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In Bernocchio!, Bill Holter wrote of the flat out LIES Ben Bernanke put forth in his July 17th economic testimony to the House Financial Committee – particularly the ALL-TIME WHOPPER that the Fed is not “literally” printing money…

Bernanke Admits to Rothfus: Fed “Not Literally” Printing Money

However, he was only “getting warmed up” for the following day’s testimony in front of the Senate Banking Committee; in which he made two of the most disingenuous statements in HISTORY – regarding gold’s role as an inflation hedge

 A lot of people hold gold as an inflation hedge. But movements in gold prices don’t predict inflation very well, actually.

 …and why people deign to own it…

I suppose that one reason gold prices are lower is that people are less concerned about extreme outcomes, particularly negative outcomes, therefore they feel less need for whatever protection gold affords.

Kitco.com, July 18, 2013

Ah, the “DELUSIONS OF A FED CHAIRMAN”; who – I ASSURE you – views the world quite differently within the confines of his mind – per last week’s RANT, “PRIVATE MUSINGS OF A FAILED FED CHAIRMAN.”

Yes, we are to believe gold has not kept up with thousands of years of monetary inflation – despite the fact 599 fiat currencies have come and gone, leaving only gold in their wake.  Much less, that in a global economy at its low point of our lifetimes, people are suddenly “less concerned” about extreme outcomes.  Tell that to the Indian population, who are buying so much PHYSICAL gold – 8% tariffs and all – that the government seeks to implement import quotas

India moves closer to gold import quota to stifle demand

How’s that for Fedspeak – in utilizing the ambiguous term “extreme outcomes” to describe those evil ‘goldbugs’ worst-case scenario?  I wonder if he means HYPERINFLATION – or as he would deem it, an “accelerated cost of living.”  Or UNREST – as we are seeing in Brazil, Turkey, Egypt, and Spain, among others.  Or how about Central banking “QE to Infinity” schemes; as appear to be developing in the U.S., Europe, and Japan?  Frankly, they are being instated EVERYWHERE; however, many nations with “second-tier” and “third-tier” currencies – like India and Brazil – have been forced to delay them, given that INFLATION has already gotten out of control.  In my view, this is the root cause of the world’s accelerating economic malaise – as discussed recently in “INFLATION AND ARAB SPRING.”

“Extreme Outcomes” may be a cute way to subvert a Congressional question regarding the looming, potentially catastrophic risks hanging over the economy.  However, in the REAL WORLD, they represent scenarios that not only could occur, but have been at an increasing rate since the GLOBAL economy peaked at the turn of the century; and particularly, since four decades of MONEY PRINTING madness came to roost in 2008.

The WORLDWIDE impact of the WORLD’S LARGEST PONZI SCHEME will be both lasting and incomprehensible; unlike anything the world’s newest generations have seen.  I fully anticipate political, economic, and social dislocations on a par with those experienced during World War II – which even Bennie would admit to be “extreme outcomes.”  This is why I plead people to PROTECT financial assets with PHYSICAL gold and silver; but equally importantly, to prepare – across-the-board – for what they personally foresee as “extreme outcomes.”