Wednesday, June 4, 2008
The Fed's bathroom attendant Bernanke talks up the us$
Has Herr Bush's bathroom attendant at the US Fed got religion? or have the vapours from the cleaning fluids he is using to clean the messy toilets the toilet bowel cleaner Alan Greenspan left? Suddenly the bathroom attendant is looking at the sagging dollar; he is talking up the anemic US cuarrency the weakness of which partly has fueled speculation in the oil & gas and commodity markets. 18Brumaire is not a trained economist but even his eldest grandson could tell you that the strength or weakness of the Yankee dollar is proportionally tied to the rise and fall in the price of a barrel of oil or a troy ounce of gold, so on and on. Of course the pundits blame the roaring economies of China or India, the spreading growth of middle classes in these two new Asia tigers, their ravenous appetite for this or that. It is the age old story of seeing the speck of dust in thy neighbour's eye but not the mote in thine. Herr Bush & co. squandered when he came to office a us$5300m bank account through the reckless pursuit of socialism for the rich and private enterprise for the poor. He's has strongly defended the private sector and lessened government oversight, thereby letting the foxes of corruption and malfaisence [sic] into the public chicken coop, to plunder at will. The subprime Ponzi scheme is a good example where government gave Wall Street licence for rapine and mayhem, and look what it gave us--turmoil in the market place. Herr Bush has pushed the envelope further than his predecessors, and his policies, his failed war in Iraq, his poor choice of advisers, his muleheadedness...when you do the sums have rocked the economic foundations of not only the US but the world economy. Now through the back door, Bernanke is saying the Fed will regulate the US$,to put pressure on the speculators who are betting short on everything in the economy to make a quick buck. Is it a little too late? And if the bathroom attendant hasn't enough shit to scrape off the American economy, he may have another failed big bracket Wall Street bank on his hands. Lehman Brothers is the object of the same rumour mongering and agressive attack that sank the late Bear Stearns. Yet, with a ballooning debt, deep social problems and growing unrest, Herr Bush's bathroom attendant is slow to act. And such is the tale of woe the world is reading, and little they can do about it since everyone is tied one way or the other to the US$ and the deleterious policies of Herr Bush
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