The Beginning Of The End
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Janet Yellen: What A Horrifying Choice For Fed Chairman She Would Be

Janet YellenAre you ready for Janet Yellen?  Wall Street wants her, the mainstream media wants her and it appears that her confirmation would be a slam dunk.  She would be the first woman ever to chair the Federal Reserve, and her philosophy is that a little bit of inflation is actually good for an economy.  She was reportedly the architect for many of the unprecedented monetary decisions that Ben Bernanke made during his tenure, and that has many on Wall Street and in the media very excited.  Noting that we "already know that Yellen is on board with Bernanke's easy money policies", CNN recently even went so far as to publish a rabidly pro-Yellen article with this stunning headline: "Dear Mr. President: Name Yellen now!"  But after watching what a disaster Bernanke has been, do we really want more of the same?  It doesn't really matter whether she is a woman, a man, a giant lizard or a robot, the question is whether or not she is going to continue to take us down the path to ruin that Bernanke has taken us.  As I have written about so many times, the Federal Reserve is at the very heart of our economic problems, and under Bernanke the Fed has created a mammoth financial bubble unlike anything that we have ever seen before.  If Yellen keeps us going down that road, financial disaster is inevitable.

Sadly, Yellen is not a woman that believes in free markets.  She had the following to say back in 1999...

"Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not."

Yellen believes that without the "routine intervention" of the central planners at the Fed, our economy will not produce satisfactory results.

So if you thought that Bernanke was an "interventionist", you haven't seen anything yet.  In fact, according to Time Magazine, Yellen was continually urging Bernanke to do even more "to help stimulate the economy"...

But as the most recent financial crisis proved, a good Fed chief needs to be willing to think outside the box to achieve its goals of low, steady inflation and full employment. This is exactly what Bernanke did — using the powers of his office to launch a massive bond-buying program aimed at lowering interest rates further down the yield curve and promising to keep short-term interest rates at near zero for years. Bernanke, however, didn’t launch these programs immediately. Behind the scenes, it was reportedly Yellen who was the most forceful advocate for the Fed doing more to help stimulate the economy.

It is truly frightening to think that Yellen might turn out to be "Bernanke on steroids".

Let's hope that she is not the choice.

But the media is endlessly hyping her.  They keep proclaiming that she has a "good track record" when it comes to forecasting future economic conditions.

Oh really?

Back in February 2007, before the housing crash and the last financial crisis, she made the following statement...

"The bottom line for housing is that the concerns we used to hear about the possibility of a devastating collapse—one that might be big enough to cause a recession in the U.S. economy—while not fully allayed have diminished. Moreover, while the future for housing activity remains uncertain, I think there is a reasonable chance that housing is in the process of stabilizing, which would mean that it would put a considerably smaller drag on the economy going forward."

And during a speech in December 2007 she offered up this gem...

"To sum up the story on the outlook for real GDP growth, my own view is that, under appropriate monetary policy, the economy is still likely to achieve a relatively smooth adjustment path, with real GDP growth gradually returning to its roughly 2½ percent trend over the next year or so, and the unemployment rate rising only very gradually to just above its 4¾ percent sustainable level."

And in front of the Financial Crisis Inquiry Commission in 2010 she openly admitted that she did not see the last financial crisis coming...

“For my own part,” Ms. Yellen said, “I did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow banking system, the S.I.V.’s — I didn’t see any of that coming until it happened.”

So if she didn't see the last crisis coming, will she see the next one coming?

Right now, she insists that everything is going to be just fine in our immediate future.

Do you believe her?

Meanwhile, economic warning flags are popping up all over the place.  As Zero Hedge recently noted, perhaps this is why a lot of high profile candidates don't want the Fed job.  Perhaps they don't want to be blamed for the giant economic mess that is about to happen...

With so many candidates dropping out of the race, one has to wonder why the attraction of the 'most-powerful' job in the world is fading. Perhaps it is not wanting to stuck between the rock of the 'broken-market-diminishing-returns' of moar QE and the hard place of an economy/market that is sputtering and needs moar. As Bloomberg's Rich Yamarone notes, There’s a little known rule of thumb in the economics world: when the annual growth rate of key U.S. indicators falls below 2 percent, the economy slides into recession in the next 12 months... and more than one of them is flashing red.

But we have far bigger worries on our hands than just another recession.

Over the past several years, Fed intervention has been systematically destroying confidence in the U.S. dollar and has been making U.S. government debt less desirable.  Foreigners are already starting to dump U.S. debt, and it is only a matter of time before the U.S. dollar loses its status as the de facto reserve currency of the world.

By "kicking the can down the road", the Fed has created tremendous structural problems which are going to come back to bite us big time in the long run.

Recklessly printing money, monetizing debt and driving interest rates down to ridiculously low levels may have had some benefits in the short-term, but in the end this giant Ponzi scheme is going to collapse in spectacular fashion.  The following is how James Howard Kunstler puts it...

