And soon to follow the US Dollar as the world's reserve currency.
A reserve currency is based on authentic finance and economics; not the whims of one man, no matter the man's credentials, scholarship, stated intended policy aims or failures to properly dissect cause and effect, much less proper and reasonable and let's add for the record prudent exercise of "authority".
Much digital ink devoted to votes of no confidence re QE2 are already on the record.
QE2 initial effects seem nothing more than supplemental ballast for banks' balance sheets ahead of technical if not outright defaults abroad or within certain US states and cities.
The opportunity of a lifetime - wasted:
The best ACTION the Fed could have taken - was that based on surprise - to force Congress' hand - by signaling a reigning IN of the money supply. As stated here a few weeks back; upon the Fed's survey of the 18 primary dealers ahead of the official QE2 announcement. Some pushed back - yet I maintain what course diversifies taxpayers risks? As the Fed had in QE1 already printed up $1.7T in new CASH whose transmission effects appeared in those other places; not with standing the half life of same.
Not this man; seems increasingly co-dependent in his relationship with popular lime light. When one word under girds the Fed's raison d'tre, long held and deserved moniker "the worlds' central bank"....INDEPENDENCE.
Mr Bernanke is deservedly under attack. He owes this response to current and future taxpayers, creditors and underwriters lest the 18 Primary Dealers resign or file actions against the Fed for breach of fiduciary duty including failure to disclose MATERIAL information; and we'll decide what's material - not the Fed! So Mr Bernanke let the, make that all information flow forth, the first breaths of Fed 4.0!
Ending the siesta on the Taxpayers' dime - one easy to read blog at a time.
McFid
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