Cue Ride of the Valkyries. Ben Bernanke is pre-flighting the helicopter. He explained today it’s become necessary to Destroy the Dollar in Order to Save It (transcript courtesy of Zero Hedge):
Q: There are critics who say that Fed policy has driven down the value of the dollar and a lower value to the dollar reduces American standard of living.
How do you respond to criticism that essentially Fed policy has reduced American standard of living?
Bernanke: Thanks. First I should start by saying that the Secretary of the Treasury, of course, is the spokesman for US policy on the dollar [dollar? what do we know about the dollar?]…the Federal Reserve believes that a strong and stable dollar is both in American interests and in the interests of the global economy…
There are many factors that cause the dollar to move up and down over short periods of time [so don't look at me--er, us], but over the median term, where policy is aimed, we are doing two things.
First, we are trying to maintain low and stable inflation, by our definition of price stability, by maintaining the purchasing value of the dollar, keeping inflation low—that’s obviously good for the dollar.
The second thing we’re trying to accomplish is to get a stronger economy and to achieve maximum employment. And, again, a strong economy, growing with attracting foreign capital is going to be good for the dollar.
So in our view, if we do what’s needed to pursue our dual mandate of price stability and maximum employment, that will also generate fundamentals that will help the dollar in the medium term.
Q: (inaudible) noticing that it’s been unsuccessful so far.
You’ll have to look to someone who was at the press conference to verify if Mr. Bernanke was actually, physically speaking out of both sides of his mouth. He manages it on paper.



Ok. First of all Americans aren”t all idiots like the left wants us to be.
Second, Obama and his Congress gave away billions to the likes of the unions, ACORN and Planned Parenthood under the so called stimulus package.(His thugs in crime). Third, Washington has done nothing to stimulate the economy. They have done just the opposite, squashing small business opportunity, strengthening big business ties, printing more money then we have a right to print just to pay off a debt and creating more debt in the process. (QE2, 3, 4, 5, 6…)
This is strengthening the dollar????
China is about to have the dollar taken off the reserve status. OPEC is continuing to play games with oil.
The administration is doing nothing about any of this. Instead they refuse drilling in Alaska or anywhere else. (Thank you, EPA). They continue to be ignorant about world affairs and this is helping our economy and the dollar?
Seriously, do they really think we’re not paying attention?