“Those saving in fiat federal reserve notes and receiving social security and pensions will be decimated.”
BEN BERNANKE: QE3 BENEFITS SAVERS, WILL REDUCE THE FEDERAL DEBT
OCTOBER 1, 2012
Fed Chairman Ben Bernanke gave a speech at the Economic Club of Indiana today titled: Five Questions about the Federal Reserve and Monetary Policy. Bernanke addressed 5 questions focusing on the risk of the Fed’s policies increasing inflation and punishing savers.
In the you-simply-cannot-make-this-stuff-up department, Bernanke claimed that savers would benefit from QE∞ because ‘most savers are also homeowners‘, and that ‘many savers own businesses and stocks‘.
Fundamentally Bernanke is 100% correct- savers will benefit from QE3- provided they are saving in the form of REAL WEALTH such as land, food, and physical gold and silver. Those saving in fiat federal reserve notes and receiving social security and pensions will be decimated.
Full text of Bernanke’s remarks and defense of QE3 below: