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Government

Bernanke Admits: Inflation Rising

Apr. 27, 2011 3:49pm Jonathon M. Seidl

While he did announce the Federal Reserve will end its second round of quantitative easing on schedule, Fed Chairman Ben Bernanke admitted that inflation will rise, which was the fear of those who criticized the program in the first place.

CNBC reports:

In his first regular news conference, Federal Reserve Chairman Ben Bernanke said the central bank was continuing its stimulus policy because it was projecting slower growth in the economy with only a modest uptick in inflation.

Wednesday’s event marks the first regularly scheduled news conference by a Fed chairman in the central bank’s 97-year history.

The Fed cut its growth estimate for 2011 to between 3.1 percent and 3.3 percent from a January forecast of 3.4 percent to 3.9 percent.

The Fed also raised its estimate of inflation this year to a range of 2.1 percent to 2.8 percent, taking into account a recent surge in oil prices. However, it bumped its core inflation forecasts only marginally to a 1.3 percent to 1.6 percent range.

That’s a much different picture than the Associated Press decided to paint:

The Fed downplayed inflation risks. It acknowledged a spike in oil prices, but concluded that the pickup in inflation will be temporary.

Fed Chairman Ben Bernanke spoke at a historic news conference after the meeting. It was the first time in the Fed’s 98-year history that a chairman has begun holding regular sessions with reporters.

Bernanke said Fed officials expect the moderate economic recovery to continue after weak growth in the first three months of the year.

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Comments (160)

VermontPatriot
Posted on April 27, 2011 at 7:59pm
The Obot and his regime have to go!

I don’t care if they crank the price of gas up to $6
a gallon and the miraculously lover it by dollars
just before the election.

The filth needs to be clened out!

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Richard Compton
Posted on April 27, 2011 at 7:10pm
Please flod your trays and place your seatbacks in the forward posistion and put your head between your knees!

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compatriotshonor
Posted on April 27, 2011 at 6:38pm
Hello there folks,

I am not a genius, just a simple common sense individual that sees something here that I don’t think that has really caught any attention.
The FED’s inflation is up by 2.8% to 3%, the stock market is steadily rising, and salarys on the exective levels are on the rise. I see something wrong here and I need someone out there to help me fill in the blanks.
Now, with all of these things going up, why is the american dollar still going down? Is it that these people are inflating to compensate for the loss of the american dollar that has lost more than 20% or the futures on the american dollar being speculated incorrectly and that is why the rise in these areas.
Something here doesn’t pass the smell test as Mr. Beck would put it.

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Viking64
Posted on April 27, 2011 at 6:37pm
The Feds, under Obama’s firm instructions, increase the money suppy by billions and trillions, which naturally reduces the dollar’s value and oil prices, etc., etc, goes up!. Then the president gets on TV to the mainly the liberal sheep and says ,’ Myself and my great sincere administration are going to investigate these evil oil companies, we will find out who these crimnals are?” The libs reply, great work Mr President Sir, we are counting on your good common sense,wisdom, skills and honesty. DAH,Dah, Inflation is going to be much higher shortly, Good Luck ,sure hope President Obama finds the gulty parties? Burnake & Obama ,watch exactly what they do, definately not what they say period

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- vennoye
  Posted on April 27, 2011 at 7:35pm
  After reading up on the Fed from the link below, have decided that the Fed is the dog and the government is the tail……may have started out as partners years ago, but think US govt has about outlived it’s usefulness.
  http://www.theantechamber.net/UsHistDoc/CreatureJekyllIsland.html
  
  Report this comment
Mperiod
Posted on April 27, 2011 at 5:55pm
You guys do realize 2% inflation is normal….in 2000,2005,2006,2008 inflation was above 3% – why weren’t you folks calling that hyper inflation? Or in 2001 when it was 2.8%?

Not trying to be mean – but this headline is very misleading.

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- SHOWMESTATEGUY
  Posted on April 27, 2011 at 6:57pm
  I don’t remember the fed buying up our debt during the time period you stated. There is a difference between that time and now. The fed is printing money to cover our debts. When no one else will buy the worthless government bonds then I guess the government has to buy them. Think about what’s going on. It is fiscal suicide.
  
  Report this comment
leary1
Posted on April 27, 2011 at 5:55pm
of course inflation is rising, isn`t that the way they planned it

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santramir
Posted on April 27, 2011 at 5:49pm
everything exposed by Glenn is nothing but symptoms. the point is what is the diagnose, and what the cure. half a nation supporting a cheater communist president, half the nation supporting a lyer corrupt senate, half the country supporting a selfdestructive ideology, half a nation supporting hollywood pervertion, half a nation supporting missinformation liberal mass media business so what is really going on? it is not just the dollar is about to collapse, the energy costs are about to halt the living standards, it is not just the socialists massively supported by ignorant careless majorities are about to ignite a second civil american war, is it not just the “abortioners” and gay behavior rules the social networks, is the human civilization collapse as an intelligent group of animals!!

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thegreatcarnac
Posted on April 27, 2011 at 5:47pm
Inflation…..no kidding. Bernanke is a fool.