The Fed can only pretend to try to get out of this self-created hell-hole. The stock market is a proxy for the economy and a handful of giant banks are proxies for the American public, and all they’ve really got going is a hideous high-frequency churn of trades in conjectural debentures that pretend to represent something hidden in the caboose of a choo-choo train of wished-for value — and hardly anyone in the nation, including those with multiple graduate degrees in abstruse crypto-sciences, can even pretend to understand it all.

When reality crosses the finish line ahead of poor, exhausted Mr. Bernanke, havoc must ensue. All the artificial props fall away and the so-called American economy is revealed for what it is: a surreal landscape of ruin with nothing left but salvage value. Very few people will get a living off of the salvage operations, and there will be fights and skirmishes everywhere by one gang or another for control of the pickings. The utility of money itself may be bygone, along with the legitimacy of anyone or anything claiming institutional authority. This is what comes of all attempts to get something for nothing.

The American people deserve to know the truth.

The Fed is not our "savior".  The truth is that the Fed is the primary cause of many of our biggest economic problems.  For much more on this, please see my previous article entitled "25 Fast Facts About The Federal Reserve – Please Share With Everyone You Know".

Unfortunately, Wall Street and the mainstream media love the Fed and they appear to very much love Janet Yellen.

Yellen would be an absolutely horrifying choice for Fed Chairman, but so would any of the other names that have been floated.

America has embraced the foolishness of the financial central planners at the Federal Reserve, and in the end we will all pay a great price for that.

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  • Benign

    “Free markets” are a myth, man. That’s what brought us the Wall Street blow-up, radical deregulation based on the belief that financial markets are “efficient” and self-regulating. You need to get on the right side of this one: bring back Glass-Steagall, put everything on the balance sheet, go back to sound financial reporting and full disclosure. Fair markets, not “free” (free to defraud) markets.

    • Hammerstrike

      It is really the printing market, much of the profits today are not earned, they are printed by the federale reserve and its equivalents in all european countries except Belarus.

  • K

    Michael of course she will be named. Remember the destruction of the economy is all part of the plan. As a matter of fact, I suspect the timeline of the crash has been moved up a little. That no war with Syria push by the general public, scared the puppet masters. So Yellen will be the first women in charge of the fed. Or as some of us might say. The first woman captain of the Titanic.

    • MichaelfromTheEconomicCollapse

      The fact that she is a woman will be greatly celebrated by the media, but in the long run I fear that this will be a disastrous choice as you have correctly noted.

      Michael

      • markthetruth

        Why Don’t they let the people run the country through Twitter ! I don’t Believe there is a True Economist anymore they are all just winging it.

        the end…

      • markthetruth

        What the Heck is wrong with Congress if they Put the ” Sequester ” in place why are we reaching the Debt Ceiling 2 1/2 Months Early !!!

        the end…

      • TtT Engine

        The key to being a “good” candidate for the Federal
        Reserve Chair holder is the ability to “think outside the box”. This means you
        have the ability to suspend the most basis laws of financial economics and prime
        the pump for our U.S. economy. This means you will print, borrow, tax and spend
        like a totalitarian sociopathic qaudrillaholic. You are completely beholden to
        the praetorian money masters of Casa Casino WALL St. WE are WAY beyond the game of
        monopoly, where there is a large, but limited supply of money. This game is
        called Roman Ultimate Monopoly. There is an infinite supply of money and
        the winners and losers are decided by the Emperors in the Coliseum Money Star
        Chamber. Christi Fidelis !

    • RarefiedSnotress

      The crash isn’t until the next presidency.

      • Tim

        No way. Obama has three years to go.

      • Syrin

        I think it comes much sooner. Interest rates are rising and our interest payments alone will be 5 times then entire GDP of Canada. They are going to shut down the grid in November, and that will be an EASY time for the gov’t to have all sorts of electrical records and money transfers occur without oversight.

        • Tobias Smith

          do tell, how will the grid be shut down

          • Syrin

            It’s a planned drill for mid November. This isn’t some speculative thing, it’s announced.

        • chilller

          It’s a drill…you said it yourself. No actual blackout.

    • markthetruth

      Well Big Ben Handed the Torch over to Yellen Today as He Given in that he has no Blue Print anymore and has Thrown in the Towel…
      The economy is in Depression and the Market(Wall Street) could Care Less and acted as if they didn’t know what the decision was. ” Someone Knew on Wall Street ” Don’t try and tell me that congress and the senate don’t still do insider trading.

      The Computers where Programed for All three choices: 1:End QE , 2:Taper QE , 3:Do Nothing (no taper) One button on a cell phone Bamm . Market explodes up!!!

      the end…

      • TooLittleTooLate

        LOL, no kidding…. Bernake gets up there and says, “Well, the market still sucks”…. The market rallies…

        You know we have to be on our last legs when the market goes nuts on bad news knowing that there will be no end to QE.

