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« Meet The Fed’s QE2 Traders, Buying Bonds By The Billions | Main | WSJ: What Could Bernanke & The NY Fed Be Hiding? »
Friday
Feb042011

MUST SEE RATIGAN BOMBSHELL: How The Federal Reserve & Wall Street Banks Are Destroying The Dollar, Ripping Off Taxpayers, Disrupting The Food Chain And Sparking GLOBAL Revolution (With Bill Fleckenstein)

Video - Dylan Ratigan with Bill Fleckenstein - Feb. 3, 2011

  • "We reject Ben Bernanke's rejection of the premise, and here's why..."

At the National Press Club yesterday, Bernanke was asked if Fed money-printing is causing unrest in Egypt, Tunisia and other nations,  by spiking commodity and food prices.  Bernanke denied it, but we know his history with telling the truth.  The correct answer, as Karl Denninger and others have pointed out, is YES. 

Bill Fleckenstein largely agrees, telling Ratigan:

  • Money printing correlates quite well to rise in commodity prices, but not precisely
  • When you "print money out of thin air", you don't know where it will go
  • Printing money turns the average person into a speculator (think Chinese farmers buying copper)
  • 80% of money in countries like Egypt goes to buying food (and that's for the lucky ones who have jobs)
  • 40% of political donations in the U.S. comes from giant banks ... so the banks own Washington
  • The Fed won't ever face it's mistakes, and always just wants to print more money

---

 

Further reading...

The Egyptian Tinderbox: How Banks and Investors Are Starving the Third World

Underlying the sudden, volatile uprising in Egypt and Tunisia is a growing global crisis sparked by soaring food prices and unemployment. The Associated Press reports that roughly 40 percent of Egyptians struggle along at the World Bank-set poverty level of under $2 per day. Analysts estimate that food price inflation in Egypt is currently at an unsustainable 17 percent yearly. In poorer countries, as much as 60 to 80 percent of people's incomes go for food, compared to just 10 to 20 percent in industrial countries. An increase of a dollar or so in the cost of a gallon of milk or a loaf of bread for Americans can mean starvation for people in Egypt and other poor countries.

http://www.truth-out.org/the-egyptian-tinderbox-how-banks-and-investors-are-starving-third-world67424

---


Essential Resources: The Final Bubble?

As the riots spread like a plague from Egypt, Tunisia and Yemen, now to Mexico and South America, soon to Europe and beyond, the thundering chorus of confusion reigns supreme. We are told that these situations are “politically unsustainable” and require regime change, “peacefully and immediately” but the details and the root causes are conspicuously omitted.

You are witnessing the progression of speculation-fueled global inflation in the realm of commodities: real world essential resources in a collapsing system of paper-based valuation. And that speculation is being fueled by none other than Bernanke’s collapsing paper, as he pumps massive waves of betting chips into the global casino engine.

So the root cause of riots and unrest can be traced back to the activity of the FED and its impact on global essential resources.

Continue reading...

http://letthemfail.us/archives/7339

---

 

 

 

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Reader Comments (11)

Essential Resources: The Final Bubble?

As the riots spread like a plague from Egypt, Tunisia and Yemen, now to Mexico and South America, soon to Europe and beyond, the thundering chorus of confusion reigns supreme. We are told that these situations are “politically unsustainable” and require regime change, “peacefully and immediately” but the details and the root causes are conspicuously omitted.

You are witnessing the progression of speculation-fueled global inflation in the realm of commodities: real world essential resources in a collapsing system of paper-based valuation. And that speculation is being fueled by none other than Bernanke’s collapsing paper, as he pumps massive waves of betting chips into the global casino engine.

