On this occasion of the renewed parity of the loonie with the US greenback, I want to publicly thank Ben Bernanke for the wonderful job he is doing as Chairman of the Federal Reserve. Thank you for making it clear to the world that you want the US dollar to become worthless through low interest rates and quantitative easing. I’ve been shorting the US dollar in favor of Canadian stocks in the oil and gas and gold mining sectors. Here is new Ferengi rule of acquisition: “Never let quantitative easing get in the way of profits.”
Ben Bernanke
Ben Bernanke: Codependent in chief
Federal Reserve Chairman Ben Bernanke called on Congress on Monday to adopt tougher budget rules even as the nation’s top central banker warned against taking deficit-cutting action too soon.
Still, Bernanke also warned against tightening too quickly and reportedly said more asset purchases by the Federal Reserve could help the economy.
The government’s addiction to debt and deficit spending is being enabled by the Federal Reserve which is buying its debt with money that is created ex nihilo. So if Bernanke wanted, he could stop the addiction. It’s like the wife who responds to her alcoholic husband who has asked her to bring him a drink, “Dear–you really must stop drinking so much … Would you like that on the rocks?”
Meanwhile, gold has climbed to $1330.
The education bubble IV: In celebration of $1300 gold
To celebrate gold hitting $1300 per ounce today, I dedicate this post to the schools that trained the beaming luminaries who have helped to make it all happen. It was a group effort and we commend your universities for the brilliance of their alumni:
Barack Obama, Columbia, Harvard
Ben Bernanke, Harvard, MIT
Alan Greenspan, Columbia, NYU
Hank Paulson, Harvard (MBA)
Paul Krugman, Yale, MIT
Tim Geitner, Dartmouth, John Hopkins
Larry Summer, MIT, Harvard
By the way, I attended what is now the top ranked university in the world. John Maynard Keynes was also a Cambridge man.
The Righteous Investor 