    • markthetruth

      So much for ” No Boots on the Ground ” in Syria Aren’t = Are……….. Won’t = Will .!!!

      Pentagon proposes training moderate Syrian rebels

      the end…

      • TooLittleTooLate

        Oh, we’ll have our war. It may not be this week though.

        They’ll find or generate a reason for it. I’d put our outside timeline at the end of this year.

        It’s funny, after watching the Assad interview on FOX yesterday…. I was truly wondering which administration lies more.. Assad’s our ours?!?!?!?

        The idiot administration is as inept as they are evil.

      • DDog

        News flash, the US has been funding, training the terrorist since the get go. Let’s not forget supplying weapons from Libya as well.
        Demand the truth regarding hillary’s Benghazi massacre.

    • TJ

      And yet another Jew. Does this ever germinate in the minds of the people criticizing the fed? The odds of this happening at random are negligible to the point of impossibility.

      We are controlled by an undercover ethnic mafia.

      • marconi314

        You r a c i s t b a s t a r d. First CNN Money, and now here. Why don’t you just crawl under your rock at your white supremisist camp and be done with yourself.

        • justanaverageguy

          The racists are not those complaining about being excluded from the table. They are those who choose who gets a seat at the table based upon ethnicity.

    • clementinesalmassi321

      My Uncle Brandon got a stunning Toyota Tacoma only from working part-time
      off a macbook air… go to this web-site J­a­m­2­0­.­ℂ­o­m

  • SafetyViking

    Does it REALLY matter at this point?

    • Oscar

      You are actually very right on this one:

      The answer remains no.

      No matter who you’d put in that chair. Might as well be my cat.

      There you go.

      • SafetyViking

        My question was rhetorical, of course, but yeah…we’re all pretty much done at this point. This is like naming the 2nd captain of the Titanic…

        • TooLittleTooLate

          Yep…. moar and MOAR and MOAR!!!!!!

          That decision has already been made and there are no alternatives that they are willing to contemplate.

          The printing will continue until the day it all comes down.

          At this point there are so many things that could bring down the system, you have to wonder how it’s gone on so long? I guess a lot of it is the petro-dollar and the fact that we export much of our inflation but now, more foreign govts. are SELLING our debt than financing it.

          Prepare accordingly.

    • Jodi

      I’m here with you. I don’t think it matters anymore.

  • DJohn1

    I believe that no matter who is chosen the result will be the same.
    But I believe that we have a deliberate situation here that has been going on for a very long time. It is planned.
    The real wealthy people are leaving the ship in groves. The ship after all is sinking.
    I would suggest a lot of them are now looking at places where the money is actually stable. Something based on gold and something that is not inflating.
    My first thought was Belgium. Then, the northern countries of Europe come to mind. At one time, I thought Switzerland until they decided not to help the rich avoid the IRS.
    Sweden comes to mind. So does Norway. But I am not an expert and I certainly do not know who is best capable of staying neutral and financially stable.
    If you have the foundation shifting out from under you and your jobs are lost, what does that describe to you? The world wide Jewish people have dealt with catastrophe for a long portion of their history. They train their people in trades so that no matter what happens they land on their feet. They train them in starting and making successful businesses where ever they go. They always have something to sell to the public.
    I suggest that to survive you have to have sellable skills that other people will want to purchase with whatever takes the place of our currency.
    When it finally hits the fan, those are the people that will survive.
    The rest of us will need a great deal of luck to survive. Especially if you are poor, old, or disabled. Because all of the Social Agencies will not be there much longer to help. Neither will most of the pensions that most of us invested in for our old ages.
    That is going to be the American Nightmare in the next few years as things fall apart.

  • ArigatouGozaimas

    These days, if your doctor says you are sound as a dollar, you probably have terminal cancer.

    Janet Yellen for Fed Chairwoman, might as well appoint Paul Krugman.

    • Professor

      or any other jew for that matter

  • DougB

    Another lesbian to take the place of Big Sis?

    • RarefiedSnotress

      She is a married woman. Cheap misogynistic below-the-belt shot. Unsurprising for Michaels board though.

      • WeRThrough

        If it is so “unsurprising” as you put it. why are you here then?!!!

        • RarefiedSnotress

          What I do is what I choose. Got a problem with that?

          • chilller

            I do…do yer “choosing” somewhere else liberal slob.

          • RarefiedSnotress

            too foookn bad.. I’ll be here forever just to pissu off

          • Hammerstrike

            I for one am rather glad you dwell on this website, know that your society is dying.

            Dying while the right wing, is on the rise, no surprise about that, for it’s a natural selection process to the destruction of the very core of our culture.
            We grow with every passing day, with every double-standard law passing, with every bending of a legislator’s spine to accomodate foreign elements into our states, with ever diversity celebration.
            Nope, we don’t lay down and die like you wish we would, we don’t give our wealth and privilege to the underserving, dirty, filthy masses that did nothing to earn theirs aside from being born from a skank’s womb.

