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Ben Bernanke a no-show? No matter

Scenes from a gathering of central bankers


 

JACKSON HOLE, Wyo. – Ben Bernanke is a no-show. No matter. Despite the absence of the Federal Reserve chairman, this year’s annual economic conference in Jackson Hole has once again proved a destination of choice for central bankers.

In international banking circles, the Jackson Hole gathering, held each August in a rustic lodge in Grand Teton National Park, is akin to Academy Awards night. If you’re invited, the message is clear: You’re someone who matters.

This is the first year in more than two decades that a Fed chief hasn’t given the keynote speech to open the conference, which began Friday and ends Saturday evening. News last spring that Bernanke would skip this year’s conference was taken as a signal that he’ll leave the Fed when his term ends in January.

With speculation intensifying over his successor, a spotlight has fallen on Fed Vice Chair Janet Yellen, one of two leading contenders. Yellen is here. Her chief rival, former Treasury Secretary Larry Summers, is not.

Yellen is among 10 members of the 19-member Federal Open Market Committee in attendance. The FOMC comprises the Fed board members and regional bank presidents who set the central bank’s interest-rate policies.

Central bankers from every major economy, from Germany and Britain to Japan and China, are here. So are those of smaller nations from Albania to Malta.

Among the 130 guests are many scholars of economic policy. They’re joined by top economists from financial firms — at least those who managed to score an invite.

Attendees spend hours in a windowless conference room hearing and discussing presentations of academic research. They do get afternoons off — to hike, go rafting or take bus tours. But even against the backdrop of majestic mountain grandeur, many of the Ph.D. scholars have been known to go right on debating economics through the day.

___

This year’s papers are grouped around a theme — “Global Dimensions of Unconventional Monetary Policy.” Given the turbulence in emerging markets and speculation over the Fed’s rate policies, the topic seems especially timely.

Led by the Fed, the world’s major central banks have driven rates to near-record lows. They’ve also pursued a range of unconventional steps to try to help the global economy recover from a financial crisis and the worst recession since the Great Depression.

As the conference program introduction notes, success has been uneven. Unemployment remains abnormally high, for example, in nations such as Spain (26 per cent) and Portugal (17 per cent). And finance officials in developing economies from India to Indonesia and Turkey have recently come under enormous pressure: They’re scrambling to halt sharp declines in the value of their currencies and keep foreign investors from pulling their money out.

A big factor in their concern is that the Fed will soon act to increase U.S. interest rates and cause money to shift into U.S. Treasury securities.

___

One issue not on the agenda but a hot topic at the edges of the conference: The campaigns waged by supporters of Yellen and Summers to secure the nomination of their candidate. From the use of Twitter and opinion columns to behind-the-scenes lobbying and letters signed by Senate Democrats, the battle to influence the president’s mind has been raging.

Fed officials here have been careful not to take sides in the contest, at least not publicly. They do agree on this: They’ve not seen anything quite like this summer’s public jousting.

Dennis Lockhart, head of the Atlanta regional Fed bank, called it unprecedented. But he said the jockeying over the chairman’s job is having no effect on the Fed’s policymaking.

“The chairman’s leadership is as strong as it has ever been,” Lockhart said in an interview Friday on CNBC.

He was addressing concerns that the prolonged contest to Bernanke might weaken his influence as chairman by solidifying the perception that he’s a lame duck.

In an interview with CNBC , James Bullard, head of the St. Louis Federal Reserve Bank, noted that a change in the Fed chairmanship has been fairly unusual since World War II. Bernanke has served for nearly eight years. Two of his predecessors — William McChesney Martin (1951-1970) and Alan Greenspan (1987-2006) — served for a combined nearly four decades.

As for whom he would prefer as chairman, Yellen or Summers, Bullard struck a diplomatic note.

They’re both “great economists,” he said.

___

At the opening dinner Thursday night, Esther George, who as head of the Kansas City regional Fed bank is the conference host, had some fun with the topic of Bernanke’s absence.

“Sometimes,” George said in her welcoming remarks, “those who regularly attend are not able to make it. We make it a practice never to talk about those who turn us down.”

“Despite my personal disappointment,” she went on, she’d be happy to welcome back Ken Rogoff for future conferences.

Her mention of Rogoff, a well-known Harvard economist, rather than Bernanke, drew laughter from the audience.

Call it economists’ humour.


