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Thursday, April 28, 2011
Ignoring The Problem Won't Cure It
A New York Sun editorial fingers the flim-flamery in Mr. Bernanke’s studied ignorance of the inflation that the Fed’s loose money policy is creating.
Quote:
In any event, it’s hard to see much illumination in a press conference in which the chairman of a central bank whose currency is collapsing fails to utter even once the word gold.
That is the stunt that Mr. Bernanke managed to pull off this afternoon. He spoke of inflation only in terms of the consumer price index. His willingness, even eagerness, to signal that there was unlikely to be a third round of quantitative easing suggested to Evan Lorenz, who was covering the event for the Sun and for Grant’s Interest Rate Observer, that he was acknowledging that inflation is on the horizon. “Inflation ahead,” is the headline the Drudge Report, which has been one of the keenest observers of the dollar collapse, put up over a second headline, “GOLD RECORD— AGAIN.”
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