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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (76000)	3/12/2008 3:39:23 PM
From: stockfiend	Read Replies (2) \| Respond to of 116555

I agree. There's one thing Bernanke recently said that really sticks in my mind and disturbs me. When asked by Ron Paul about how a declining dollar would affect inflation, Bernanke responded that since Americans pay for products in dollars the only prices affected are those for imported goods. This is blatantly false since rising import prices reduce domestic competitive pressure and cause those prices to rise as well. What disturbs me is a) Bernanke actually believes this or, more likely, b) Bernanke knows this is false but has the chutzpah to float this garbage out in the open and in front of Congress. Here's a link to the video. The pertinent part starts at 4:35: youtube.com. As an aside, note the 1.46 quote of the Euro during the exchange (November '07)