Wednesday, December 23, 2009

Time Is Not On His Side...

..even if Time Magazine is on the side of Federal Reserve Chairman, Ben Bernanke. In fact, it's far more often than not a portent of doom to be selected to appear on the cover of Time Magazine. You may recall Time's cover in 1999 entitled, "The Committee To Save The World". On it were perhaps the greatest collection of financial criminals and bunglers of our (or any) time, Then Federal Reserve Chairman, Alan (now, Sir Alan) Greenspan, Clinton's then Secretary of The Treasury, Robert Rubin, and his successor, Larry Summers, who is now President Obama's economic guru (woe betide the nation since rarely has a more arrogant and over rated player shaken the corridors of D.C. money politics than rotund Larry) There are many more examples of Time Magazine's reverse prescience. From marking the top in residential real estate, to nailing a bottom in the dollar, to signaling the apex of Molly Ringwald's acting career, Time has jinxed far more characters and trends than it has assisted.

In the meantime, back to Ben Bernanke, who during his tenure as Fed Chief, has managed to serve his constituency very well. And just in case you are confused, his constituency is not "We The People". The Federal Reserve Bank, despite its bogus title, is hardly Federal, simply ubiquitous-and omnivorous-what with their stranglehold on U.S. banking in particular and the U.S. financial and economic system in general. Suffice it to say that Time Magazine's cover story of Ben Bernanke is, strange as it may seem, welcome news, and we can only hope that it is not just a harbinger of an impending fall from grace for The Federal Reserve bank head, but an omen of a precipitous collapse in fortune for the entire fiendish Federal Reserve banking cartel.


Anonymous said...

That's a good way to look at the bright side of this obnoxious magazine.

And it's true: everything this clown is doing is doomed.

Here's a 2010 prediction: the Fed will NOT stop buying MBS at $1.25 trillion.

Once they stop, the market will be right back where it started, with everybody considering this junk worthless.

Edwardo said...

I agree. In fact, my prediction is that The authorities will engage in QE to a degree that will astound many.

Put another way: We ain't seen nuthin' yet.