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Thursday, March 29, 2012
Bernanke: Futures Trader In Chief
Bernanke: "QE2 Contributed To A Stronger Stock Market" As TrimTabs Predicts More QEasing Ahead
Judging by Bernanke's recent testimonies, wherein he repeatedly cites "stock market gains" as the chief indicator of the success of his money printing programs, the job of the Head of the Federal Reserve Banking Cabal is to support the stock market. And yes, he's doing a fine job of that - seeing that he's the one buying the stocks through the Federal Reserve Member Banks.
Recently he's also been touring the country talking down gold, citing the "problems of a gold backed currency." This speaking tour has coincided with several assaults on the gold price, wherein some un-named huge trading desk (J P MORGAN) has repeatedly dropped thousands of gold contracts in seconds on the Futures market. No trader would ever do this if they were simply trying to manage or even liquidate a position. The only reason to do this is to drive down the price of gold. So far, Bernanke has had some moderate success at this too.
The Futures-Trader-In-Chief is managing his job fairly well to this point. As Europe collapses and the US Banks remain insolvent, it will be interesting to see how possible it is to manage the world economy from Ben Bernanke's Futures Trading Platform.