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No love for Bernanke in Germany or Wall Street

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Lots of arrows are being flung at Federal Reserve Chairman Ben Bernanke these days.

The newest group of critics are fellow international policy makers who say he's been a poor steward of the U.S. dollar--the world's premier reserve currency.

Over the weekend, Germany's economy minister Rainer Bruederle said that an excessive, permanent increase in money is, in his view, an "indirect manipulation" of the value of the dollar, according to the Globe and Mail.

There's also renewed criticism from Wall Street. It's ironic that the guy who bailed out Wall Street two years ago is getting no love.

William Gross, founder of PIMCO, which manages more than $1 trillion of fixed income securities, said in an investment note this week that the Fed's asset buying is "somewhat of a Ponzi scheme."

"Bondholders, while immediate beneficiaries, will likely eventually be delivered on a platter to more fortunate celebrants," he wrote.

The most recent quarterly letter for Grantham Mayo Van Otterloo & Co. featured on its cover a fake Halloween-themed movie poster featuring "Night of the Living Fed"/"something unbelievably terrifying"

"Runaway commodities!" "Banks come back to life!" "Homes destroyed!" "Families evicted!" "Currency wars!"

The "movie" stars Ben Bernanke with guest appearances as "chief zombie" by Alan Greenspan.

In the newsletter, Jeremy Grantham, the chief investment strategist for the company, wrote, "If I were a benevolent dictator, I would strip the Fed of its obligation to worry about the economy and ask it to limit its meddling to attempting to manage inflation."

And that was the nice part.

By Ariana Eunjung Cha  | October 28, 2010; 11:45 AM ET
Categories:  Federal Reserve  
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Next: Bank of America hires former Va. AG, former justice official for foreclosure defense

Comments

The Daily Show host was giving Obama a tough time about hiring the conventional and Clintonian Larry Summers as his top economic advisor.

"In fairness," the president replied defensively, "Larry Summers did a heckuva job."

"You don't want to use that phrase, dude," Stewart recommended with a laugh.

When your president is reduced to campaigning for democrats on a comedy TV show, he deserves to be called "dude".
Strange, Obmama doesn't understand his failed policy or how negatively his policies have affected the country ($1.3 Trillion Debt).

Posted by: avatar666 | October 28, 2010 1:41 PM | Report abuse

The Daily Show host was giving Obama a tough time about hiring the conventional and Clintonian Larry Summers as his top economic advisor.

"In fairness," the president replied defensively, "Larry Summers did a heckuva job."

"You don't want to use that phrase, dude," Stewart recommended with a laugh.

When your president is reduced to campaigning for democrats on a comedy TV show, he deserves to be called "dude".
Strange, Obmama doesn't understand his failed policy or how negatively his policies have affected the country ($1.3 Trillion Debt).

Posted by: avatar666 | October 28, 2010 1:41 PM | Report abuse

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