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« Failed Bank CEOs Called To The White House | Main | Fed President Richard Fisher: Even We Can't Print Enough Money "To Compete With The Enormous Flood Of Borrowing Coming From The United States Treasury" »
Monday
Dec062010

Bernanke On 60 Minutes: "We're NOT Printing Money"

Video - Federal Reserve Chairman Ben Bernanke - 60 Minutes - Aired Tonight

Below you will find web-only content from tonight's broadcast - 10 minutes not shown on CBS - plus a link to Bernanke's 2009 60 Minutes interview.

This is a must see - Bernanke is so nervous his lip quivers from beginning to end.

"Well, this fear of inflation, I think is way overstated. We've looked at it very, very carefully. We've analyzed it every which way. One myth that's out there is that what we're doing is printing money. We're not printing money. The amount of currency in circulation is not changing. The money supply is not changing in any significant way. What we're doing is lowing interest rates by buying Treasury securities. And by lowering interest rates, we hope to stimulate the economy to grow faster. So, the trick is to find the appropriate moment when to begin to unwind this policy. And that's what we're gonna do."

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Bonus clip...

60 Minutes Overtime - Exclusive web-only footage from tonight's broadcast

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Has anything changed since 2009...

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Other 60 Minutes segments covered at the Bail:

Medicare Fraud: A $60 Billion Crime

Palin Said VP Selection Was 'God's Plan' -- Lieberman Was McCain's First Choice

The Madoff Liquidator

Obama Interview - Health Care, Debt & Deficits, & The Stimulus 

Michel Lewis On 60 Minutes -- Wall Street: Inside The Collapse

60 Minutes: Walking Away From Your Mortgage

Madoff Whistleblower Harry Markopolos On 60 Minutes

Fixing the Deficit by Taxing the Rich - 60 Minutes

60 Minutes- High Frequency Trading 

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Reader Comments (40)

Not printing money? What is he buying the government bonds with, toilet paper? No, those bonds are bought with computer keystrokes; they don't even bother printing the currency any more. Why didn't 60 minutes challenge this ridiculous assertion. And I loved the part about education causing our income disparities. Who do you think receives all the money that Bernanke and Greenspan have created out of thin air?
Dec 5, 2010 at 8:33 PM | Unregistered Commenterwwace
This is a VERY nervous man. Notice his lips quiver, stuttering, voice inflection. Mr. Bernank you best be nervous because it's gonna be damn hard to hide when the hammer falls as you and your conspiring bastards hard hated world wide.
Dec 5, 2010 at 9:15 PM | Unregistered Commenterjps
I suspect that this man Bernanke is just dancing around with words. Currency is not money. Money is what should be received to balance out the labour of a man and money has to be something useful and tangible. A piece of paper known as currency is just an interim step in the process of balancing out the equation.
Until you receive something that you agree has a value equal to the labour that you put in you have not been paid.
Dec 5, 2010 at 9:40 PM | Unregistered Commenterpaddy
Hold on a minute, lets just backup the truck here. He's not printing money???
So he is buying all those bonds with his good looks?? He dumps $800B in
fiat equity into all the banks around the world demanding put-backs because of the
fraud he facilitated and everything is on track??? Another $600B of fiat equity
to prop up the stock market and Obamas wars and he's not concerned. And then
the biggest whopper, he didn't see the bubble coming and thinks we tried to regulate
it. All 50 states DID but Bush shut them down on HIS WATCH......
Dec 5, 2010 at 9:47 PM | Unregistered CommenterFred54
Is it just me or is it kinda scary that the Chairman of the Federal Reserve Board doesn't know the difference between money and currency?

"One myth that's out there is that what we're doing is printing money. We're not printing money. The amount of currency in circulation is not changing."
Dec 5, 2010 at 9:52 PM | Unregistered CommenterAndrew
I just realized that 'Bernanke' rhymes with 'bankie.' The possibilities are endless.
Dec 5, 2010 at 11:59 PM | Unregistered Commenterimp
Well technically they don't PRINT the bank credit they are creating. Its not physical currency. So he's not really lying... though we all know he is.
He's just throwing bank credit from the helicopter, and unlike actual hard currency none of it could possibly land in the hands of we the people.
Dec 6, 2010 at 12:25 AM | Unregistered CommenterThebes
This clip is a fucking tee-ball session....

Shameless propaganda. The sad part is most of America is gonna swallow it hook, line and sinker!

