Check out the video below. Bernanke has nothing left.
---
WASHINGTON - If you’re not interested in 10 pages of two-column verbiage, here are the condensed minutes from the Federal Open Market Committee meeting of Aug. 9:
“The economy’s lousy. It’s not our fault. We can do more things but they probably won’t work, or at least not work well.”
To be fair, the Fed does have ideas. Most we’ve heard before: buying more bonds, buying longer-dated bonds, cutting interest on the reserves it pays to banks that park money.
---
The options with the most support were more asset purchases and increasing the maturity of the Fed’s balance sheet. A “few” favored cutting the interest on excess reserves the Fed pays to banks. The Fed will discuss these options at its two-day meeting on Sept. 20-21.
And there were some on the FOMC who thought the central bank was out of ammunition.
“Some participants judged that none of the tools available to the FOMC would likely do much to promote a faster economic recovery,” according to the minutes. “Consequently, these participants thought that providing additional stimulus at this time would risk boosting inflation without providing a significant gain in output or unemployment.”
---
An US F4 Phantom Jet tests the strength of a concrete wall built to withstand a nuclear blast by crashing into it at 500 MPH. Watch the plane turn into dust.
We assume the symbolism of the above video is obvious.
---
Related story:
Drunken Bernanke Tells Everyone At Neighborhood Bar How Monumentally Screwed The U.S. Economy Really Is