Bernanke confused at rise in gold price

June 12, 2010
By

Ben Bernanke is reportedly confused about the recent surge in the price of gold. The Chairman of the Federal Reserve has presided over an exponential increase in the supply of US dollars throughout the world, and is directly responsible for essentially forcing the federal government to vastly increase its sovereign debt by bailing out failing banks and failing European countries. He has seen the Moody’s credit rating agency threaten to downgrade the US because of our debt to income ratio, and he knows that the US dollar, just like the Euro and several other currencies, is on the brink of total collapse because of this. Yet he claims to not understand the inverse relationship between the price of gold and the value of the dollar, which is directly related to the size of the money supply and our debt to income ratio. Bernanke, who, prior to his appointment as Fed chairman, actually supported a return to the gold standard, is quoted by the Wall Street Journal as saying “I don’t fully understand movements in the gold price.”

Perhaps this is because he didn’t take into account the effect created by recent revelations of gold market manipulation and gold counterfeiting coming from the Gold Anti-Trust Action Committee. This group has accused the US central bank, along with JP Morgan Chase, the International Monetary Fund, and the London Bullion Market Association, of colluding to suppress the price of gold and silver. Stories of vaults of gold-plated tungsten bars and gold sellers leveraging their clients holdings by 100 to 1 (in other words maintaining a fractional reserve of 1 actual gold bar for every 100 sold to gullible clients) has caused gold bugs to demand their bullion in hand. This is causing a dramatic market squeeze and driving up prices at just the wrong time for the Federal Reserve, which relies on gold market suppression to prop up the value of the dollar. Perhaps what Mr. Bernanke is confused about is how quickly the whole scheme is unraveling.

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