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Let’s Print More Money, ‘Merica!

U.S. President Barack Obama has selected liberal economist Janet Yellen to replace Ben Bernanke as chairman of the Federal Reserve – the secretive central bank that’s been printing trillions of dollars in a futile attempt to revive the flagging American economy. Yellen – the deputy chief of the Fed –…

U.S. President Barack Obama has selected liberal economist Janet Yellen to replace Ben Bernanke as chairman of the Federal Reserve – the secretive central bank that’s been printing trillions of dollars in a futile attempt to revive the flagging American economy.

Yellen – the deputy chief of the Fed – is viewed a Bernanke disciple, and is widely expected to continue his policy of “quantitative easing” (a.k.a. the creation of new assets out of thin air).

The first round of quantitative easing, known as “QE1,” took place from November 25, 2008 through March 31, 2010. Over that period, the Federal Reserve added $1.7 trillion to its balance sheet ($300 billion in Treasuries, $1.2 trillion in mortgage backed securities and $175 billion in agency bonds). The second round, dubbed “QE2,” took place from November 3, 2010 through July 1, 2011. Over that period, the Fed added $600 billion in Treasuries to its balance sheet.

Another so-called stimulus plan offsetting longer term securities with the sale of short-term debt (a.k.a. “Operation Twist”) began in September 2011 – and was extended in June of last year.

And of course last September, the Fed began its latest and greatest round of money printing – an open-ended $85 billion a month commitment.

What has all this money-printing done to “stimulate” the economy?

Good question … a record 90.5 million people aren’t working, wages are flat and spending is down.

But hey … let’s just keep the printing presses running and hope for the best, right?

Believe it or not, Yellen may actually be more of a big government interventionist than Bernanke – who was originally nominated by George W. Bush and renominated by Obama. In fact she’s swung wildly to the left after being a supporter of tighter monetary policy under the reign of former Fed chairman Alan Greenspan.

One economist recently referred to Bernanke’s policy as the “biggest redistribution of wealth from the middle class and the poor to the rich ever.”

So … what does Yellen’s appointment mean for you? Well, if you’re a member of the American middle class it’s not going to be good.

“The US is about to have a Fed chairman who will continue doing much more of the same: pillaging the middle class, and injecting trillions in ‘wealth effects’ straight into the offshore bank accounts of the uberwealthy,” the website Zero Hedge notes.

Awesome! In other words if you’re not this guy (or one of his bailout buddies), now might be a good time to grab your ankles.

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29 comments

TontoBubbaGoldstein October 9, 2013 at 8:16 am

BOHICA!

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Frank Pytel October 9, 2013 at 11:07 am

Had to look that one up. :)

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Frank Pytel October 9, 2013 at 8:18 am

Like I said. QE infinity. Bet Smirks is loving those stock values propped up by taxpayer money.

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Smirks October 9, 2013 at 8:20 am

When have I ever been in favor of an open-ended QE?

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Frank Pytel October 9, 2013 at 11:06 am

Come on Smirks. I’ve seen the posts. Stocks are up. Housing prices are up. Employment is up. Must be Obamacare’s achievements, right?

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Smirks October 9, 2013 at 8:19 am

Figured when Larry Summers dropped out that the good news wouldn’t last forever.

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venomachine October 9, 2013 at 8:37 am

I like the way she’s branded as a liberal. She’s an economist. We have yet to see her political leanings (past leans towards fiscal conservatism, but we shall see).

Branding folks as Liberal, conservative, RINO, blah, blah, blah, does nothing to further conversation.

Now, excuse me. I have to pick up some pork chops from my liberal butcher, drop the car off at the conservative mechanic, and see if the RINO librarian has that book I ordered yet.

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Do you like being wrong? October 9, 2013 at 9:03 am

“I like the way she’s branded as a liberal. She’s an economist. We have yet to see her political leanings (past leans towards fiscal conservatism, but we shall see).”

“the most recent campaign contributions by Yellen and her husband came in 2004, when both contributed to the campaign of then-Democratic presidential nominee John Kerry. The former Massachusetts senator is now Obama’s secretary of state. ”

http://reporting.sunlightfoundation.com/2013/tale-tape-political-giving-fed-frontrunners/

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venomachine October 9, 2013 at 9:41 am

Donating to a (D) presidential candidate hardly makes you a liberal.

Think about that a little.

PROTIP: Support of a (D) doesn’t make you a liberal.

PROTIP Support of an (R) doesn’t make you a fascist.

Stop obeying the media and THINK!

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TontoBubbaGoldstein October 9, 2013 at 12:25 pm

Donating to a (D) presidential candidate hardly makes you a liberal.

Maybe not.

But TBG sure knows how he would bet.

PRO TIP: The race is not always won by the swiftest and the strongest…but that’s the way to bet.

BONUS PRO TIP: Never play “Leapfrog” with a unicorn.

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? October 9, 2013 at 1:27 pm

Yes, what was he thinking?

The husband, a professor at Berkeley(know to have an abundance of conservatives) AND Yellen(also taught at Berkeley) both donate to Kerry but aren’t liberal….but further, deep down are “fiscally conservative” as you put it(which is patently wrong).

LMAO!