BUY SILVER!!!!!!
Dec 6, 2010 at 12:50 AM | Unregistered Commentermark mchugh
I hate to be a defeatist, but at this point we barely have a chance to defeat the PTB. The longer we ponder what their next move might be, the sooner our inevitable fate will be sealed. IOW....there ain't gonna be much you can do about it. You guys still aren't operating with all "cylinders". Hate to be blunt, but gotta get your attention. Please get informed.

You can start here. And once you're finished I bet you'll have a completely different perspective.

http://www.flightoffire.com.au/index.php?option=com_content&view=article&id=39:the-strawman-illusion&catid=2:leading-edge-research&Itemid=3
Dec 6, 2010 at 12:58 AM | Unregistered CommenterDOGISMYTH
@godismyth...

i've seen those strawman clips many times...we've been operating here for 23 months...you're new...don't assume so much about our understanding of the issues...i value your input, but i don't need to be condemned every time i publish something because you don't think i get it...thanks...

To give you an idea...i watch on average 100 videos per day as part of what i do here, every day since January of 2009...when i'm not publishing, i'm watching...count on it...
Dec 6, 2010 at 1:09 AM | Registered CommenterDailyBail
here's a link to bernanke's appearnace on 60 minutes from last june...it's a good comparison clip...

http://dailybail.com/home/bailout-news-cbs-60-minutes-video-complete-interview-with-fe.html
Dec 6, 2010 at 1:11 AM | Registered CommenterDailyBail
@jps...

This is a VERY nervous man. Notice his lips quiver, stuttering, voice inflection.

--

noticed it immediately while watching live on cbs tonight...i have watched hundreds of bernanke clips in the past 23 months...i've seen him nervous before but this was BY FAR the worst it's been..his upper lip quivered throughout the clip...nice catch...
Dec 6, 2010 at 1:13 AM | Registered CommenterDailyBail
here's the transcript and video for bernanke's 2009 appearance...

http://www.cbsnews.com/stories/2009/03/12/60minutes/main4862191.shtml
Dec 6, 2010 at 1:22 AM | Registered CommenterDailyBail
"You guys still aren't operating with all "cylinders". Hate to be blunt, but gotta get your attention. Please get informed."

To be blunt, and understanding that you are a little new around here, The strawman is something that has been discussed many times around here.

Everything on this earth is already ordained for the elite of the world. Better be learning to hunt, fish, and grow food. The modern effeminate mans hunting grounds (grocery store) will be reserved for the elite, and just buying silver or gold will only get you so far when she goes belly up.

They are already trying to outlaw being able to provide for ones self, and very few Americans are even interested, and they will probably eventually outlaw hunting the Kings deer as well.

http://naturalnews.com/030418_Food_Safety_Modernization_Act_seeds.html

You need to produce a lot of "criminals" to feed a slave labor system the likes of which men like Tom Delay and the globalists have dreamed about since the time of the attempted 33 coup.

One only has to look at the heroic "capitalism in a petri dish" model in Saipan.
Dec 6, 2010 at 1:47 AM | Unregistered CommenterS. Gompers
Great clip, DB. The Federal Reserve is run by a complete wank-shammy.

"We could raise interest rates in 15 minutes if we wanted to."

Were it not for the Fed's $3.3T intervention... "Unemployment might be much much higher, like it was in the Depression, 25%."

"The Fed didn't have oversight of... Lehman Brothers."

Record-breaking income inequality in the U.S. is "based very much on educational differences."

This clown wouldn't last 5 minutes on a trading floor or even in a poker game. I'm with McHugh. Buy silver. Bernanke is simply not at risk of finding a clue any time soon. Scary shit.
Dec 6, 2010 at 2:24 AM | Unregistered CommenterCheyenne
I know what a strawman is. But I also know things are not hopeless and such a debate is idiotic. Congratulations, you've given up! Wouldn't they all love it if EVERYONE just "gave up" and stopped discussing their fiendish plans? Would Bernanke be nervous if everything was on track? Iran was supposed to be invaded in 2006, from the planning in 1999. We were supposed to have a lot of things that failed thanks to the efforts of those who would not be ruled so easily. Well, we're still not there, and why? Because they're NERVOUS, because exposure ruins the continuity of the plan. Any number of strawmen cannot save them from the collective wrath of the planet. They need drone pilots to stay at their stations raining death on their opposition, servile guards at the gates, police harassing people in the name of misguided justice, and so forth. And they aren't going to get it if these people realize they're just the last group who gets it in the shorts. The Holy Roman Empire is built upon the bodies of the willing, remember. And it's hard to convince someone to sacrifice themselves "for the cause" when your utter contempt for their lives is laid bare so obviously.
You're talking about a group of people who've mostly never seen combat (or even experienced wanting what they can't have), couldn't support themselves if they wanted to and couldn't create a useful good or service if their lives depended on it. (creating useless currency to enslave the world is NOT something of value, in fact it actually has a negative value over time) Hence, they are terrified of everyone else who possesses any such skills, because ultimately they're about the most unfit, pathetic group the world's ever spawned, and the only thing they're really good at is making imaginary somethings out of nothing. And if that charade fails, where will they go? That IS their skill.
Ultimately, it doesn't matter if it falls now, or falls later, the Empire WILL fall, because it ALWAYS does. The delusion of permanent anything is a foolish trapping of humanity. That's what karma's for. The question you must ask yourself is, "How long do I want that to be?"
Dec 6, 2010 at 2:42 AM | Unregistered CommenterRidiculousness
"We could raise interest rates in 15 minutes if we wanted to."

