

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Not disagreeing with the critical point that the bankers are creaming it, whereas they ought to be swinging from lamp-posts, but I do wonder how higher interest rates could work without some sort of genuine growth.

You don't, imho, induce growth by raising interest rates and I find it hard to see where the wealth-creation is that would justify higher returns on deposits.

High rates would not be to induce growth, but to liquidate some of the horrific misallocations of capital of the recent decades.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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