Synopsis of a report by financial analyst Martin Weiss:
If Fed Chairman Ben Bernanke honestly believes what he said at Jackson Hole on Friday -- that he can save the economy by essentially printing more money and buying more bonds -- he's "gone round the bend."
Consider the facts, Ben: Through the first quarter of this year, you and your Fed created $1.5 trillion of paper money and bought $1.5 trillion in mortgage bonds, government agency bonds, and Treasury bonds. And yet the entire effort was a dismal failure; the U.S. economy is still sinking and most large American banks are still weak.
The underlying reason for this sinking and this failure is this: While the government has been borrowing massively, nearly everyone else has embarked on unprecedented debt liquidations.
How do we know this? Because that's what the Federal Reserve itself is reporting -- unambiguously and conclusively.
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