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发帖数: 29846 | 1 Ben Bernanke's Inflation Deception --
and What to Do About It
Ann Coulter
Dear Fellow Conservative,
Prices are soaring. From milk to gasoline, the things you buy every day are
skyrocketing.
Yet when '60 Minutes' asked Federal Reserve Chairman Ben Bernanke what "
degree of confidence" he had in his ability to prevent inflation from
getting out of control, he responded with a jaw-dropping "100 percent"!
Even Diane Sawyer's expression changed, and that hasn't happened since the
late 70's.
Even Andy Rooney raised an eyebrow, and that's like lifting a Chevy.
And Morley Safer nearly fell off his Rascal.
Got that? Not a merely boastful 90 percent. This was a third world election-
style "100 percent."
Quick -- someone add Bernanke's statement to the Wikipedia list of "Famous
Last Words" with a cross reference to "Colossal Hubris."
Bernanke exemplifies what the great free-market economist Friedrich Hayek
called "The Fatal Conceit" (and I call, "the Carter years") -- the undying
belief by central government planners that they can "manage" entire national
economies, when experience proves they can't even handle timely delivery of
the mail.
Maybe I'd share some of Bernanke's confidence in himself if he'd gotten a
few things right in recent years.
But this is the guy who said:
* "We've never had a decline in house prices on a nationwide basis. So,
what I think what is more likely is that house prices will slow, maybe
stabilize" (July 1, 2005).
* "[T]he impact on the broader economy and financial markets of the
problems in the subprime markets seems likely to be contained" (March 28,
2007). And:
* [Freddie Mac and Fannie Mae] "will make it through the storm" [and are
] "adequately capitalized" (July 16, 2008).
How confident was Bernanke about those predictions? This guy has been wrong
more often than the weatherman.
Perhaps I'm being too hard on Gentle Ben. As Yogi Berra once said, "
Prediction is hard, especially about the future." But Bernanke can't even
get it right about the present.
Bernanke says current inflation is below 2 percent. Admittedly, Bernanke's
not alone in touting this fiction; it's more or less official government
policy, ever since the Bureau of Labor Statistics began excluding food and
energy costs from its official "core inflation" measure. Yes, you read that
right: The government's inflation index excludes food and energy. (This is
the same model Al Gore uses to prove his diet is working.)
So the price of your labor is holding steady. It's the price of the things
you need to buy that's skyrocketing.
Here, then, are some inflation figures concurrent with his "60 Minutes"
appearance that Bernanke could pretend were irrelevant to his "official"
inflation measure:
* Oil prices are up 21% in the last year
* Corn is up 49% in the last year
* Wheat is up 41% in the last year
* Beef is up 28% in the last year
* Sugar is up 32% in the last year
* Coffee is up 40% in the last year
In other words, inflation is already raging.
Pretending it isn't allows Bernanke to continue pumping free money into the
Democrats' main constituency: Wall Street.
Fortunately, even if the average American isn't aware of these sleights of
hand, economists are. And one, in particular, is uniquely capable of helping
you protect and grow the value of your savings even as Ben Bernanke turns
the U.S. dollar into the German Reichsmark circa 1923 (when Germans had to
carry cash in a wheelbarrow instead of a wallet).
That one economist's name is Mark Skousen, a PhD in economics and monetary
policy -- and, for my money, the smartest investment adviser working today.
Example: While Bernanke was giving the "all clear" to the U.S. economy back
in 2006, Dr. Skousen was warning subscribers to his investment newsletter,
Forecasts & Strategies, that "we clearly are headed for fiscal disaster" (
and then showed them how to protect themselves).
Going further back, Skousen called every major market move for the past 30
years, including the Tech Bust of 2000, the Tech Boom of the mid-'90s, the
Crash of '87, and (my favorite) the Reaganomics-fueled recovery of the early
and middle '80s.
More recently, Skousen accurately read the economic signs of the times ("
insane government policies") to steer his subscribers into inflation-
sensitive commodities like gold, silver, and oil, along with other
profitable investments.
As a result, according to MarketWatch columnist Peter Brimelow, "[Skousen's]
recent results are probably the best of his career. Over the past 12 months
, Forecasts & Strategies is up 25.77% by Hulbert Financial Digest count
compared to 18.31% for the dividend-reinvested Wilshire 5000 Total Stock
Market Index."
Bottom line: Government technocrats like Ben Bernanke are as capable of "
managing" the U.S. economy as I am of managing the New York Yankees. To
avoid becoming just one more victim of their fiscal incompetence, you need
help managing your savings and investments. No one -- no one -- is better
qualified to do that for you than Dr. Mark Skousen in Forecasts & Strategies.
The cost? Less than a barrel of crude oil -- before Ben Bernanke's
inflationary monetary policies send it above $100 again. Click here to learn
more
.
Sincerely,
Ann Coulter
P.S. You don't have take my word about Mark Skousen -- listen to a few folks
who've already subscribed to Forecasts & Strategies at my recommendation:
"Thanks very much, Ann! Even though it has been a short time, I have grown
my investment by 25% in the past 4 months of following Mr. Skousen's
recommendations." -- Steve L.
"Thank GOD for Ann Coulter's outspoken patriotism and Dr. Skousen's
financial forecasts." -- Wayne S.
"My portfolio has only increased, no downs since Mark! God bless you, Ann! I
knew his had to be a good tip!" -- Rhondi E.
"Thank you, best decision I ever made." -- Wallace M. |
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