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.

37 Statistics Which Show How Four Years Of Obama Have Wrecked The U.S. Economy

37 Statistics Which Show How Four Years Of Obama Have Wrecked The U.S. EconomyThe mainstream media covered the inauguration of Barack Obama with breathless anticipation on Monday, but should we really be celebrating another four years of Obama?  The truth is that the first four years of Obama were an absolute train wreck for the U.S. economy.  Over the past four years, the percentage of working age Americans with a job has fallen, median household income has declined by more than $4000, poverty in the U.S. has absolutely exploded and our national debt has ballooned to ridiculous proportions.  Of course all of the blame for the nightmarish performance of the economy should not go to Obama alone.  Certainly much of what we are experiencing today is the direct result of decades of very foolish decisions by Congress and previous presidential administrations.  And of course the Federal Reserve has more influence over the economy than anyone else does.  But Barack Obama steadfastly refuses to criticize anything that the Federal Reserve has done and he even nominated Ben Bernanke for another term as Fed Chairman despite his horrific track record of failure, so at a minimum Barack Obama must be considered to be complicit in the Fed’s very foolish policies.  Despite what the Obama administration tells us, the U.S. economy has been in decline for a very long time, and that decline has accelerated in many ways over the past four years.  Just consider the statistics that I have compiled below.  The following are 37 statistics which show how four years of Obama have wrecked the U.S. economy…

1. During Obama’s first term, the number of Americans on food stamps increased by an average of about 11,000 per day.

2. At the beginning of the Obama era, 32 million Americans were on food stamps.  Today, more than 47 million Americans are on food stamps.

3. According to one calculation, the number of Americans on food stamps now exceeds the combined populations of “Alaska, Arkansas, Connecticut, Delaware, District of Columbia, Hawaii, Idaho, Iowa, Kansas, Maine, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota, Utah, Vermont, West Virginia, and Wyoming.”

4. The number of Americans receiving money directly from the federal government each month has grown from 94 million in the year 2000 to more than 128 million today.

5. According to the U.S. Census Bureau, more than 146 million Americans are either “poor” or “low income” at this point.

6. The unemployment rate in the United States is exactly where it was (7.8 percent) when Barack Obama first entered the White House in January 2009.

7. When Barack Obama first entered the White House, 60.6 percent of all working age Americans had a job.  Today, only 58.6 percent of all working age Americans have a job.

8. During the first four years of Obama, the number of Americans “not in the labor force” soared by an astounding 8,332,000.  That far exceeds any previous four year total.

9. During Obama’s first term, the number of Americans collecting federal disability insurance rose by more than 18 percent.

10. The Obama years have been absolutely devastating for small businesses in America.  According to economist Tim Kane, the following is how the number of startup jobs per 1000 Americans breaks down by presidential administration

Bush Sr.: 11.3

Clinton: 11.2

Bush Jr.: 10.8

Obama: 7.8

11. Median household income in America has fallen for four consecutive years.  Overall, it has declined by over $4000 during that time span.

12. The economy is not producing nearly enough jobs for the hordes of young people now entering the workforce.  Approximately 53 percent of all U.S. college graduates under the age of 25 were either unemployed or underemployed in 2011.

13. According to a report from the National Employment Law Project, 58 percent of the jobs that have been created since the end of the recession have been low paying jobs.

14. Back in 2007, about 28 percent of all working families were considered to be among “the working poor”.  Today, that number is up to 32 percent even though our politicians tell us that the economy is supposedly recovering.

15. According to the Center for Economic and Policy Research, only 24.6 percent of all of the jobs in the United States are “good jobs” at this point.

16. According to the U.S. Census Bureau, the middle class is taking home a smaller share of the overall income pie than has ever been recorded before.

17. According to the Economic Policy Institute, the United States is losing half a million jobs to China every single year.

18. The United States has fallen in the global economic competitiveness rankings compiled by the World Economic Forum for four years in a row.

19. According to the World Bank, U.S. GDP accounted for 31.8 percent of all global economic activity in 2001.  That number declined steadily over the course of the next decade and was only at 21.6 percent in 2011.

20. The United States actually has plenty of oil and we should not have to import oil from the Middle East.  We need to drill for more oil, but Obama has been very hesitant to do that.  Under Bill Clinton, the number of drilling permits approved rose by 58 percent.  Under George W. Bush, the number of drilling permits approved rose by 116 percent.  Under Barack Obama, the number of drilling permits approved actually decreased by 36 percent.

21. When Barack Obama took office, the average price of a gallon of gasoline was $1.84.  Today, the average price of a gallon of gasoline is $3.26.

22. Under Barack Obama, the United States has lost more than 300,000 education jobs.

23. For the first time ever, more than a million public school students in the United States are homeless.  That number has risen by 57 percent since the 2006-2007 school year.

24. Families that have a head of household under the age of 30 now have a poverty rate of 37 percent.

25. More than three times as many new homes were sold in the United States in 2005 as were sold in 2012.

26. Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.

27. Health insurance costs have risen by 29 percent since Barack Obama became president.

28. Today, 77 percent of all Americans live paycheck to paycheck at least part of the time.

29. It is being projected that Obamacare will add 16 million more Americans to the Medicaid rolls.

30. The total amount of money that the federal government gives directly to the American people has grown by 32 percent since Barack Obama became president.

31. The Obama administration has been spending money on some of the most insane things imaginable.  For example, in 2011 the Obama administration spent $592,527 on a study that sought to figure out once and for all why chimpanzees throw poop.

32. U.S. taxpayers spend more than 20 times as much on the Obamas as British taxpayers spend on the royal family.

33. The U.S. government has run a budget deficit of well over a trillion dollars every single year under Barack Obama.

34. When Barack Obama was first elected, the U.S. debt to GDP ratio was under 70 percent.  Today, it is up to 103 percent.

35. During Obama’s first term, the federal government accumulated more debt than it did under the first 42 U.S presidents combined.

36. As I wrote about yesterday, when you break it down the amount of new debt accumulated by the U.S. government during Obama’s first term comes to approximately $50,521 for every single household in the United States.  Are you ready to contribute your share?

37. If you started paying off just the new debt that the U.S. has accumulated during the Obama administration at the rate of one dollar per second, it would take more than 184,000 years to pay it off.

But despite all of these numbers, the mainstream media and the left just continue to shower Barack Obama with worship and praise.  Newsweek recently heralded Obama’s second term as “The Second Coming“, and at Obama’s pre-inauguration church service Reverand Ronald Braxton openly compared Obama to Moses…

At Metropolitan African Methodist Episcopal Church, Braxton reportedly crafted his speech around Obama’s personal political slogan: “Forward!”

Obama, said Braxton, was just like Moses facing the Red Sea: “forward is the only option … The people couldn’t turn around. The only thing that they could do was to go forward.” Obama, said Braxton, would have to overcome all obstacles – like opposition from Republicans, presumably, or the bounds of the Constitution. Braxton continued, “Mr. President, stand on the rock,” citing to Moses standing on Mount Horeb as his people camped outside the land of Israel.

But it wasn’t enough to compare Obama with the founder of Judaism and the prophet of the Bible. Braxton added that Obama’s opponents were like the Biblical enemies of Moses, and that Obama would have to enter the battle because “sometimes enemies insist on doing it the hard way.”

So what do you think the next four years of Obama will bring?

Please feel free to post a comment with your thoughts below…

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