Here’s my favorite Yellen the “Fiscal Conservative” quote:

“when the goals conflict and it comes to calling for tough trade-offs, to me, a wise and humane policy is occasionally to let inflation rise even when inflation is running above target.”

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venomachine October 9, 2013 at 2:03 pm

Ummm…do you remember what they did to get out of the recession in the early eighties? You remember the prime rate?

I’m not debating her political philosophy, what I have issue with is how people respond based on the label placed on a person. It is weak thinking.

? October 9, 2013 at 2:12 pm

I’m not normally a “label” person myself, but if one is going to venture into label land…I’m not sure you could fit “liberal” to many others more “deserving” than Yellen.

Btw, I’m not one of those people that thinks Reagan was “conservative” fiscally speaking.

The mistake you are making is thinking that even Reagan’s overspending wasn’t doing long term damage to the economy(IMO).

venomachine October 9, 2013 at 2:03 pm

Ummm…do you remember what they did to get out of the recession in the early eighties? You remember the prime rate?

I’m not debating her political philosophy, what I have issue with is how people respond based on the label placed on a person. It is weak thinking.

Societal "Exotic Dancer" October 9, 2013 at 8:52 am

Yo, Yellen! Make it rain baby, make it rain!

Reply
hack October 9, 2013 at 12:13 pm Reply
nitrat October 9, 2013 at 9:06 am

Somebody has to TRY and save the country (and, world) from the GOP’s disproven 19th century economic theories.
If the Republicans in Congress approved the same kinds of economic policies they have routinely approved when Republicans were in the White House in times of recession, we would be doing much better. But, the once GOP moves into sabotage mode when a Democrat is president.
The Libertarian/Tea Party Kochs want the GOP to crash the economy. They think that when that happens, their little GOP flunkies will rebuild it following their blueprints.

Reply
Cerebrum Mortuis October 9, 2013 at 9:11 am

I agree, balanced budgets are passe’. Zimbabwe is the model. Weimar was a fluke.

Argentina will show everyone what can be done once evil companies try to profit from toilet paper claiming “inflation”. The nationalization of TP, oil wells, etc. will show them all who’s boss.

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CL October 9, 2013 at 10:25 am

What disproven 19th century economic theory would that be? I am a capitalist, and Adam Smith published The Wealth of Nations in the 18th century. The 19th century you sneer about was when capitalism made the US the largest economy in the world. But I am sure you are right that history is on the side of socialism. Maybe you’ll find the answer when you get to the 20th century in history class.

It should go without saying, yet sadly seems to constantly be overlooked: capitalism has lifted more people out of poverty than any other factor in human history. If you want to talk about discredited, outdated modes of thinking, you might want to address the feudalism of today’s liberals.

http://www.nationalreview.com/article/360583/medieval-liberals-victor-davis-hanson

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nitrat October 9, 2013 at 6:05 pm

I KNOW you love that Gilded Age I, almost as much as you have been enjoying the Gilded Age II.
But, like Gilded Age I, Gilded Age II will give rise to a progressive movement that will set things straight.

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CL October 9, 2013 at 7:37 pm

You mean the early 20th century progressives that promoted eugenics and called for liberal fascism in America? I’ll take the gilded age any day of the week if those are my choices.

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BillC123 October 9, 2013 at 9:47 am

As reported on The Today Show, the House member’s gymnasium is still up and running, the House staff gymnasium is closed do to the government shutdown.

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idiotwind October 9, 2013 at 10:05 am

ummm. all money is printed.

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Comrade1917 October 10, 2013 at 8:35 am

GOLD is real money BECAUSE IT CAN’T BE PRINTED.

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overrepresentedasalways October 9, 2013 at 11:26 am

Is it a law that the Fed Chairman has to be a Jew?

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overrepresentedasalways October 9, 2013 at 11:33 am

Less than 2% of the US population. Boy, do they get around!

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TontoBubbaGoldstein October 9, 2013 at 12:29 pm

The old folks would say it is more of a “protocol” than a “law”…

*smiles*

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This just in . . . October 9, 2013 at 12:20 pm

Republicans Shut Down Prefrontal Cortex

WASHINGTON (The Borowitz Report) — In an escalation of the stalemate gripping Washington, House Republicans voted today to shut down the prefrontal cortex, the part of the brain that controls reasoning and impulses.

The resolution, which passed with heavy Tea Party support, calls for a partial shutdown of the brain, leaving the medulla and cerebellum, sometimes referred to as the “reptilian brain,” up and running.

The Tea Party caucus cheered the passage of the bill, which was sponsored by Minnesota Congresswoman Michele Bachmann, who called the measure “long overdue.”

House Speaker John Boehner (R., Ohio) offered no timetable for restarting the prefrontal cortex, telling reporters, “It will most certainly remain shut down during any negotiations with the President. That’s the only leverage we have.”

Representative Bachmann agreed: “The President can go ahead and put a gun to our heads. There’s nothing there.”

While the G.O.P.’s decision to shut down the prefrontal cortex rattled Wall Street, the neuroscientist Davis Logsdon said it should be seen as little more than a symbolic vote, noting, “It’s actually been shut down since the 2008 election.”

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scotty October 10, 2013 at 11:41 am

SOS the only difference she shaves.

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