Federal Reserve chairman Ben Bernanke is on the defense after receiving sharp criticism for QE3, the latest stimulus from the Fed. He spoke on Monday and addressed each complaint about the stimulus, then gave his reasoning on why those complaints weren’t true.
The main complaints are these:
- The Fed’s stimulus will only lead to inflation in the future.
- QE3 will only embolden the federal government to continue running up the deficit as the government tells itself, “All we have to do is get the Fed to do another stimulus,” whenever budget crises arise.
- When the Fed encourages more dollars to be printed and released into circulation, the value of the dollar diminishes.
- Whenever the Fed does a stimulus, interest rates go down and those who want to keep money in savings accounts (like the elderly) instead of putting money into the stock market do not receive a return on their investments.
Why is there such sharp criticism of QE3? Well, those who have kept their eyes on QE1 and QE2 have seen that these are what have resulted when the Fed attempts to manipulate the markets. The Fed continues to do the same things repeatedly while expecting different results when their past stimuli have shown that banks who get money from the Fed just sit on the extra money without sparking job growth.
Nevertheless, Bernanke reiterated today that QE3 shows that the Fed wants to continue to take measures that will keep steady the rate at which consumer prices increase in addition to spurring job growth. When one considers that the Fed is nothing more than the puppet for the NWO, Bernanke’s words are nothing but hollow sound bites. He’s serving up a certain flavor of Kool-Aid that I’m not willing to drink. That’s why I hold onto the words of the Lord Jesus, who always tells the truth:
Ye cannot serve God and mammon… Therefore take no thought, saying, What shall we eat? or, What shall we drink? or, Wherewithal shall we be clothed? (For after all these things do the Gentiles seek:) for your heavenly Father knoweth that ye have need of all these things. But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you. Matthew 6:24, 31-33
And when you add Philippians 4:19 to the mix, then it becomes clear no believer should put trust in Bernanke or his greedy big money bosses:
But my God shall supply all your need according to his riches in glory by Christ Jesus.
Ann Saphir. Bernanke tackles critics of Fed’s growth push. NewsDaily.com. Monday, October 1, 2012.
How QE3 Will Make the Wealthy Even Wealthier While Causing Living Standards To Fall for the Rest of Us. Economiccollapse blog.com. September 16, 2012.