Ben has been good for… Uh… Obama. That’s about it. He just talks too much. And when he talks people sell. We have to let him know that his days as Chairman of the Board of Governors of the Federal Reserve are over. Officially it is over on January 21, 2014 with his term on the board ending on the same date in 2020. But haven’t we all had enough of him.
Added to his greatest hits (on the economy) is this week’s statement that the fed by start dialing down its bond buying program this year. What do you think that did to bonds and the markets?
Remember, Bernanke is the same guy that thinks central banks really do not need the gold backing as “gold is not money.”
Here’s that famous video:
In a way he is right. It is not money – it is better than money. With all of the money our government is printing why in the world would we want to keep all of our eggs in the US Dollar basket? Gold is a great hedge, especially considering it is down another 6% today. That is a two and a half year low.