Bernanke & money printing
Fed Chair Ben Bernanke describes quantitative easing as 'not printing money,' but more money is going into circulation.
Ben Bernanke says that "we're not printing money. The amount of currency in circulation is not changing. The money supply is not changing in any significant way".
Actually, according to his own statistics department, currency in circulation is up by 6.4% in the latest 52 weeks and by an annualized rate of 10.1% in the latest 13 weeks.
Overall money supply, is closer to the truth in terms of yearly change, as it is only up by 1.7% in the latest 52 weeks. During the latest 13 weeks however, it is up by an annualized rate of 9.1%.
So while Bernanke's statements was partially true with regard to earlier this year, they are inaccurate with regard to the last few months.
Finally, don't miss the below clip where Jon Stewart demolishes Bernanke and his money printing statements and actions in a very effective and hilarious way:
[Editor's note: Clip available at TheDailyShow.com.]
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