Bernanke: Start Work Now to Curb Budget Deficit (Via ABC News)
Federal Reserve Chairman Ben Bernanke on Wednesday urged Congress and the administration to cut record-high budget deficits, warning that they could erode investor confidence and endanger the economy’s long-term health.
Bernanke’s comments came as concerns grow at home and overseas about the United States’ mounting red ink.
“Even as we take steps to address the recession and threats to financial stability, maintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance,” Bernanke told the House Budget Committee.
The White House estimates that the government will rack up an unprecedented $1.8 trillion budget deficit this year. That would be more than four times last year’s all-time high.
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I don’t get it. Surely he knew that this would be the result of all that money they’ve been printing at record speed and all that borrowing from themselves they’ve been doing. It’s not rocket science.
Take a look at the gold graph on the widget http://www.learcapital.com/exactprice and it’s obvious for a while now that investors have recognized that FED’s practices are leading to a killing of the dollar and into major inflation. Gold is on the rise. People turn to it to protect their money with paper money is in crisis. And crisis is where I’m afraid we are finding ourselves.