Were it not for the Fed's $3.3T intervention... "Unemployment might be much much higher, like it was in the Depression, 25%."

"The Fed didn't have oversight of... Lehman Brothers."

@ cheyenne..

nice catches...all 3 of those lines stuck with me as well...


"The Fed didn't have oversight of... Lehman Brothers." - say the fuck what bernanke...my first thought was NY FED - geithner running the show...one of their enumerated tasks is regulation of Wall Street...bold-faced bull shit from b-52...

"Unemployment might be much much higher, like it was in the Depression, 25%." - Unemployment already is the SAME as teh depression, it's just measured differently...i've posted the chart real unemployment rate is 23% ---from john williams shadow stats...more bernanke bullshit that pissed me off

"We could raise interest rates in 15 minutes if we wanted to." -- And this comment just made me laugh...and spit up some of my beer...
Dec 6, 2010 at 2:56 AM | Registered CommenterDailyBail
Obama Grants First Pardons

http://www.cbsnews.com/8301-503544_162-20024629-503544.html

several people were pardoned for cocaine trafficking...
Dec 6, 2010 at 3:19 AM | Registered CommenterDailyBail
Elitist pig. He and his damned gang of NY thieves stole all the money, so naturally there's gonna be economic trouble. This interview was boring, really boring. Had to stop listening after about what 15 minutes? That host hardly questioned him on anything. Pure corporate lies. I mean, 9.6% unemployment going up to 9.8% unemployment? WTF? And then he stammers in that congenital nervous tremor of his that were it not for him this country would be suffering 25% unemployment like in the Great Depression. Filthy lying thief! It is at close to 25% right now! Only this country could get away with delibertately not counting the unemployed who don't collect unemployment. And the corporate media mouthpieces everything they're told to monkey. Everything about this kleptoregime is a lie. Everthing.
And like it's already been mentioned - it's a shame that most the undereducated proteletariat believes everything they're fed. We're doomed.
Dec 6, 2010 at 4:38 AM | Unregistered CommenterPaul from Connecticut
Watching that interview last night, all I could think was "man, they could've hired a better liar for this job"

That guy was dying up there, and I was loving it. Hopefully, he has to go through every waking moment in that same terrified state. He knows what he's done--will America lynch him for his crimes?
Dec 6, 2010 at 7:34 AM | Unregistered CommenterJohn
Did anyone catch his "education" plug?

According to Zimbabwe Ben - College graduates make much more than their counterparts. Ask yourself a few questions: Is it because they're smarter? Is it because they work harder? Or is it because the banksters want everyone to start off their life in the hole?

If you've ever wondered why we can't build MagLev trains, stop a leaking pipe on the ocean floor, or why we are pursuing ALL the wrong options in our energy, economic and political policies, look no farther the Harvard and Yale. Now look at history, and tell me how many world changing ideas, inventions, works of art & literature came from those ivory towers?

Not many.

Please don't think I'm advocating ignorance - I most certainly am not. We have set up an extremely expensive system of education and reinforced it with business models also dependant on taxpayer money. So you need a degree to get a "good" job, but that job isn't capitalist - it's welfare. Defense contractors, Wall Street and money-changers of all stripes, every government agency, researchers and statisticians - none of them actually earn their keep, they just reinforce the idiotic, failed policies of our politicians of the oligarchy.

"...you dropped a hundred and fifty grand on a fuckin education you coulda got for a dollar fifty in late charges at the public library...."

