Is Bernanke About To Be Dumped?
Feb. 4, 2011 (EIRNS)In a dissociated presentation at the National Press Club yesterday that would have made Marie Antoinette envious, the hirsute head of the Federal Reserve, Ben Bernanke, blamed "excess demand for food" in Egypt for the rise in food prices in that countrythat, in a country which is actually suffering from a terrible food shortage. "Bernanke should be brought up on a morals charge for that comment," Lyndon LaRouche remarked.
Bernanke was trying to exonerate himself from accusations that his criminal hyperinflationary policies were responsible for the economic and social chaos sweeping Egypt and other countriesa bit of reality that broke into the proceeding with one of the first questions the moderator asked him.
"Moderator: And then from today's headlines, a question from the audience: Do you believe that any of the growing political unrest around the world, especially Tunisia and Egypt, is linked to higher food prices, which the questioner says results from the Fed's large-scale asset purchases?
"Bernanke: Well, I I'm not going to address the first part of that... I'm not sure I accept the premise of the first half of theof the question... I think it's entirely unfair to attribute excess demand pressures in emerging markets to U.S. monetary policy, because emerging markets have all the tools they need to address excess demand in those countries." He further explained that people in Egypt buy wheat in Egyptian pounds, not dollars, so what's the big deal? They can just adjust their own monetary policies, if they want to lower prices.
"He's talking about excess demand for food in a country that's starving? There's a shortage of food. That's a reason for dumping him: Dump him on a morals charge.
"Here's a guy, the way he shaves, you know he's half-assed! The guy is a liar and a lame-brain. We don't know which ratio is what-to-what, but both elements are there. He is a liar; and he's also brainless. So you have to say: To what degree is he innocent by virtue of mental illness? And what part is conscious malice?"
LaRouche added that
"Bernanke is pushing a hyperinflationary policy, a Weimar-style hyperinflationary policy. Bernanke really needs to be shaved: take off the beard; and, if that doesn't work, remove the head. A little bit of quantitative easing where it's needed; remove the weight of the head from the poor, over-burdened shoulders. It's an old French trick."