            You know that the Babylon’s tower that your ideology attempted to build will fall – pardon me for a christian metaphore, I don´t want to offend the feelings of “atheists” – as surely and swiftly as the WTC Towers did.

          • RarefiedSnotress

            I voted Obama. It’s YOUR society that’s dying.

          • Hammerstrike

            Quite the contrary, it is the leftist utopia that is economically and biologically unsustainable, so enjoy your collapse.

            I wasn´t thinking only of the US and I am not conservative.
            Thought, I should point out, Republicans elects the dumbest president in history, bring in someone even dumber in 2008 and what does the dims do? Bring in someone even more thick and ruinous!

          • Tobias Smith

            are you a lesbo prepper? how exciting!

          • RarefiedSnotress

            I’ve been living in sin and fornicating w/one man for 9 years. What’s YOUR story?

          • Tobias Smith

            fornicating for 9 years? you must be 22 now, LOLOLOLOL

          • RarefiedSnotress

            You are wrong, as is frequently your case.

          • tom

            live your life.

          • chilller

            Typical trash mouth response from a psychopathic sociopath. Can’t come up with a grown-up’s response so it’s all about trash mouth…huh…I live to dog you here every day…all day…

          • RarefiedSnotress

            You’re just a rabid dog foaming at the mouth.

          • WeRThrough

            I always have a problem with garbage that talks. Next question garbage?

          • Guest

            Your momma’s the one that made garbage.

          • RarefiedSnotress

            Your momma’s the one that gave birth to garbage.

  • Kim

    Summers withdrew because he knew there was no way his policies (ending QE) would be embraced by Wall Street.

    • http://stock-index-options-alert.blogspot.com/ Tom Chechatka

      This was my initial impression, too, but I think we have a big deception going on here, this desperately trying to keep some semblance of balance in a woefully imbalanced global physical and financial economy. The likes of Summers are meant to keep appearances the Fed could exit QE at any moment, thus [counter-intuitively] putting a lid on rates (as is very near the top of the list of the Fed’s “things to do”). Absent ability to maintain perceptions re: Fed QE exit, rates are subject to come under severe pressure once truth the Fed is trapped no longer can be suppressed. Think bond vigilantes who will have no choice but see their purchasing power at grave risk of being eroded by QE, this as a consequence of hyperinflationary *shutdown* of the physical and financial economy (another subject altogether).

      Now the matter of Bernanke’s *forced* retirement. Is this part of the deception? A couple months ago we had both Obama and Boehner speaking against Helicopter Ben. Does “someone” (DC string pullers) really want to shift gears? Yellen’s nomination only would expose pols are but part of a ruse, as she’s more or less a Bernanke clone. Ditto were Bernanke to remain in place.

      The Fed simply cannot stop the flood, lest the banking system be left to collapse, and this right now is a most vexing fact. Yet there are things the Fed has yet tried. Truth is its employment mandate could be easily met were it to allocate credit to increase the capital stock in all its forms, rather than just apply it as a backstop to what are, left as is, hopelessly insolvent credits currently choking the banking system.

  • JulietteofOhio

    Nothing good has ever come of having a “Janet” in charge. Reno, Napolitano, Yellin, they’re all a total disaster. Of course, wait until there’s a Hillary!

  • YH

    No, she would be the perfect choice for Federal Reserve Chairperson. She would serve to accelerate the ongoing economic collapse that much faster. There is no fixing the current monetary and economic collpase underway. There is only one direction, forward, not backward. The sooner the current system has complete it’s correction or collapse the sooner we can begin to pick up the pieces and hopefully rebuild a healthy, sustainable, and constitutional economic system based on good fundamentals. I’m not an anarchist, but trying to save the current system only throws good money after bad and lengthens the economic suffering.

  • NowAlive

    “Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not.” This quote could be rephrased to “Will socialist economies operate at full employment in the absence of routine intervention? Certainly not.” because we have routine intervention in these rigged, socialist markets and there STILL is no “full employment”. In fact, the numbers keep getting worse.

    • 2Gary2

      its only socialism for the rich–its brutal capitalism for the rest of us.

