Bernanke: we will continue printing money and devaluing our currency and f*ck the consequences

[mawilson 2,133]

Press Release

Release Date: September 23, 2009

For immediate release

Information received since the Federal Open Market Committee met in August

suggests that economic activity has picked up following its severe downturn.

Conditions in financial markets have improved further, and activity in the housing

sector has increased. Household spending seems to be stabilizing, but remains

constrained by ongoing job losses, sluggish income growth, lower housing wealth,

and tight credit. Businesses are still cutting back on fixed investment and staffing,

though at a slower pace; they continue to make progress in bringing inventory

stocks into better alignment with sales. Although economic activity is likely to

remain weak for a time, the Committee anticipates that policy actions to stabilize

financial markets and institutions, fiscal and monetary stimulus, and market forces

will support a strengthening of economic growth and a gradual return to higher

levels of resource utilization in a context of price stability.

With substantial resource slack likely to continue to dampen cost pressures and

with longer-term inflation expectations stable, the Committee expects that inflation

will remain subdued for some time.

In these circumstances, the Federal Reserve will continue to employ a wide range

of tools to promote economic recovery and to preserve price stability. The

Committee will maintain the target range for the federal funds rate at 0 to 1/4

percent and continues to anticipate that economic conditions are likely to warrant

exceptionally low levels of the federal funds rate for an extended period. To provide

support to mortgage lending and housing markets and to improve overall conditions

in private credit markets, the Federal Reserve will purchase a total of $1.25 trillion

of agency mortgage-backed securities and up to $200 billion of agency debt. The

Committee will gradually slow the pace of these purchases in order to promote a

smooth transition in markets and anticipates that they will be executed by the end

of the first quarter of 2010. As previously announced, the Federal Reserve’s

purchases of $300 billion of Treasury securities will be completed by the end of

October 2009. The Committee will continue to evaluate the timing and overall

amounts of its purchases of securities in light of the evolving economic outlook and

conditions in financial markets. The Federal Reserve is monitoring the size and

composition of its balance sheet and will make adjustments to its credit and liquidity

programs as warranted.

Federal Reserve.gov link

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[mawilson 2,133]

AJ

[Hilarious Clinton 452]

Soon we'll all be trillionaires!!

Just like Zimbabwe.

[peejay 327]

Soon we'll all be trillionaires!!

Just like Zimbabwe.

Reminds me of a distant past trip to Belarus in the 1990's. The gummit got tired of printing new money to keep up with the inflation...so my relatives told me to mentally add zeros to the bank notes to match the prices posted in the shops. It was kind of weird, but it worked until they printed new bank notes with more zeros.

Belarusians then didn't trust banks so they would convert rubles to US dollars if they wanted to save money (under the mattress). The rubles were for spending immediately before they lost value. If you bought an alarm clock with the rubles at least you have an alarm clock. But if you hoard the rubles they eventually lose value to worthlessness. People learn quick.

Americans will soon have to wise up quick too.

Edited September 24, 2009 by peejay

[luckytxn 2,264]

Well the good thing about hyper inflation is that the deficit will start to seem not so large.