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StormThunder.com
Posted on April 27, 2011 at 5:45pm
Did you know that using Federal Reserve currency is what makes you bound to the tax code?

Did you know that there a difference between US notes and Federal Reserve notes?

Did you know that only Fed Notes are taxable?

Did you know that every time you endorse the back of your checks, you are bonding yourself by contract to the national debt from private credit issued by the private corporation (the Fed) and relinquishing any protection of the Constitution?

http://stormthunder.com

It’s free. It requires nothing but courage. It’s codified US law and remedy from the federal reserve act.

You can call me crazy, you can think whatever you want, just watch the video for crying out loud!
We have all been made ignorant by the federal run education system for the last 70 years just for this purpose.

Cash a check for $10,000. The national debt gets bigger. Cash a check, but demand “lawful money” through restricted endorsement on the back, and $10,000 comes off of the nation debt immediately.

Not selling anything, just codified US law.

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miles from nowhere
Posted on April 27, 2011 at 5:42pm
Bernanke is a huge part of the financial problem in the US, he is helping to create the down fall for the US

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Aikes
Posted on April 27, 2011 at 5:41pm
Yet, according to the government… there has been no change in the cost of living since 2008. At least, they have not given any real cost of living increase to military and government workers since 2008. They know what they can get away with.

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SLR Cameras
Posted on April 27, 2011 at 5:30pm
Wow, took them long enough to see this.

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- Mperiod
  Posted on April 27, 2011 at 5:57pm
  To see what? Inflation is on par with historical averages
  
  Report this comment
BigMick51
Posted on April 27, 2011 at 5:22pm
The “Clueless in Chief” and his gang of incompetents have taken a bad situation and made it worse. But does honor, integrity, or personal responsibility enter into their decision making? Hell no! These knuckleheads only look for cover. Their thinking seems to be; “Who can we blame? How can we cover this up?

My question is how long will it take us to fix the mess that is Obama’s Presidency?

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D0ntTread0nMe
Posted on April 27, 2011 at 5:06pm
Well how about that… a kernel of truth from a liar of monumental proportions.
http://www.mythoughtsfromthemiddle.blogspot.com

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- destinykiera
  Posted on April 28, 2011 at 6:34am
  Thanks, Don’tTreadOnMe….Great avenue for information. I enjoyed it.
  
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ChiefGeorge
Posted on April 27, 2011 at 5:06pm
The crap is gonna hit the fan shortly!

This unprecedented press conference is being used for cover later as a “I told you so moment so you will prepare for higher prices”. After the dollar dies they’ll be able to say they gave fair warning….a little to late.

Get your extra stuff soon!

Blue Ribbon Rice is still cheap thru Walmart. Carry as much as you can. You should ave atleast 350lbs of the stuff depending on how many mouths you have to feed, when your earnings are not keeping up with food prices you can dip into these reserves.

Peanut Butter, Dry Beans, Rolled Oats, Crackers (lots), Nutella, Honey, Large cans of Chef Boy R Dee, Vienna sausage and who can’t resist Spam, all good staples to have in your pantries.

I’ve been buying extra since last year! MRES have gone up $20 a case since then.

Don’t forget about barter stuff and the like. Chocolate is going through the roof. Buy the large cooking bars and store them away.

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Shasta
Posted on April 27, 2011 at 5:03pm
Don’t you wish, just once, that Glenn would get one wrong? So far he is batting a thousand.

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- Mperiod
  Posted on April 27, 2011 at 5:58pm
  Only if you don’t know math or have access to any facts or data..
  
  Report this comment
heyjim55
Posted on April 27, 2011 at 4:52pm
No one should be surprised at this admission Bernanke wrote about this back in the 1980′s . There is going to be another problem probably something along the lines of our dollar being dumped by China or a combination countries. The Federal reserve knows full well what is going on and knew before they started QE1, QE 2 now the question is will they start QE 3 which should lead to hyperinflation after it reaches main street. They are bringing this country down on purpose get ready for a third world life style as that is what Obama wants and most of the elite want.

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melmatmic
Posted on April 27, 2011 at 4:52pm
Don’t forget. The “official” inflation rate does not include fuel and food. Guess what’s going up the fastest??

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eat-more-bacon-USA
Posted on April 27, 2011 at 4:49pm
Sarah Palin has been proven correct on this issue – in November of last year at a trade-association convention in Phoenix, she warned that the Fed’s monetary policy was taking the U.S. economy in the wrong direction (as usual, mainstream media outlets and the administration dismissed her position)…

From Sarah Palin’s key-note speech November 8, 2010 – - – “I’m deeply concerned about the Federal Reserve’s plans to buy up anywhere from $600 billion to as much as $1 trillion of government securities. The technical term for it is “quantitative easing.” It means our government is pumping money into the banking system by buying up treasury bonds. And where, you may ask, are we getting the money to pay for all this? We’re printing it out of thin air”.

