These were Ben “Bernank’s” immortal words on February 25th 2010 to an ever gullible Congressional House Financial Services committee. This afternoon, in the third POMO this week (and it’s only Tuesday…) the Fed purchased $1.08 billion of a 2015 bond that the Treasury issued only 7 days ago! It is so craven that the pundits, who have been calling the issues that the Fed would buy back with such accuracy of late, did not have this stock on the list believing that the Fed could not be that “stupid”.
Having spent my formative years in the financial world with the Bundesbank in charge, using the “S” word against central banks was akin to believing in a flat earth. As most of our “leaders” are quite obviously aliens they would know the Earth is round as they would have seen it on the way in, but that hasn’t stopped them from making many earthlings believe in the most extraordinary nonsense from WMD to “Too big to fail” and not forgetting that “We will not monetise the debt”.
How do they get away with this? One of the former masters of control puts it like this in a quote from a little tome called “Mein Kampf”. It is very relevant to where we find ourselves today.
All this was inspired by the principle–which is quite true in itself–that in the big lie there is always a certain force of credibility; because the broad masses of a nation are always more easily corrupted in the deeper strata of their emotional nature than consciously or voluntarily; and thus in the primitive simplicity of their minds they more readily fall victims to the big lie than the small lie, since they themselves often tell small lies in little matters but would be ashamed to resort to large-scale falsehoods. It would never come into their heads to fabricate colossal untruths, and they would not believe that others could have the impudence to distort the truth so infamously. Even though the facts which prove this to be so may be brought clearly to their minds, they will still doubt and waver and will continue to think that there may be some other explanation.
The Irish have had to swallow a few lies; in particular the one about the bailout being for the common good of the banks, Europe. Is the European “experiment” doomed? Have a look at the price of gold today…in euros; it speaks volumes.