By Kevin Brett
Statements in response to Ben Bernanke's Press Conference on April 27, 2011:
"Mr. Bernanke continues to ignore his culpability for the inflation all Americans suffer due to the Fed's relentless monetary expansion. Rising Prices are the direct result of Fed devaluation of our dollar. Yet, rather than addressing the Fed's loose dollar policy, Mr. Bernanke continues to assure us that inflation is not a problem."
-Ron Paul, U.S. Congressman (TX-14) (via Congressional office)
"Do the opposite of whatever he [Bernanke] said as he is one of the best contrarian indicators in history."
-Jim Rogers, International Investor and Financial Commentator (via Email)
"Bernanke referred to the "dual" mandate that the Fed has: stable currency and low unemployment. Of course, in the current situation, the Fed is sacrificing monetary stability in the hope that inflation will create jobs. In fact, monetary uncertainty makes investors more wary of taking risks that would create real jobs. Proof? All we need to do is to chart the prices of gold and oil during the hour Bernanke spoke. Both went up predicting a lower dollar and more inflation."
-Howard Segermark, Economic Counsel to Former U.S. Senator Jesse Helms (via Email)
"To me, as the Fed Chairman spoke, the dollar was getting crushed, gold surged to a new high, so how do you call that a success? That's like saying that the Titanic had a successful crossing because a few of the passengers happened to make it to New York. It was a disaster!"
-Peter Schiff, President of EuroPacific Capital and Financial Commentator (via Yahoo)
"My basic point would be to not trust the people running the Federal Reserve. They are either serial liars or grossly incompetent. I do not rule out a combination of both. I first made this point near the height of the housing bubble regarding Greenspan. I have made similar charges against Bernanke and the Board of Governors in 2010 regarding what they were saying at the height of the housing bubble."
-Mark Thornton, Senior Resident Fellow, Ludwig von Mises Institute (via Email)
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