————————–

“All this pump priming will come at a serious price. And I mean that literally: everyone who ever goes out shopping for groceries knows that prices have risen significantly over the past year or so. Pump priming would push them even higher. And it’s not just groceries. Oil recently hit a six month high, at more than $87 a barrel. The weak dollar – a direct result of the Fed’s decision to dump more dollars onto the market – is pushing oil prices upwards. That’s like an extra tax on earnings. And the worst part of it: because the Obama White House refuses to open up our offshore and onshore oil reserves for exploration, most of that money will go directly to foreign regimes who don’t have America’s best interests at heart.”

—————————–

“We shouldn’t be playing around with inflation. It’s not for nothing Reagan called it “as violent as a mugger, as frightening as an armed robber, and as deadly as a hit man.” The Fed’s pump priming addiction has got our small businesses running scared, and our allies worried. The German finance minister called the Fed’s proposals “clueless.” When Germany, a country that knows a thing or two about the dangers of inflation, warns us to think again, maybe it’s time for Chairman Bernanke to cease and desist. We don’t want temporary, artificial economic growth bought at the expense of permanently higher inflation which will erode the value of our incomes and our savings. We want a stable dollar combined with real economic reform. It’s the only way we can get our economy back on the right track.”

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TnTrader
Posted on April 27, 2011 at 4:44pm
Bernankes remarks reflect the mindset of academic elitism.
A quote “He acknowledged the pain unemployment is causing, noting that around 45 percent of the unemployed have been without a job for six months or longer.

“We know the consequences of that can be very distressing because people who are out of work for a long time, their skills tend to atrophy,” Bernanke said.
Unquote”

Read the words. He acknowledges the high unemployment causing “pain” however his concern relates specificly toward the atrophication of skillsets with no mention of the lost homes, marriages, savings and other direct results of chronic unemployment.
There is no mention of policy actions to affect employment levels, a key tenet of the feds charter.

He refered to “inflation” and “core inflation”… This is a strawman argument. The commodities that make up the wider “inflation” index are the exact same commodities that make up “core inflation”, the sole difference is the semantics of end use. The same crude oil that makes gasoline is the same crude oil that makes water bottles. The same corn that makes cornbread is the same corn that makes laundry starch. The end use is irrelevant to the cost of the commodity. Only in the Land of the Lost, Washington DC does anyone compute commodities pricing by end product. The commodity is either more expensive or less, inflated or deflated. It cannot be seperated in real terms from its own current market price by what it will be used for.

This man is either a joke or a puppet.

De Opresso Libre

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- commonsenseguy
  Posted on April 27, 2011 at 4:53pm
  @tntrader, a joke or a puppet????? what i think he is they will not let me post here. so i will say a useless idiot george soros puppet,just like the rest of the left nut jobs running this country.
  
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ravenalexs
Posted on April 27, 2011 at 4:44pm
The hand-writing has been on the wall for some time for some of us….and for many others, it’s now becoming visible….and sadly for many many others, the writing is still invisible. Scary, really scary things are about to occur and I fear many will not survive. I hope that I have enough time for finish my preparation. And, as Glenn likes to say, I pray every day for more time.

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SHOWMESTATEGUY
Posted on April 27, 2011 at 4:40pm
At least the man could have apologized to the Americans that worked hard, paid taxes, didn’t ask for a handout from the government and tried to put something into savings for their retirement. Folks, your savings are soon to be worth a lot less. “MAKE NO MISTAKE” to borrow a phase our president is prone to say from time to time, inflation, high inflation is our destiny.

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- KevINtampa
  Posted on April 27, 2011 at 4:53pm
  So to all reading this, I just want to be clear, it is fraud somewhere in the oil industry, that we have zero proof of, that is causing the inflation rates we are currently experiencing; and not, I will say it again, not a result of our over heating printing press and digitizing of the dollar.
  
  And make no mistake, now is not the time to argue over silliness like my birth certificate. Now is the time to act like responsible representatives of the people and bring ourselves back from political name calling and partisan standstills. We will not stand for carnival barkers who want us to stop printing the dollar by the trillions.
  
  Did anyone notice the irony in his campaign speech today? No more than a minute after saying “stop with partisan politics and name calling”…he called Donald Trump a carnival barker. I was rolling on the floor laughing. How can people not see through this? When he says this is something we shouldn’t be doing, you know he’s about to do just that. It’s sad that I find it hilarious that people are actually to blind to see it, but what else can you do besides laugh at them?
  
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- vennoye
  Posted on April 27, 2011 at 7:23pm
  KevINtampa
  Hard to understand, isn’t it? I think the delusion spoken of in 2 Thessalonians has arrived!!
  There is no other explanation of how presidential approval ratings could still be so high.
  
  2Thessalonians 2:11 And for this cause God shall send them strong delusion, that they should believe a lie:
  
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mtheory
Posted on April 27, 2011 at 4:39pm
Anyone else notice the trolls seem to vanish as soon as the facts come out?

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JJCon
Posted on April 27, 2011 at 4:32pm
Nothing surprising came out of this PR and it doesn’t sound like even the media is swallowing it.

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TopOfTheMuffin2u
Posted on April 27, 2011 at 4:29pm
no problem…sheeple just live your lives and be quiet.

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