Obama Sidesteps Question About Whether The Fed Is Intentionally Devaluing The Dollar

AP:

NEW DELHI — President Barack Obama has sidestepped a question of whether the Federal Reserve may have weakened the value of the dollar by purchasing $600 billion worth of government bonds to aid the economy.

Obama noted at a news conference in New Delhi that the Fed "doesn't take orders from the White House," saying it would be inappropriate for him to comment directly on the action. The move last week aimed at making loans cheaper and getting consumers to spend more.

Read the whole story: AP

Comments

[Tsunami effect]

01:37 AM on 11/10/2010

Talking about someone who believes the $ should be devalued.

Soros invested in Petrobras days before Obama Guaranteed $10 Billion, Special Prosecutor Needed????

U.S. Government to Loan Brazil's Petrobras $10 Billion

http://www .laht.com/ article.as p?ArticleI d=340859&C ategoryId= 10718

Soros Holdings
1.Petroleo Brasileiro S.A.Petrobras (PBR) – 9,818,323 shares, 15.42% of the total portfolio
2.Hess Corp. (HES) – 5,123,198 shares, 10.56% of the total portfolio
3.Petroleo Brasileiro S.A.Petrobras (PBR-A) – 5,884,700 shares, 7.53% of the total portfolio
4.Potash Corp. of Saskatchewan Inc. (POT) – 1,978,053 shares, 7.06% of the total portfolio
5.Plains Exploration & Production Company (PXP) – 6,526,400 shares, 6.84% of the total portfolio

Ooooooooooops!!

[hrpmap]

09:28 PM on 11/08/2010

He'll have to wait until he gets back to the White House and ask Geithner before he can answer.

[rickroland]

09:30 PM on 11/08/2010

Bah, even then, it will be a long, drawn out 3 minute answer which ends up not answering the question. Par for the course.

[jwoww]

02:25 PM on 11/08/2010

simple way to correct this is just to abolish the federal reserve

[spazimodo]

02:24 PM on 11/08/2010

Is her fear that it will will not work, or rather that it will?

[Michelle Black]

01:35 PM on 11/08/2010

http://www.revolutionarypolitics.tv/video/viewVideo.php?video_id=13079&title=bernanke-insists-the-fed-is-not-trying-to-spark-inflation---ron-paul-on-cnbc-11-08-10

[intolleft]

12:39 PM on 11/08/2010

When is Chuck Shoomer going to be standing in front of a gas station screaming about how the President has caused prices to rise nearly 80% since taking office?

[PWM]

12:36 PM on 11/08/2010

A dollar stopped being worth a dollar when I was a kid.

[hrpmap]

12:49 PM on 11/08/2010

When I was a teenager in the fifties silver dollars were still in circulation. One silver dollar or a combination of silver coins would buy about 4.5 gallons of gas. Today one ounce of silver will still buy you a gallon of gas. The feds fiat money is the problem.

[hrpmap]

12:51 PM on 11/08/2010

Correction! "Will but you 4.5 gallons of gas.

[PWM]

12:58 PM on 11/08/2010

Even when the money was tied to the gold supply there were still problems. In todays world, if we went to gold then all other nations would do is buy our money and force us to convert it to gold and in no time at all our gold stocks would be a thing of the pass. I agree with what you say, but now that everyone is running on fiat money we cannot go back.

[hrpmap]

12:21 PM on 11/08/2010

Obama noted at a news conference in New Delhi that the Fed "doesn't take orders from the White House," so why didn't he finish up by telling the truth? The White house and all the politicians take orders from the fed would have been an honest ending to his statement.

[wtf-please]

12:17 PM on 11/08/2010

Late Breaking News!!! it's not worth a dollar anymore.. we need to call it the fiddy

[Tom95134]

12:14 PM on 11/08/2010

Is anybody really dumb enough to think that Obama is going to admit that the Fed is printing money with no value backing it? It's obvious the Fed is in the process of devaluing the currency. Since it is unlikely that the Republicans are going to do anything to stimulate economic growth (they've sttod in the way of every attempt for the past 2 years), Bernake has to try to do something to keep America out of a 2nd dip or worse, sliding into depression.

