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Old 12-16-2009, 06:14 PM   #4
Avalon Senior Member
Join Date: Sep 2008
Location: Turtle Island
Posts: 2,776
Default Re: Time magazine names Bernanke "Person of the Year" BAARF

Originally Posted by joe2288 View Post
Hey Joe,

Ridiculous is right.

I just knew Karl Denninger would have some juicy commentary after he read that:

Calling The Time's "Person Of The Year": Jackass

Wednesday, December 16. 2009
Posted by Karl Denninger

Now we got a problem.

Bernanke was named Time's "Person Of The Year" in doing so Time has added him to their illustrious list of persons....

Whether Bernanke wants to be in the company of these individuals is another matter. Here's the list of those who I believe have as their legacy that which most-closely approximates what Bernanke will be known for 10 or 20 years hence:

PHOTOS posted in article, see link below...

Why? Because Bernanke's actions have singularly done more damage to the American economy - and America - than anyone in the history of this nation. He clearly eclipses Nixon in his dissembling, while making a mockery of the free market.

Just like those other infamous persons pictured above he has acted in the belief that he can do so without consequence on the world stage.

This notion is not easily disabused, but in the end it always proves false.

Today's lesson in falsity is the announcement, long rumored, by the Gulf States that they will be forming a common currency breaking the formal and informal dollar pegs that have controlled the price of oil and kept the petro-dollar recycling mill operating, allowing The United States to force our inflationary policies down the Arabs' throats.

Continues with Photos:

Link to news article posted in Karl Denninger's blog:

Gulf petro-powers to launch currency in latest threat to dollar hegemony

The Arab states of the Gulf region have agreed to launch a single currency modelled on the euro, hoping to blaze a trail towards a pan-Arab monetary union swelling to the ancient borders of the Ummayad Caliphate

By Ambrose Evans-Pritchard
Published: 7:12PM GMT 15 Dec 2009

“The Gulf monetary union pact has come into effect,” said Kuwait’s finance minister, Mustafa al-Shamali, speaking at a Gulf Co-operation Council (GCC) summit in Kuwait.

The move will give the hyper-rich club of oil exporters a petro-currency of their own, greatly increasing their influence in the global exchange and capital markets and potentially displacing the US dollar as the pricing currency for oil contracts. Between them they amount to regional superpower with a GDP of $1.2 trillion (739bn), some 40pc of the world’s proven oil reserves, and financial clout equal to that of China


Last edited by peaceandlove; 12-16-2009 at 07:08 PM.
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