  • Jon Krüger

    The 12 Federal-Reserve banks and board of governors are all privately owned, and all the owners are Jewish nationals. The bank owners prefer to staff the senior positions in their business with fellow nationals. For example..
    •• Board of governors:
    1. Ben Shalom Bernanke: Chairman of the Board of Governors of Federal Reserve.
    2. Donald L. Kohn: Vice Chairman of the Board of Governors of Federal Reserve.
    3. Randall S. Kroszner: Member of Board of Governors of Federal Reserve.
    4. Frederic S. Mishkin: Member of Board of Governors of Federal Reserve.
    5. Alan Greenspan: Advisor to Board of Governors of Federal Reserve. Recent Chairman.
    •• 12 Federal-Reserve banks:
    1. Eric S. Rosengren, President: Federal Reserve Bank of Boston,
    3. Charles I. Plosser, President: Federal Reserve Bank of Philadelphia,
    5. Jeffrey M. Lacker, President: Federal Reserve Bank of Richmond,
    8. James B. Bullard, President: Federal Reserve Bank of St. Louis,
    9. Gary H. Stern, President: Federal Reserve Bank of Minneapolis,
    10. Thomas M. Hoenig, President: Federal Reserve Bank of Kansas City,
    11. Richard W. Fisher, President: Federal Reserve Bank of Dallas,
    12. Janet L. Yellen, President: Federal Reserve Bank of San Francisco,
    •• All those staff members share a common hyphenated-nationality with the owners, including the last-mentioned bank president Janet L. Yellen, making her a preferred candidate for promotion to replace Ben Shalom Bernanke as chairman of the board of governors.

    • jsmith

      As if I didn’t know, but how come all the Fed chairmen and all their associates are Jewish?
      Aren’t there any smart Irish Catholic or Protestant candidates in a nation of over 300 million people. None?

    • BonusGift

      The important thing to note concerning the fact that the tribe is in control of the Fed is that, like AIPAC pushing for the US to blow up Syria and Iran, their interests are obviously not the same as real Americans (i.e., as evidenced by their actions/deeds – “by their fruit you shall recognize them.”).

      • Paulbe

        AIPAC are a subversive organization, representing people who actively subvert America for the benefit of their own fraudulent nation. Its taken some of you this long to work this out?

      • FlaSwamps

        Saudi mercenaries

  • Tim

    No taper! I’m not at all surprised. Folks, there is not way out of the situation the Fed is in. They cannot allow interest rates to rise. I’m afraid that this is as good as things are going to get. Enjoy this “prosperity” while it lasts because we’ve got some difficult days ahead of us.

    • TooLittleTooLate

      They’ve shot all but the last bullet and, they’re cornered….

      The only thing left to do is to INCREASE QE.

      Of course that could be the catylist for finishing off any confidence left in our current system but, I’ve been surprised before.

      They’re pretty good at keeping it all going when there are no consequences for doing any sort of illegal activity.

      It’s all out in the open now…. they’ll just come and take the money out of your accounts now.

    • markthetruth

      They can’t taper because they have to buy back all the DEBT as forgiven counties are dumping it like there’s no tomorrow !!!

      the end…

    • squashpants

      Actually, I am enjoying this “prosperity”. But I am also preparing for the time when that goes away. In the meantime, I am very much enjoying the lead up.

      • iceman

        Me too! It really helps that my wife and I worked really hard to pay off the mortgage, credit cards and auto loan. Just need to keep prepping and we will have a smoother ride when the storm hits!

        • squashpants

          And I meant to say, “Good job!”, too. Really.

  • GSOB

    A Janet Jam!

  • Rodster

    Ben spoke and just said that QE MUST go on. Needs to see more data. Surprise surprise !

    Link below

  • MeMadMax

    I don’t think it matters who is in charge of what at this point. The economy has been on auto-pilot to destruction for a long time now…

    • Professor

      well I have news for you. The Jews are in charge.

      • MeMadMax

        Still doesn’t matter…

  • Adrian

    Although tragic, I’m never surprised at the stupidity of Washington to pick then worst choice time and time again. When these clowns find themselves in a ditch, they deny it and think the only way out is to dig deeper.

    • Hammerstrike

      It is very simple.

      Incapable individuals in power will pick incapable indivdiuals over smart individuals because the latter will always threaten their position one way or the other.

      If you are a boss with an IQ of 85 and realizes that you aren´t that bright, are you really going to employ someone with an IQ of 125?

  • Tim

    Wow, the 10-year yield is down to 2.69%. That’s over 30 basis points below its recent high of 3.01%. This is just silly. This is all about extending their Ponzi scheme as long as they can.

    • squashpants

      As I have opined before, TPTB are not going to sit and let the interest rate situation get out of hand. They will do anything they can to keep the rate on bonds under control. We can get excited when we see it get up into the 2.9 to 3.0 % range, but that won’t stand. Things will be tweaked to make it stay at a level that will keep things on an even keel. That is why I think the probability of a total and horrific collapse seems less and less likely as time toes on. Tell me I’m wrong.

      • Tim

        I believe that the Fed will continue to intervene in the U.S. Treasury market in order to keep interest rates from rising, though the Fed may eventually lose control and rates will rise in spite of the Fed’s efforts. I don’t believe the Fed will taper any time soon, in spite of many who hold an opposite view. This will enable the Fed to keep the system afloat. However, the Fed can’t print forever with impunity. They more they print, the more they devalue the dollar. Foreign nations hold trillions in U.S. dollar reserves. There are more U.S. dollars outside of the country than there are in the country, and if foreigners dump those dollars and they come flooding back into the U.S., we’ll have hyperinflation.