[jwoww]

02:23 PM on 11/08/2010

second dip I'm sure those who are a part of the 9.6% never believed the economy got out of the first one.

there is a serious crisis that has yet to hit real estate and that is commerical defaults. how many stirp malls do you see out there with 100% occupancy or even 50% at best or office buildings full occupied. the commercial market has not been factored in because of their loan structuring at the inception but it's coming.

[OSCPJ]

02:30 PM on 11/08/2010

The've been factored in all right.  Mark to Market baby!!

[mrspiffy]

11:42 AM on 11/08/2010

No..we're trying to clobber the Rupee.
http://yieldpig.blogspot.com/

[henrydeluxe]

11:20 AM on 11/08/2010

"Obama noted at a news conference in New Delhi that the Fed "doesn't take orders from the White House,"

Yeah, he's right, everybody knows that in a democracy an unelected official like the head of the central casino can wield untold power and make single handed decisions bypassing the congress and the WH. And everybody knows that magic money is - well -magical!!! So no, no comment.

[Debbie McPherson]

11:28 AM on 11/08/2010

henry
 
Obama could ahve been more honest - he could have told them that the WH takes orders from the FEDs and bankers - not the other way around.

[henrydeluxe]

11:48 AM on 11/08/2010

Debbie,

Yes, you are totally correct. Can you imagine? one official has that much power, what are elections for anyway?

[mikey09]

11:17 AM on 11/08/2010

And the goal is to devalue the dollar....DUH

[PWM]

12:56 PM on 11/08/2010

It has been devaluing since the 1950s.

[cassie reinara]

11:00 AM on 11/08/2010

How can he answer the question when the answer is quite apparent. Unfortunately, the American middle class are biggest losers when the government in collusion with the Federal Reserve take this approach to monetary policy. The Federal Reserve should now be called "The Great American Bubble Machine." This policy has destroyed the purchasing power of the American middle class and will ultimately sink more of those people into poverty. This along with the outsourcing of once good paying American jobs will ultimately decimate what's left of the middle class. With people like this in charge, we need not worry about foreign invaders destroying the American way of life, the carnage has already begun and it's coming from within.

[Debbie McPherson]

11:12 AM on 11/08/2010

cassie
 
agreed - great post.
 
There are a handful of terrorists out there with bombs in their underwear and toner cartridges - and the Feds use that to keep us up to our buried in debt for wars in the desert wastelands where the "enemy" is hiding out in caves.
 
Meanwhile, here at home we have a govt that has done everythign in it's power to make sure that middle class collapsed - all safety nets such as SS or anything deemed an "entitlement" is about to be decimated and our fearless leader is in India with the CEOs of multinational corp. who's total goal is to tap into cheap labot markets - GE is there - they intend to offshore millions of medical jobs to India and have already got their first diagnostic center up and running there - more jobs lost here.
 
They are taking our tax money and using it to destroy us - it's as simple as that - and the reason is for the globalization of power brokers
 

[Forever True]

10:29 AM on 11/08/2010

While the Feds are indeed doing just that, the president is right that he has no power over them. Congress is supposed to provide oversight of the Feds - something they have not been effective at doing at all - not even auditing them.

[Debbie McPherson]

11:20 AM on 11/08/2010

Forever
 
yes, hard to name even one thing that Congress has been effective at providing oversight
 
sadly, the members of Congress stand around with their hands out - taking the bribes and follwoing the instructions that are attached to them - what to say, how to vote - and with the lobbyist themselves often drafting the bills.
 
Our govt and the elected officials have dissolved into "a bipartisan cesspool of corruption"
 
The results of bernanke move will be inflation - possibly hyperinflation and it will further cripple the working poor and working middle class as core expenses prices are sent through the roof.
 
Once again, only the very rich will be insulated from the devastation unleashed by Bernanke's move.
 
Obama knows this...

[hrpmap]

12:27 PM on 11/08/2010

If by some strange reason the fed is ever audited and their crimes brought to light this country will statrt to heal, but it will never if that isn't done.