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Bernanke’s Speech



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The text of Ben Bernanke’s speech is up, and not coincidentally, so are the markets. Bernanke announced that the Fed will do pretty much whatever it takes to keep the economy out of a double-dip recession, including purchasing more longer-term securities and easing the interest rates it pays on bank reserves. The first would increase the monetary base; the second would have the goal of increasing the money supply by encouraging banks to lend their reserves. It is no surprise that the markets are up on this news, but it is also not surprising that gold is reaching for record levels: Helicopter Ben looks like he’s strapping on the flight goggles.



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