 
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Ben Bernanke a no-show? No matter

  1. Just a realization that the Bernanke Doctrine of print (electronic counterfeit) no value money for out of control US Treasury debt is a failed policy.

    You must pay at least real inflation+taxes or quite frankly your currency isn’t worth owning. And if investing, it has to have a net return that is above real inflation+taxes+currency loss or say good-bye to the savvy investor.

    Me, I am moving my money out of G8/20 because they are now fraud economies of negative value for debt.

    http://www.xe.com/currencycharts/?from=USD&to=CNY&view=10Y

    Everyone in the G8 fraud banking and politicians debt spending too much wants to ignore the above chart. But if you examine it, the fraud occurred before the mortgage collapse and in fact was caused by the US Fed and US governemtn.

    2006 – Bernanke gets in, starts money print for debt.
    2007 – Credit crisis, legitimate lenders refuse to lend below rates of inflation+taxes. Bernanke prints more. Starts the stall of the economy. Unemployment starts.
    2008 – More money print froom 2007 and 2008, caused the Nov 2008 crash. Unemployment big time.
    2009 – More money print fraud, but call it QE to be sexy. No legitimate savvy lenders left. If Obama wants it, Burnanke must print it.
    2010 – More of the same
    2011 – More of the same
    2012 – Like Einstein said, doing the same thing over and over and expecting different results is insanity.
    2013 – Bernanke makes QE fraud a monthly $85 billion money print and buys the US Treasuries no one else is buying, keeping the ruse of solvency going.

    This has dug a very deep hole. By the end of Obama’s last term, he will have debt-spent more than all the presidents before him combined.

    Canada does the same, by my estimates we are saddling something over $2 trillion in government debt and liabilities. Add up Ottawa debt, all the provincial and city debt, add in pension shortfalls in civil service and in CPP, add in CHMC and other bad crown corp debt like Air Canada, GM bailouts, we are easily over $2 trillion in government debt and liabilities.

    Canada isn’t USA, but in lock step in debt-fraud policies. But Ottawa isn’t as transparent on BoC money print for debt and its alliances with banks to buy government debt no independent savvy lender would lend to.

    I have 0% in bonds, 0% in mortgage funds, 0% debt, 0% in banks. As this debt bubble is going to pop. You will see it in currency depreciation and inflation as Ottawa can just print more money to devalue you incomes, devalue your savings, and devalue your life. But Ottawa will deceive you, blame it on something else, lie about inflation and slide even more taxes into the system, be they visible or hidden taxes.

  2. Think, if the day Bernanke got in office, you converted $100,000 USD to 800,000 Yuan, deposited it in China for 6% guaranteed low risk lending. What would you have today in terms of USD?

    From currency exchange, it would have a value of about $130,700. Add interest of say 7 years compounding at 6%, would be about $65,800. But the account would show about $196,500 USD equivalent.

    Ask yourself why Ottawa/US prevents you from having Yuan account access?

    Now I know there is Chinese taxes and US tax grabs in this that will reduce net yields, but fact is USD is big time devaluing from Bernanke (QE) money print for debt policy. It causes pricing pressures and depression to control the inflationary effects of mass money fraud.

    Now you know why more and more people are going offshore and outside of the G8/20 corrupt currency and pyramid debt currencies. Just liek the Zimbabwe dollar, or 1933 German Mark, you don’t want to hold it when it goes valueless from money print.

    As the age of inflation as a tax has arrived in full force. Want my investment, then pay me better than inflation+taxes or fly a kite.

    Sure beats 1% interest or less in Canadian lending yields.

  3. Home

    Welcome to Footprints Filmworks

    Part 2/3

    *Information may be factual when going to press…

    –The Presidential Box December 2013–

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    This is an E I G H T Page FFFF News Brief Bulletin so the footprints team suggests that you

    be nice and relaxed when viewing this bulletin. This bulletin and sources close to the media

    are warned that this information is of high quality and at times might offend viewers.

    The “Omar Abdulla,” SHOW produced for residents who reside across the globe have once

    again emailed and written to us about their ideas, their comments, their suggestions and

    their opinions about the people interviewed on our channel.

    This E I G H T page bulletin tackles the recent ‘going-on’s,’ in the global community about you and me,

    him and her and presidential talks that affect the global village.