        If the Fed does eventually taper, interest rates will rise, which will lead to higher interest costs on the national debt. Add to that the fact that Baby Boomers are retiring, which will only increase spending on social insurance programs (Social Security and Medicare). This, in turn, will lead to unprecedented annual budget deficits. If we thought $1 trillion annual deficits were bad, we haven’t seen anything yet. But the real risk of rising rates is an exit from bonds, including U.S. Treasuries, as rising yields result in lower bond prices. And foreigners who hold much of our debt certainly understand that.

        So I don’t see any way that this will end well.

        • FlaSwamps

          They will pull the plug as soon as there’s nothing left to steal and then they can dupe the public with another false flag to blame it all on. It was designed to fail.

  • Professor

    surprise surprise another Jew.

    • Hammerstrike

      As I was reading, I was wondering if she was, I shouldn´t have doubted..

  • chilller

    Ever wonder if the Grim Reaper was married?….well here’s the misses…..

    • Professor

      one jew disliked your comment.

  • El Pollo de Oro

    Five words: audit……the…….damn……Fed……now.

  • grumpyhillbilly

    She’s the perfect choice just like Obama is the perfect person to be president. Anyone criticizing her will be label a sexist as anyone criticizing Obama is a racist. The elite have masterfully weaved this web around the little people. Most will be shamed into silence for daring to question things. Those of us who do will be labeled crazed and dangerous. In reality its quite the opposite, but most will never know as they spend most of their time scrounging around for survival.

    • Angel Peace

      It was planned that way, Grumpy. They knew that the cover of racism was a perfect blanket to cover their nefarious actions. Evil, but brilliant.

  • Ideas Time

    Here is a thought. Why not get rid of the ileagle unconstitutional FED when the charter expires and repo everything they have stollen with money created out of thin air. Let congress create money as the constutition permits and return this country to the people.

  • Rene Girrard

    This reminds me of John Mauldin’s article about sprinkling grains of sand on top of a sand pile until at some unknown moment there is an avalanche. And I think Michael is right that the USD will no longer be the world’s reserve currency. The avalanche will happen before then.

  • Sack man

    If she is a horrible choice what does it matter if you say we are doomed regardless ? Doom has been indefinitely postponed. Rates came own big today. Market new highs again.

  • Stephanie S

    Wait! I heard there is a female transgender midget, an economics prof with a reading disability at a major university who may be available, she is biracial and talks with a lisp. Native American/Hispanic descent, her father is rumored to be of black/Caribbean descent on his mother’s side….

    • Tobias Smith

      perfect choice. she also has 1 eye and her parents beat her senseless every night but she persevered. She has 6 toes on her left foot and 4 on her right as she was born conjoined with her twin brother who had elephantiasis and died at age 3

  • Lennie Pike

    To taper would have meant that the free money illegally won in the rigged casinos of the elite would have immediately come to an end and that massive losses would have been suffered by them. The rest of us would have suffered due to the collapse of what is left of the economy.

    To keep printing means that only us suckers by means of inflation will continue to suffer, but now at a greater rate so that the the elite can continue in the lifestyles unto which they have become accustomed.

    • Lennie Pike

      The spigot will only be turned off when they are ready to fully implement their one world currency which will be preceded by WWIII.
      They very well may have been on the virge of doing just that, but had to back off because they will need the world’s approval when they do. They figured there would be outrage over chemical weapons being used, and did not expect to be recognized as liars this time around.

      Expect another atrocity along the lines of 9-11 to get the world to demand justice. It will probably have to be a nuclear explosion maybe in Charleston Harbor actually – someone who extorts the perpetually blackmailed Senator Lindsey “act like a man!” Graham must have been bending his ear.

    • Lennie Pike

      The price of everything will rise except that of gold and silver ofcourse.

  • A Dodgy Bloke

    I’m not sure what to make of this woman I read her Bio and she seems to be a typical Upper middle class left wing baby boomer. I think whoever takes over from the Berne isn’t going to make much of a difference. The damage is pretty much done. We become Greece or there is a dumping of the dollar either or our standard of living drops. The political and social instability I don’t want to think about. I believe a total collapse is not going to happen in the near term. Long term who knows. I think they’ll recover but with more people unemployed, more people under employed. Government doing more and more stupid things until the system breaks, or a external crisis comes they can’t recover from. Then will come a collapse by that time few people will care.

  • A D

    Quote from Oboma’s minions ‘never let a good crisis go to waste’.. The USA has to be brought down to 3rd world status, the only way they can usher in a 1 world currency & ruler.

  • A D

    Proverbs 23:5 Wilt thou set thine eyes upon that which is not? For riches certainly build themselves wings; they fly away as an eagle toward the heavens.

  • Wally

    The collapse is the least of our worries. I think a huge false flag is coming that will be something like an emp that may last for days/weeks then martial law. They will take everything down in one event then after power is restored etc the nwo will be making the decisions. Think about it an emp is perfect all the banks shut down and the next thing you know all your money is gone too. No more pesky scandals to worry about. No more constitution after Obama executes the order that gives him all the power over everything.

