Feb 9, 2011
Official Congressional budget estimates understate the peril of rising debt, Fed chair Ben Bernanke told the Budget Committee on Capitol Hill today.
Warning that our nation's fiscal health has deteriorated appreciably since the onset of the financial crisis and the recession, Bernanke called upon lawmakers to confront the long term fiscal challenges sooner rather than later. If lawmakers don't confront them, they'll find themselves confronted by them. LINK...
*****************************
Last week in the FED minutes, Bernanke said he doesn't see the need for QE3, implying the economy is healthy? This knocks gold down instantly. Two months ago he says the U.S. economy is close to total destruction? Talk about a change of heart? It took only a year to fix the entire U.S. economy? Great job Ben! I guess all the manufacturing jobs that we lost in the past ten years came back? How can anyone trade or invest based on Bernanke's comments? Fundamentally, gold has been steadily rising for the past 12 years while any measure of any financial index is sluggish to say the least. There is NO WHERE else to go for safety of your capital except gold and silver, period! BK
