Category: US Dollar

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What great financial panic you might say? Hasn’t the recent US Federal Reserve Bank and US Treasury Department actions, lead by Helicopter Ben Bernanke and Treasury Secretary “Hammering” Hank Paulson, poured enough taxpayer money, pardon me, that is printing press generated US dollars and money borrowed from the Chinese, into the hands of their Wall Street buddies, to ware off any potential panic?

Nope, afraid not. While the government official line may be coordinated with the talking heads on MNBC, Fox News, and elsewhere, as to that a crisis and panic has been adverted and that we no longer need to worry, I fear that the truth is that the financial meltdown has barely gotten started. The killer problems of over leveraging and the necessary deleveraging that must eventually take place are still very much with us.

While the troubles with the subprime mortgage lending market has received most of the press on the debt deleveraging issue, and the actions of the Fed in arranging the bailout of Bear Stearns has smoothed out the turmoil in financial waters, the huge ticking time bomb of the huge derivative market has not even been addressed.

The size of this market is estimated at $45 trillion. It is really impossible for the human mind to conceive as to how big a number that is but let me tell you it is huge. Since this market was created largely by the same financial engineers who created the means to package and to transform junk quality residential mortgages into AAA rated securities, we can assume that the same care was taken in creating and packaging many of these often plain weird financial instruments.

The Fed chairman, Ben “Helicopter” Bernanke, must find the Federal Reserve Bank Chairman’s seat blazzing hot just now. The forex markets are once again focusing on the sad state of the US banking and financial system. The failure of IndyMac Bank and the continuing free fall of the financial sector in the stock market have placed the Fed in even more of a no win most uncomfortable position.

Inflation is roaring ahead at serious rates of increase and the Dollar is in danger of a collapse on forex markets, which would seem to indicate a need for the Fed to start increasing interest rates. However, increasing interest rates with a soft economy underway, a badly deteriorating housing market, bank failures, and businesses laying off workers at higher rates would probably throw the economy into a deep recession that the Fed has been fighting hard to avoid. After all, this is an election year.

Ben Bernanke is an avowed advocate of a more transparent Federal Reserve and reactionary, anxious markets are the byproduct. Without the mysterious Alan Greenspan at the helm, the curtain has been pulled back on the Fed to reveal Bernanke as a clear, direct economist who admits he has no crystal ball. Ben Bernanke is a super active nanny and he is already supporting the elite financial interests that have created this speculative bubble in the first place.