But no matter how much you spend...you can't fix stupid.
Dec 6, 2010 at 9:56 AM | Unregistered Commentermark mchugh
"Hence, they are terrified of everyone else who possesses any such skills, because ultimately they're about the most unfit, pathetic group the world's ever spawned"

That is why I referred to them as effeminate men, if their precious fiat money fails them, they will be the ones who are screwed, along with the people who cannot be pried away from the tube or sit around relying on others to take care of them.

If they destroy their own precious fiat with their lies and avarice, I don't care how much of it they have, they will not be fed by me. If people believe that can't happen in America, I got news for you, it already has.

Ever hear of Confederate money?


My "ordained" statement was sarcasm, I do that some times, in their minds they believe they are, not in mine. I see them for their pathetic weakness.
Dec 6, 2010 at 10:03 AM | Unregistered CommenterS. Gompers
"According to Zimbabwe Ben - College graduates make much more than their counterparts. Ask yourself a few questions: Is it because they're smarter? Is it because they work harder? Or is it because the banksters want everyone to start off their life in the hole?"

Good catch Mark, and yes, it is because they want you to start in the hole. And if they have their way, you will never get out of the hole. I think you will enjoy this tongue in cheek blog that rings of a little truth:

http://www.thehealthcareblog.com/the_health_care_blog/2009/04/oped-lets-pay-nurses-minimum-wage.html
Dec 6, 2010 at 10:15 AM | Unregistered CommenterS. Gompers
Feed the creature...
Dec 6, 2010 at 10:16 AM | Unregistered CommenterS. Gompers
Did you catch Scott's THE bullsh!t?
The banks that received in secret--had paid back the Trillion$--WTF?
$2 trillion was given to European banks because American banks sold WORTHLESS mortgages--and they were about to SUE the USA feds/Banks.
Seems 60 minutes is a tool of governmemt.
Why is Bernanke not fired? Because the Jewman has a 14 year contract.
Dec 6, 2010 at 11:40 AM | Unregistered CommenterJoJo
"Unemployment might be much much higher, like it was in the Depression, 25%." - Unemployment already is the SAME as teh depression, it's just measured differently...i've posted the chart real unemployment rate is 23% ---from john williams shadow stats...more bernanke bullshit that pissed me off
---
I had the EXACT same thought. The obvious follow-up from a real journalist would be something like, "What do you think unemployment would look like right now if you hadn't been royally f***ing up since at least 2004?" McHugh is right -- teeball session.
Dec 6, 2010 at 12:26 PM | Registered CommenterDr. Pitchfork
@mchugh

great comments mark...

and nice link john on the inability to print our own new money without f'ing it up...
Dec 6, 2010 at 12:55 PM | Registered CommenterDailyBail
Bankie was obviously not buying his own bullshit. We're not printing money? The uemployment rate is related to education? The FED didn't have oversight of the corrupt institutions receiving trillions of dollars in taxpayer-funded assistance? Really?

GRIFTOPIA is going to bring us to our knees much sooner than most Americans realize. I'm starting to think the Mayans had it right all along. Wouldn't that be freakin ironic?
Dec 6, 2010 at 1:27 PM | Unregistered Commenterprofoundlogic
So by Bennie-Boy's reasoning, Lord Bankfiend (tm) must be the most educated guy on the planet, along with George Soros and oh, that college dropout, Bill Gates. They all must have dozens of advanced degrees to their names! Wow, if I only knew then what I know now, I woulda gone to smirk-school instead of med school.

Note to Bennie: Even the trailer-trash uneducated dolts know where the tar and feathers kept. THAT's why his lip is quivering; the death threats are starting to get worrisome and the guns all have really good sights on them. Some of Amerika's now unemployed and desperate can hit a forehead at 1000 feet. It's the same 'some of us' who are really, really, really angry and aren't buying his bullshit anymore. What part of 'he's been wrong all along' NOW translates into '100% confidence!' ?

Wow. Just wow. I've met mall crystal ball gazers with more of a grasp on reality.
Dec 6, 2010 at 2:30 PM | Unregistered Commentersignalfire
Bernanke didn't look the least bit nervous to me ... he looked like a man quite comfortable with his lies knowing full well the corporate media is not going to ask tough questions ... I don't know where people get the idea he is nervous ... I didn't see a lip quiver not once.

Notice how the corporate guy doesn't challenge the fact we are in a depression and not recovering from a recession.

