In case you didn't notice, the U.S. Dollar is dropping like a rock.
Bernanke is between a rock and a hard place. If he holds rates firm, we'll have a severe consumer recession. If he cuts rates, the dollar decline will likely accelerate, with consequences possibly far more dire than a recession.
So, Bernanke, are you a Volcker, who restored faith in the dollar after the Carter years, or a Greenspan, the serial bubble creator. We'll know next week.
Here's a profanity-laced tirade from Karl Denninger. Yes, he has trouble pronouncing "Bernackie," and yes, it's a bit silly to extrapolate a daily FX move into a 50% loss for the year. Denninger may be hysterical, but he's not far off the truth:
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Body Count goes to Vegas! Ernest Scherer III was a Vegas loser who fancied himself a professional poker player. Doesn't that photo tell ... -
UPDATE: Edited to remove the guy's name. I hope nobody harasses him or his employer. He was good-natured and his sign was innocuous a...
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