    Our interview today is shot in Florida, at the Golden Cottage resort,

    North of The Atlantic. We have

    eight presidents attending our show today to bring together the recent terrorism, locally and internationally

    that has affected the millions of p e o p l e across the globe.

    Our interview today brings together like minds of history that have stood for the leadership of The British,

    the management of The American’s, the logistics of Saudi Arabia and the passion of South Africa.

    Florida, our location today serves the historical teachings and beginnings of The United Nations

    and serves as a Bridge board to nations including African, Jewish, Muslim and other nationalities

    that hedge the foundation of g r o w t h, locally and internationally.

    Most presidents who are attending “The Presidential Box,” today have

    come to an agreement that terrorism

    is the first topic of discussion, with

    other members

    who wrote to Footprints Filmworks

    saying that we should

    pose questions to the presidents about the Climate Change

    legislation, conversation of 3rd world country’s towards

    1st world country’s, methods of fighting crime and

    population explosion in Asia.

    President Barack Obama, President Mahinda Rajapaksa, Prime Minister David Cameron,

    President Goodluck Johnathan, President Xi Jinping, President Pranab Mukerjee, President

    Vladimir Putin, and President Jacob Zuma who attend the E I G H T day function say

    that the interview was called upon by residents who feel that it is their right to have

    their voice heard on “The Omar Abdulla,’ SHOW…

    Footprints welcomes you to this SHOW, and be prepared to be ‘dazed-‘n-amazed,’ this

    December 2013, during our eight day visit and meetings aired to over 300 million people.

    Footprints Filmworks

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    President of Russia Mr. Vladimir Putin says that that he feels heartened by the fact that President

    Obama had not yet met the Iranian President during his negotiations with The United Nations

    in September.

    “After 36 years, Iran wants to come close with

    The United States. Obama has laid a deaf ear to his

    remarks by saying that should the troops that they have sent

    into the country, test nuclear negative

    they might consider releasing their nous around Iran.”

    President of China Mr. Xi Jinping noted that China had been conservative when dealing with Pakistan

    and India when it came to testing for terrorist cells in Pakistan.

    “Pakistan is holding terrorists cells including Al Shabaab, Al Abdullah, Al Qaeda, and Al Chisti. The terror

    massacre in Kenya where terrorists had killed 81 lives at a shopping mall has caused us to bring

    us together. The terror tactics by nuclear scientists in Syria has caused us to bring us together…China

    will only assist The United States should war be declared by President Obama on these Muslim terrorist

    cells.”

    South African President Mr. Jacob Zuma says that he has been watching the ‘news, views and reviews,’

    and decided to join The Omar Abdulla SHOW because he wants South African’s to know that he will

    not go against the meetings that he had with cabinet in July 2010.

    “We have kept mum about our approach when dealing with terrorism and the influence Africa

    has in the global diaspora. We as leaders of our country’s can only advise the panel, with no

    set brill to the panel. We see the nation as blood-shed in the Middle East, and have supported

    the likes of Morocco, Nigeria, Kenya and France.”

    The University of Harvard says that The Omar Abdulla SHOW was the most watched television

    talk show since Oprah Winfrey.

    President of IRAN who did not accept our invitation on this SHOW spoke to the presidential box

    saying that he feels cheated by Obama.

    “He portrays himself to be friends with me at the meetings of The United Nations and behind

    closed doors he instructs his men to spread terror in Iran. This is not good. Since I have become

    President, many Middle East country’s have said that I am the best in my league and should America

    not withdraw their forces from IRAN, we will continue to loose focus on terrorism.”

    President of Sri Lanka Mr. Mahinda Rajapaksa who arrived in Sri Lanka’s National

    Military Aircraft XB101 says that

    the sub-continent was treated unfairly by Americans

    and British who excluded Sri Lanka.

    “We have lent our idea’s to The United States to combat more than 300 terror bombings per

    day killing over a billion dollars worth property, hundreds of innocent lives, and spreading

    disease.”

    CNN who posed a question to Prime Minister Cameron asking that should The United States

    declare war in The Middle East, what will the One World Order government do faced

    with trillions of dollars of destruction and heritage.

    “The Middle Eastern Man has led the power struggle internationally by testing for nuclear weapons

    to protect their oil. They have refused ownership by any shareholder who is Anglo-Saxon. They are

    men who have not woken up from the 10th Century and believe their forefathers still sell. They should

    listen and see the newspapers which they are exempted from, they should feed their children with proper

    nutrition, they should learn not to be cannibals and fight with themselves. They should not say that they

    are following the teachings of The Koran, which does not spread any brutality.”

