Federal Reserve Chairman Ben Bernanke delivered testimony to the Congress on Tuesday. It was an interesting speech because it just proved how incompetent he is and how the entire central banking system is flawed and a total failure. In his remarks, he discussed how low interest rates are benefiting the economy, the sequester (spending cuts) would hurt the economy and how the unemployment numbers should lead to more money printing.
“The challenge for the Congress and the Administration is to put the federal budget on a sustainable long-run path that promotes economic growth and stability without unnecessarily impeding the current recovery,” he said. “However, a substantial portion of the recent progress in lowering the deficit has been concentrated in near-term budget changes, which, taken together, could create a significant headwind for the economic recovery.”
The entire video has not been posted, but here is an interesting clip and his entire testimony can be found here.