Ben Bernanke, the US central banker, took a 24-page speech at the
annual Jackson Hole meeting yesterday to say in coded language (and
Freudian slippage) what could be summarised as the following paragraph:
"We don't know what to do to stimulate employment except -- perhaps
-- to repeat what we have tried so far -- quantitative easing (money
printing). It hasn't worked, but neither has it tripped off
hyper-inflation so far. My policy committee wanted to do this but I
daren't do so before the November Presidential Election because, if
it does in fact trip-off hyper-inflation, then what sort of job could
I go to when Romney sacks me in January? I would lose prestige even
quicker than Greenspan did once he'd retired."
After the speech, the price of gold immediately shot up by $40 an
ounce as a leap of faith by non-American central banks and investment
funds as a further sign of the growing belief that gold has a longer,
more dependable future as a world reserve currency than the US dollar.
Keith
Keith Hudson, Saltford, England http://allisstatus.wordpress.com
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