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    MD for Coca-Cola Mr. Muktar Kent,

    who provided refreshments for the panel nudged at the notation

    should African government ban alcohol advertising he would be forced to endorse

    a plea with the council.

    “We have been fighting this battle or the bottle

    since the 19th Century where their leadership is

    the closing of doors to many of the companies that we own. Our appeal to the board

    of African Media Advertising is to extend advertising only to our commercial brands.”

    After presidents who had introduced themselves and slept on the goose-down pillows

    of The Montago Hotel, presidents were prepared to extend their warranty

    to the global nation.

    “Climate Change is an element that we cannot avoid. During the

    Sunbeam Radiation and Radioactivity

    complex of late, we have seen Arctic waters melt, we have seen icebergs create storms, we have

    seen wild spread fires and we have seen natural disasters that were no phenomenon..”

    In his speech on The Omar Abdulla SHOW, President Pranab Mukerjee adds to Iranian president

    Mr. Hassan Rouhani remarks saying that terrorism and conflict of interest were the stories that

    these country’s were fighting.

    “America wants to rebuild and buyout Iran with no nuclear testings. We want IRAN to be American

    owned, owning 67% of parliament, with no more deaths and bombings. The resources that we mine

    will remain government property and using Chinese intervention we will supply all residents with

    food, water, housing and fair free government services.”

    Speaking Via Footprints in Washington, Federal Governor Mr. Ben Bernanke says that logically,

    if IRAN agrees to Obama’s plea bargain, IRAN will assist The United States on fighting terrorism in Syria,

    Iraq, Saudi Arabia and Pakistan.

    “If we allow for another World War, we could destroy

    civilization to the dust. We as American’s

    should capture to share the $700 trillion dollar

    per annum liquidity to assist 3rd world country’s

    by communing their households with our management and leadership schemes in place.”

    “The global economy that stands at $700 trillion dollars is expected to grow to $1250 trillion dollars

    by 2015, with capitalistic economies buying into 3rd and 4th world country’s…” says BBC News.

    The Greenhouse Effect says that Climate Change Legislation was a key to forwarding the world

    by preparing human beings what can happen.

    “If we continue to smoke our cigarettes, if we continue to destroy our ozone layer, if we

    increase the green house gasses usage and if we continue to peel a w a y at nature, civilization

    may end within the next fifty years.”

    When asked by CNBC, President of China says that the global population had stood at 5 billion

    people.

    “During the 14th Century the Earth was gifted with 300 million people, during the 18th Century the

    Earth was gifted with one billion people and in 2025, we could be sitting on 16 billion people causing

    the decrease in standards and quality, locally.”

    Research Analyst at The Bank of Japan, Mrs. Yai Jai granted at the variable that should the presidents

    engage IRAN, will IRAN support The United States towards global monopoly.

    “During the times of the 1700’s The Greeks had ruled the Earth, During the times of the 1900’s

    The British has walked the pathway of kings, perhaps the time has come that The American’s

    leave their footprint.”

    The fourth day of The Omar Abdulla Show was called off as President Obama had fair ed

    to wither the rainy weather, and chose to sit in his hotel room playing Poker with

    President of South Africa Mr. Jacob Zuma.

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    The fifth day had dried up and whilst in the washing room, President Obama had nudged at the idea

    that should the world face danger he would be forced to introduce the method of “Household-Hands,”

    to the general community.

    “I am half Muslim and half African American, and my forefathers had always thought and taught me the approach

    of Mahatma Gandhi had preached of a passive resistance life.”

    Arriving in his rented Ferrari and wife in arm Mr. Omar Abdulla said that the presidents would be in for

    a special surprise of broadcasting on that treasured Saturday evening.

    “It’s our fifth day getting to know each other, and we have certain presidents who are staying a w a y from

    each other, with others really getting to know the likes and dislikes of each country’s methods.”

    Reuters who asked Prime Minister Cameron about his thoughts of bridging gaps with London

    on the import rights to the most densely populated city in the world.

    “London and New York are the financial hubs of the world, and our brains behind the computers

    have said that according to their research we have on-going testings for biological advancements

    and stock market intervention.”

    According to Reuters, Japan has pledged an estimated 4 trillion yen over the next year to fight the influenza

    and hospital sectors of the global community.

