We’re Not Printing Money, We’re “Imagineering” Money
Jon Stewart provides a humorous look at Ben Bernanke and the Federal Reserve, focusing his efforts on explaining Quantitative Easing to the layperson. Stewart quotes Ben Bernanke from two separate interviews, roughly 21 months apart.
In his most recent 60 Minutes interview Ben Bernanke explains QE and downplays what the Fed is actually doing:
“One myth that’s out there is what we’re doing is printing money. We’re not printing money.”
Clearly, the pressure from alternative media, the anti-Fed movement, and foreign governments, which argue that the Fed is destroying the dollar through money printing, is having an effect and forcing the Fed to redefine their definition of QE. In his previous interview with 60 Minutes from 2009, Bernanke contradicts the statement he made this week:
To lend to a bank we simply use the computer to mark up the size of the account that they have with the Fed. So, it’s much more akin, although not exactly the same, to printing money than it is borrowing. Well, effectively [we've been printing money]. And we need to do that.
Jon Stewart, whose show has millions of viewers, has spent time on and off for the past year interviewing guests like Peter Schiff and Elizabeth Warren about the financial crisis. And while we wouldn’t necessarily calls his Daily Show a news organization, there are millions of Americans who think it is just that.
Perhaps at least a handful of viewers will realize that this is no laughing matter and that these policies may very well lead to the Zimbabwe-style hyperinflation Stewart mentions in the following clip.
Watch the 4 minute Daily Show clip:
Hat tip Market Ticker
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Date: December 8th, 2010
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