WASHINGTON (FMLiveWire) - The chief of the Federal Reserve says "hyperinflation is good for America" in an exclusive interview with FMLiveWire.
"Yesterday I dropped interest rates half a point in order to bail out our Wall Street friends, the investment banks, hedge funds and other wealthy patricians," said Ben Bernanke. "This will help kill the value of the US dollar and start us down the road of hyperinflation."
"It sure will not help the indebted homeowners though, who had better get used to living in their cars once they have been foreclosed, that is, while they can still afford gas," he continued.
Bernanke said that he had studied the financial system of Weimar Germany in the 1920s and present day Zimbabwe and has accepted their hyperinflationary policies as the appropriate model for the USA.
"Hyperinflation will allow the US to destroy its massive unsupportable trillion-dollar debts, the same way that the Weimar Republic destroyed its reparation burden. Thus, my printing presses are working overtime now churning out greenbacks so that way too much money can chase goods and serves and cause prices of everything to skyrocket."
He noted that falling interest rates and the growing money supply will dramatically boost the stock markets the same way they did in Germany, but "it won't be worth a damn."
The Fed chief said he was personally "loading up" on hard currency like gold and silver as the only way to prosper as the value of the fiat dollar and other assets falls to zero.
"Better get those wheel barrows ready folks to carry your Deutschmarks, I mean greenbacks, to McDonald's for a Big Mac!" he laughed.
--Copyright Felix Minderbinder Live Wire
