Fed’s Yellen Vows to Continue Devaluing Dollar for the “Unemployed”

obama-nominates-janet-yellen-to-lead-the-fed

Yellen is all heart. Sure she’s devaluing the dollar, but she’s doing it for the poor unemployed who will really benefit from higher food prices.

Federal Reserve Chair Janet Yellen told lawmakers the central bank must press on with record monetary stimulus to combat persistent job-market weakness.

While her “overall view is more positive,” Yellen said low wages are one sign of “significant slack” in labor markets, even after the jobless rate fell to an almost six-year low. In unusually emotive language for a central banker, she talked about the “psychological trauma” suffered by the unemployed and their families.

Aww.

So let’s keep hiking up commodities prices while devaluing their savings so they can be really traumatized by being unable to buy food.

When Senator Jon Tester, a Montana Democrat, asked Ms. Yellen about the greatest risks to that growth forecast, she seemed flummoxed by the question, eventually reiterating the Fed’s confidence that growth would continue.

Don’t ask her about risk. Liberals don’t understand that their approach can possibly be risky or wrong.

Fed officials including Ms. Yellen have said that they are puzzled by the lack of volatility in financial markets, suggesting that investors have developed an unwarranted degree of confidence about the Fed’s intentions.

Sure. QE and more QE. Yellen pushing QE is as surprising as Kim Jong Un threatening to nuke someone.

The Standard & Poor’s 500 Index fell as much as 0.6 percent as the Fed’s Monetary Policy Report said valuations for smaller companies in social-media and biotech industries appear “substantially stretched.” The index was down 0.1 percent to 1,974.98 at 2:43 p.m. in New York. The yield on the 10-year Treasury note was little changed at 2.55 percent.

Obama’s war on the economy continues.

  • Pete

    Yellen is a communist.

    This moves levels the playing field between the middle class and the poor. The rich are unaffected.

    If it continues, we will have 2 classes of people.

    Inflating the money at this rates erases savings and kills retirement.

    • objectivefactsmatter

      It’s very difficult to find anyone in the Zero administration that is not a communist.

      We could even make a game out of it. Try to find a non-commie appointed or hired by this administration.

    • kasandra

      I don’t know whether she’s a communist but what you describe has long been the goal of progressives. Bring down the middle class while increasing benefits to the poor so that they both, essentially, have the same standard of living (i.e., “income equality”). Then there’s the nomenklatura – the political and economic elites (i.e., them) who will rule. And our people listen to Obama talking about how he’s all for the middle class while, in his objective actions, seeking to eliminate it and they seem to believe him. Very strange.

      • Pete

        Rapid inflation destroys saving and retirements. Zerohedge and others have spilled a lot of ink pointing this out.

        As an economist Yellen has got to know this.

        Therefore, yes communist.

        ***

        People who have sufficient saving for 10 to 30 years will find themselves without sufficient funds in 5 or 10 years. Whose fault is that when the money is being inflated?

        Answer is THE FEDS!

  • Judahlevi

    We don’t need another federal employee to be “emotive.” We need one who is competent.

    Yellen and her crew are asking for inflation by continuing to pump up liquidity. It has to stop somewhere, and when it does, be wary of the reaction by the financial markets.

    It won’t be pretty.

  • objectivefactsmatter

    What?

    So if just 2 of their campaigns are “successful” (politically) they will help the poor by causing inflation and giving minimum wage earners more coins to carry?

    That’s Marxism for you.

    • CaoMoo

      makes perfect sense…. yeah…

  • Bob

    Another of Obooby’s brain dead morons/idiots has spoken.

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  • kazzer66

    This woman needs to hit the supermarket, every week the prices are higher.

    I cannot understand why anyone who hasn’t had a lobotomy could vote for a Democrat.

    Looking around the World and seeing the disasters wrought by Liberal policies, socially and economically, it amazes me that Liberals represent themselves as humanitarians.

  • Drakken

    Weimar Republic anyone?? These folks at the fed know what is happening and spew out gobbly gook in order to try to stabilize the market, anyone with 2 brain cells to rub together knows that you cannot continue to print money like it is going out of style with nothing to back it up. So with that in mind, I would highly suggest you offshore your savings and retirement. When all is said and done, only precious metals and Swiss Francs are going to be worth anything.