So the root cause of riots and unrest can be traced back to the activity of the FED and its impact on global essential resources,

http://letthemfail.us/archives/7339
Feb 4, 2011 at 3:12 PM | Registered CommenterDailyBail
What the FCIC Report REALLY Means

http://letthemfail.us/archives/7374
Feb 4, 2011 at 3:16 PM | Registered CommenterDailyBail
http://www.zerohedge.com/article/persons-not-labor-force-who-want-job-now-jumps-all-time-record

Persons Not In Labor Force Who Want Job Now Jumps To All Time Record; Real Unemployment Rate At 12.8%
Feb 4, 2011 at 3:18 PM | Registered CommenterDailyBail
http://globaleconomicanalysis.blogspot.com/2011/02/bernanke-warns-of-rapid-and-painful.html

Bernanke Warns of "Rapid and Painful Response to a Looming Fiscal Crisis"
Feb 4, 2011 at 3:19 PM | Registered CommenterDailyBail
The Egyptian Tinderbox: How Banks and Investors Are Starving the Third World

Underlying the sudden, volatile uprising in Egypt and Tunisia is a growing global crisis sparked by soaring food prices and unemployment. The Associated Press reports that roughly 40 percent of Egyptians struggle along at the World Bank-set poverty level of under $2 per day. Analysts estimate that food price inflation in Egypt is currently at an unsustainable 17 percent yearly. In poorer countries, as much as 60 to 80 percent of people's incomes go for food, compared to just 10 to 20 percent in industrial countries. An increase of a dollar or so in the cost of a gallon of milk or a loaf of bread for Americans can mean starvation for people in Egypt and other poor countries.

http://www.truth-out.org/the-egyptian-tinderbox-how-banks-and-investors-are-starving-third-world67424
Feb 4, 2011 at 3:20 PM | Registered CommenterDailyBail
OK, that's twice in one day. Ben Bernanke has managed to shock one of the most cynical guys on the planet (that's me). Here he is just flat out denying that US monetary policy has any effect, whatsoever, on global prices -- in this case commodities. Instead, he blames it all on them furreners (emerging market demand).

One would think that he had learned his lesson from last time around -- whether it was oil and commodities in 2008 or low interest rates and the housing bubble. Instead, he blames rising commodity prices -- just as he did in 2008, and just like he did with low interest rates -- on excess EM demand and/or on excess demand for savings (remember the "savings glut" thesis?). It's just amazing how his viewpoint on this has hardened. I guess denial beats admitting that a) you were wrong and that b) together with Hank Paulson et al, you nearly blew up the global financial system. Still, if you're really cynical about it, blowing up the world financial system TWICE would be pretty impressive.
Feb 4, 2011 at 3:28 PM | Registered CommenterDr. Pitchfork
bernanke has no credibility with anyone from the righteous economic blogoshpere, but the MSM swallows his bullshit, hook, line and printer...
Feb 4, 2011 at 3:38 PM | Registered CommenterDailyBail
Our children will not know snow…
Back in 2000, the Global Warming nuts in England proudly proclaimed that the children in England will not know what snow was and that the times of Charles Dickens like White Christmases was over.

http://www.independent.co.uk/environment/snowfalls-are-now-just-a-thing-of-the-past-724017.html

Now today, 10 years later, England is facing its second massive snowy winter.

http://www.telegraph.co.uk/topics/weather/8169698/UK-snow-first-flakes-fall-on-London-as-Arctic-weather-spreads.html

AND

http://www.telegraph.co.uk/topics/weather/8170360/UK-snow-roads-and-schools-closed-as-more-Arctic-weather-forecast.html

Anyone else see the irony?
Feb 4, 2011 at 3:39 PM | Registered CommenterDailyBail
I loved this clip but only saw the first half of it. Bill Fleck knows his shit, to be sure, but this was Ratigan's show. That man is on top of his game.

Last night at a Janko meet-in-greet, some 60-something woman from a rival comes up and starts interrogating me. She reminds me of my Mom so I ask her if she watches TV. Two minutes later this sweetheart's got a note card full of "Dillon Ragigan" and "zerohedge" and "maz Kaiser."

That woman's head is screwed on right now, so there is, in my estimation, no reason for Janko to be so pissed.

I then explained the concept of capture and he laughed.

www.mj43.com
Feb 4, 2011 at 11:42 PM | Unregistered CommenterCheyenne
Great Post Tom, I have been a long time advocate of food security and the rights of people to break out of the status quo on this issue.
Feb 6, 2011 at 2:23 AM | Unregistered CommenterS. Gompers

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