    “Japan is another country that suffers from millions of colds and diseases over a year period and importing

    American drugs works out too costly. Japanese are copy cats and have copied the American Asprin, Viagra,

    Tramadol, Xanax, Ciallis, Flutex, Heartex and Brufen.”

    Pfizer Ceo Mr. Anton Rupert told the presidential box via Skype that his company had supported

    Japan’s approach by using cheaper forms of antidotes.

    “We have purchased three hospitals and state funded pharmaceutical companies so that these medications

    do not have to be imported. We are working closely with medical manufacturers to decrease medication prices

    by 80% in the next 20 years.”

    President of Nigeria, Mr. Goodluck Johnathan who wore his traditional cowboy hat and spear told “The Presidential Box,”

    that these talks should be arranged annually as yesterday he was fishing with President of China.

    “We had caught eight fish in a space of ten hours. The heavy rain had washed the fish towards the banks

    of the river. On a more serious note, I am obliged to say that a couple of months ago I had rang the New York

    Stock Exchange Bell, I had drank with vineyard bosses in Cape Town and I am here today to say that we can all

    bring an end to this on-going battle with The Middle East by praying. Prayer is the solver of all problems and

    if we bow our heads in the name of The Lord, we will achieve mountainous achievements.”

    The Durban Daily who tweeted a message to The Omar Abdulla SHOW asking that the standards of living

    has increased by 400 % in the l a s t ten years, whilst salaries and wages have lagged behind growth.

    “The economy of South Africa is the most skewed in the world and no world economist understands how

    80% of the country’s biggest earners are Whites. The rule of thumb is to employ personnel and training. South

    Africa is still a 3rd world country, and many Americans still think that Lions roam the bushveld. If we support

    the 1st world country’s by obeying their strategies and know how, we could and would show faster growth.”

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    President Barack Obama had yawned during the afternoon of the fifth day and asked that the entertainment

    that Abdulla was talking about be showcased.

    Sakeena Joosub, Lara Dutta, Aishwarya Rai, Omar Abdulla, Shar Rukh Khan, Salman Khan, Ayesha Deol and

    Priyanka Chopra had said that their performance that evening was scary as they had never ‘wined-‘n-dined,’

    the presidential box before.

    Around, 7:PM, a flying helicopter holding these celebrities had occupied the dance floor of the main

    stadium of Florida.

    “Tunes from all their soundtracks were played and guests had rooted for their favorite song and dance. President

    Mahinda Rajapaksa had enjoyed the Shar Rukh Khan and Aishwarya Rai dance whilst President Goodluck Johnathan

    had fancied the heart rob thrills of Salman Khan…” says Stardust.

    “It was good to see Aishwarya and Salman seeing ‘eye to eye,’ after ten years of breakup. Let’s hope her

    husband does not catch him starring.” joked a fan.

    President Obama who spoke to The Omar Abdulla SHOW thanked Florida guests and performers

    saying that should he off seen Sakeena Joosub on the dance floor the way that she does, he would

    of thought twice about sending troops into Lebanon in July 2009.

    “We are gathered here today on this early Sunday morning to celebrate peace with our brothers

    and sisters locally and internationally. We are gathered here today to bring together like minded people

    towards the freedom of a better tomorrow. We are gathered here today to smile upon the memories

    once lost, and forgive the man who once spoke bad about us. We as presidents of nations

    and leaders of the neighborhoods that we acquire should each day take that bigger step towards

    our goals in our lives. When I walked the streets of Los Angles in 1983, I had no view that one day

    I will lead the country as president.”

    Mr. Shar Rukh Khan who took the microphone from President Obama

    saying that president Obama is clearly

    not listening to his soundtracks judging from the sweat on his face.

    Members from the community of Florida had asked the presidents their opinions and views

    about President Putin’s calls on the mining of fossil fuels in Russia.

    “We see Russia as the next big target by these Saudi Arabians. We have proved time and time again

    that our wealth lies underground. We will not show our resources to these Saudi Kings unless

    we have a break-through deal as we see their experience as a tool to producing cleaner and

    fresher natural gasses.”

    The Moscow Times says on their website that Russia is one of the largest country’s in the world

    with a sea bed of rich oil waiting to be tapped.

    “We estimate over 600 billion Euro lying underground and are working with these Kings so that we

    may hedge risk to the financial economic stimulus plan.”

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