Bernanke knows he's getting over ... I think people are dreaming to think he is nervous.
Dec 6, 2010 at 2:36 PM | Unregistered Commenterspirittoo
McHugh and Gomp--

What pissed me off about the canned education spiel was Bernanke's utterly non-responsive "answer" to the question. He wasn't asked about unemployment rates, he was asked whether he found record-breaking income disparities troubling. He ducked the question by talking about disparate education levels and corresponding unemployment rates. How disingenuous. I guarantee you many readers here are more educated than either Jamie Dimon (M.B.A.) or Lloyd Blankfein (J.D.)--and yet each of those pompous douche nozzles will pull down more in a single year than many readers will in a lifetime.

It is clearer than day that the Bernank is growing increasingly uncomfortable defending the winless record of his masters.
Dec 6, 2010 at 2:42 PM | Unregistered CommenterCheyenne
That point blank lying sack “One myth that’s out there is that what we’re doing is printing money. We’re not printing money. The amount of currency in circulation is not changing.” Complete BS, the Currency in Circulation chart below clearly shows the monetized debt is finding its way back into circulation.

http://research.stlouisfed.org/fred2/series/WCURCIR?cid=32215

Splain that one away Benny.
Dec 6, 2010 at 4:50 PM | Unregistered CommenterVegasRage
So many great comments here!

Signalfire - first post I've seen by you - good stuff!

I'll tell you what - Maybe he's sounds so nervous because he's not sure who's gonna get to him first - Joe Sixpack or his Bilderberg buddies. They would never sacrifice one of their own, would they?
Dec 6, 2010 at 5:31 PM | Unregistered Commentermark mchugh
Thanks, McHugh. *Curtsy* Dunno about the Bilderbergs getting him, but I suspect he's not doing hot tubs anymore... I really miss Matt Simmons, that guy had integrity AND guts.

Is anyone else out there getting tired of posting on blogs and responding to the NY Times on their ill-considered and ill-managed web site 'comment' sites and wanting true action? If I enumerated all the vivid fantasies I've had about revenge against the Banksters, fixing the system and other possibly ill-advised but necessary revolutionary acts, I'd get put away for a very long time by the same people who seem to think Julian Assange is a 'traitor' (not that he's an American or anything...). A true patriot, a true hero steps forward and tells the truth, shows us the truth about what our tax money has been paying for, and what happens? Some of our 'politicians' call for his assassination. Strangely enough, these are the same people who profess a high regard for Jesus. They would have been the first in line demanding HIS execution, too. Fuckwits, all of them. I'm so angry on any given day, I could spit. I have homeless people walking by my window every day; dozens of foreclosed upon houses in my neighborhood, and this plastic piece of intellectual hubris gets a fawning interview to explain that we're all poor cuz of our educational levels, and that flooding the world with money is not the same as actually 'printing' it; and the fucking press gives him a fucking PASS! Gaaaaahhhhh!
Dec 6, 2010 at 6:31 PM | Unregistered Commentersignalfire
Mankind has submitted itself to one corrupt and wicked system after another. Do you see the pattern? Government by men is doomed to failure. Anyone with the slighest level of awareness can see that the system is floundering and due for a collapse of its own making.
But this time it will not be replaced again by a government of human origin. It will be replaced by the fast approaching righteous Kingdom of Jehovah God. Please read your Bible and pray for guidance, gaurd your heart and search for Jehovah while He may still yet be found. This current system with all its evil and injustice will soon be done away with.
Dec 7, 2010 at 7:41 AM | Unregistered Commenterlance
@lance...good luck waiting on god to fix things...

@ vegas rage...nice find...great link...

@signal fire...awesome rant...loved reading it...
Dec 7, 2010 at 11:29 AM | Registered CommenterDailyBail
HAHAHAHAHA what a liar and a horrible one at that. Not printing money eh? Then why has the currency in circulation increased by $55 billion over a year's time? They're printing $3 billion a week! http://www.jrdeputyaccountant.com/2010/12/bernanke-lies-fed-is-printing-money.html
Dec 8, 2010 at 9:51 PM | Unregistered CommenterJr Deputy Accountant
@jda...nice one...lemme know if you want a log-in here so you can post your stuff on the main page..
Dec 8, 2010 at 11:30 PM | Registered CommenterDailyBail
Yeah, bernanke are right, he is not printing money but printing toilet paper for his ass, if i ever meet up with him, I will only said : bernanke, FUCK YOUR SELF !

U.S. will only become better if we kick fuck ass Fed member out of the board, especially Mr. Fuck bernanke.
Jun 7, 2011 at 2:22 PM | Unregistered CommenterDanny

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