Wednesday, December 8, 2010

Jon Stewart Busts Ben Bernanke, But Where Was Mainstream Financial News?

Kudos to Jon Stewart for busting Ben Bernanke on his show last night. Pure and simple, Bernanke lied on 60 Minutes. He lied about something basic, printing money. I didn't see one word about this in WSJ, NYT, on CNBC or anywhere else, except you guessed it EPJ: Bernanke Outright Lied on 60 Minutes, and Appeared On Edge Through Out

How obvious can it be that most media don't have the balls to call it like it is? It's either that or they suffer from what Brad DeLong has called Greenspanism. That is the sick belief that if someone is Fed chairman you have to gobble up as the ultimate truth whatever they say or do, even went it is a total factual lie.

Also, notice in the clip that Stewart runs reports about the creases in new money that is being printed. The dates of the clips were December 6 and 7, but this news was put out two months earlier by the Fed. As I explained then when I reported on the story on October 1:
Burying the news on a Friday afternoon, the Federal Reserve Board announced a delay in the issue date of the redesigned $100 note...The Bureau of Engraving and Printing, a division of the Treasury, manufactures Federal Reserve notes and has identified a problem with sporadic creasing of the paper
Not only did I report the news two months earlier, but I knew the Fed was burying the news from mainstream media.

Mainstream media is a joke. They discuss BS all day long. The Bernanke lie, and missing the creasing in the currency two months ago, are facts where they didn't have a clue.

When it comes to theory, they are even more out of it, except it takes longer strings of argument to prove their cluelessness in these cases. Just know, they will be the last to report about upturns or downturns in the economy, or when inflation hits. They don't get theory anymore than they get basic facts. The are dangerous to your understanding of finance or economics.

Here's Stewart making a fool out of Bernanke and mainstream media.

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  1. Other currency production issues:

    Who cares about quality anymore?

  2. Oh no! It looks Mosler-esque monetary sovereign types have invaded the Jon Stewart comments.