    • Professor

      you do realize Obongo is a puppet right? The master manipulators behind the curtain pull his strings.

      • Wally

        Sure I know that but as of right now we still have a little bit of constitution left albeit small so they (nwo) needs a foil.

    • Angel Peace

      Agree with you, Wally. And no one to speak out against them once martial law is employed. Welcome to the Soviet Socialist Republic of American States.

  • davidmpark

    More of the same… no surprise.

    I’ll be gone for a while; turns out that I kicked the hornet’s nest in Utah (a good thing – got their attention) and will be fighting for my wife’s well being for some time.

  • tom

    I have been reading these post for a few months. It seems like you have been crying wolf for quite some time.

  • 2Gary2

    Michael–why do all the people who screwed up and gotten things horribly wrong keep getting appointed to positions of power?

    • Joe Shmo

      I’m not Michael, but I think you are misunderstanding their reasoning. These people are not “screwing up”. It so happens that “their” goals and objectives are not in alignment with “ours”. You see a screw-up, and they see “effective management”. It’s all about perspective, IMHO.

      • 2Gary2

        good answer–I had not thought of that!

        • Mark Caldwell

          That is why your messiah is arming cartels south of the border and Al qaeda in Syria while calling for disarmament of his political and ideological opponents here in the US.

          He is a vindictive little petty tyrant POS.

          • 2Gary2

            ok hoss

    • Tobias Smith

      I dunno. ask that pos obama that you fawn over

  • Chocolatini

    I distinctly remember when bernanke was made chairman, if you did a search on him, you couldn’t find anything on him being Jewish.
    I also heard reports that searches on his name and ‘Jewish’ spiked when he was named chairman — everyone was curious.
    But all searches came up empty. It was if all info on him had been wiped clean. It was only till several months to half a year later, that it was confirmed he was Jewish.

  • FounderChurch

    We have no enemy but ourselves. The people on this board are an exact example of everything wrong with America. Just look in the mirror. Or better, examine your own head. Google “FounderChurch”

    • Chris

      ?!

    • Guest

      We don’t want to google founder church!!

      • Tobias Smith

        what’s google? LOLOLOL

  • Nexusfast123

    The Fed has painted itself neatly into a corner. On one hand they could have pulled back QE. However, this had the potential to crash the stock market which is a big bubble. This would then push up interest rates and make debt payments horrendous. Higher interest rates then flow through to the derivatives market and trigger a collapse there

    They have chosen the other option to kick the can down the road again. This is to keep the $85bllion a month QE going. This will continue to fuel the stock and other bubbles (bonds, commodities, etc), have the shadow banking system grow further along with the creation of additional derivatives on top of the useless trillions that are already in existence.

    The end result will be a systemic crisis. But instead of dealing with it now they will pump it up some more. Debt cannot be used to pay off debt. Debt can only be cancelled.

    The Fed is an economic terrorist embedded at the heart of the US economy with a primed economic explosion ready. The damage it will bring will be more than any terrorist could dream of.

  • matt

    they cant print forever. this will go on for years and years…..the pending collapse of 2057….keep prepping,lol.

    • Mark Caldwell

      Untrue, the ‘old debt’ must be serviced, and not so many years from now the interest on old debt will consume too much of the GDP.

      So there is a limit to the madness.

      Also, taxes will be raised, but beyond 50% it begins to kill the economy.

  • Jodi

    How about nobody run the FED. SHUT IT DOWN!

    • Angel Peace

      The first lucid comment that makes sense without being bigoted, prejudiced or idiotic. We do not need the Fed, it isn’t even a government entity. Just a cabal of private bankers making money off the backs of the US taxpayer. Woodrow Wilson screwed up when he passed that law and he knew it…

  • XSANDIEGOCA

    When the collapse comes, martial law and asset seizure will be close behind. If you think not then ask yourself this: with 1 in 5 Americans receiving Food Stamps what will happen when the EBT cards no longer work? What will happen when Social Security is slashed 50%. For a glimpse of the future let us look to the past. See Republic, Weimar. See Banks, Cyprus. See Gold, FDR. People ask why Bernacke decided to continue the Print? The answer is that he knows the implementation of Obama Care will hit the ship of state like a giant Tsunami. He wants maximum liquidity for disruptions ahead. Yellen is just a chip off the old Bernacke/Greenspan block.

  • JailBanksters

    Honestly, does it really really matter who is captain of the Titanic, No matter how many times I’ve seen the Movie it always ends the same way. Unlike Bernanke that must see a different ending each time.

    And if it hits the Berg on her watch, well that’s the last time we have a Woman Captain.

  • peace angel

    All the players in DC are puppets for the NWO and have been for decades. The same ppl rotate through the system and none of them ever leave and in and out of Goldman Sachs as the movie taught us.

    IF she were not put in this position someone else who has worked with Bernanke forever and who is totally on board with the destruction of the nation will be until or unless the nation wakes up and makes a run on the Hil.

  • Joseph

    Michael,

    Seeing that China will bypass the USA dollar to sell commodities a La oil, natural gas, gold with CNY, time to get out of dollar-denominated assets…drs. I have done so, seeing that bail-in and asset-forfiture and seizures by governments is likely to ensue, regardless who the new Fed Chairhead is.

    God help us all Michael.

  • JoeD

    It’s simple Intro level Macroeconomics: monetary policy responds to fiscal policy, not the other way around. The Fed is forced to playing smoke and mirrors because they have no choice; between our President and dysfunctional Congress there is no chance that a solution to resolve our mounting debt or even slow down how quickly it’s piling up will be reached.

    For that we all have ourselves to blame. A house divided cannot stand, and I don’t think there’s ever been a time, at least not in living memory, where America has been this divided. It also doesn’t help that the people who can yell the loudest are also some of the most partisan. We’ve all been suckered into thinking it’s Red vs. Blue when really it’s our standard of living vs. global standard of poverty. So far we’re losing badly.

  • GSOB

    She looks tough, innocent and sweet.

    Don’t she?

  • Tobias Smith

    wonder if all will come tumbling down soon, I’m almost ready!

  • 2Gary2

    The House of Representatives on Thursday approved sweeping reforms to
    the nation’s food stamp program that would cut some $40 billion in
    nutrition aid over 10 years and deny benefits to millions starting in
    2014.

    The repubes are toast. Take food from the poor to give more tax cuts for the rich.

    There will NEVER be another republican president EVER,

    • Tobias Smith

      did you lose your food stamp program, LOLOLOL

    • Snarkleton

      “There will NEVER be another republican president EVER” are famous last words.

      You may as well spread your legs and butter yourself up for 8 long years of Jeb Bush as number 45.

      Both parties have agreeably been trading the White House back and forth every 8 years for the past 30-plus years. Moreover, all of these puppet presidents suffer a natural destruction in the polls during their second term opening the door for the alternating party. It’s sort of like magic.

      • 2Gary2

        let me repeat slowly–there will never be another republican president in this country ever. There will never be another Bush ever elected to any high office. Yes I know most americans have the IQ of a carrot stick but even with that being said there will never be another republican president ever. I am not the only one saying this.

        • Snarkleton

          Remember in 2004, when Republicans believed that the DEMS were finished
          forever and the party was decimated for good? You’ll learn come 2016. FWIW, I couldn’t care less about either party.

          • 2Gary2

            you are correct that they both suck, however, conservatives take sucking to a whole new level.

  • Andrew Bulles

    What does having a vagina have to do with Money Mechanics and the “centrally planned: coddled, coaxed, chided and goaded market based economy? Absolutely NOTHING except to disarm, divert and distract and dissuade all comers.

  • JailBanksters

    The worst thing, the absolute worst thing that could happen, is the US Financial System does NOT go bankrupt or enter a Depression. Because that means the Banking System/Governance will not change, and it just becomes business as usual for another 100 years. There is a small chance this might happen, and if a declared World War happens then it won’t change, and you can take that to the Bank.

  • http://www.RestlessBoomers.com/ Restless Boomers

    We’re off to the races with one false flag event after another, trying to mask our collapsing economy.

    In the end, it won’t matter who was chair of the Fed when the music stopped playing. It will only matter who found a chair and who didn’t.

  • Arius1071

    The US, including the West, is rushing headlong into economic, social, and political disaster. This is a mega trend civilization end stage, the shift of world power from West to East. Currently Syria is the fault line between the East and the West. I expect violent reactions by the West as the shift of world power to the East continues. This is a mega archetypal process. It cannot be stopped by the West. It is inevitable.

  • StephanLarose

    The Fed is the problem and the entire monetary system must be rebuilt from the ground up. The People should own the bank that issues money based on the value they collectively represent. The government should spend money debt-free into the economy and save the taxpayer enormous sums of interest and debt, thus entirely negating the need for income taxes.

    Our forebears new this well:
    If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks…will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. – Thomas Jefferson in the debate over the Re-charter of the Bank Bill (1809)

  • JEWBOY

    “Henceforth no Jew, no matter under what name, will be allowed to remain here without my written permission. I know of no other troublesome plague within the state than this race, which impoverished the people by their fraud, usury and money-lending and commits all deeds which an honorable man despises. Subsequently they have to be removed and excluded from here as much as possible.”

    Queen Maria Theresa

    40 year reign / Sovereign of Austria, Hungary, Croatia, Bohemia, Mantua, Milan, Lodomeria and Galicia, the Austrian Netherlands and Parma

  • Dalmasian

    When will the Titanic sink with an overload of worthless paper money? She no doubt has the answer.

  • LUPITA

    YELLEN IS BEEN REPLACED.

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