Yes. He probably will.
Anyone who watched gas prices rise further, yesterday, and who is not invested in the stock market, knows that class warfare is real. The Federal Reserve is the upper crust’s weapon. Federal Reserve Chairman is going nuclear just fifty days before the election — and knowing full well that Romney would fire him.
You just got mugged by a suit.
But what is evil and painful in the United States may get homicidal when it goes overseas.
We are still dealing with attacks on our embassies and the murders of four of our diplomats. While there is evidence that some of this (especially in Libya) is orchestrated by terrorists, we know that there is popular local anger at America as well. Of course, Islamic fundamentalism has always been hostile to the West, but we don’t find them rioting all the time. Riots have causes. We may soon see many more of them as Bernanke implements QE-infinity.
Let’s remember, the Arab Spring wasn’t the result of an insulting movie. It was mostly an international wave of food riots. “Food insecurity” was a major driver.
“QE2,” the second round of money printing (euphemistically called “quantitative easing” to hide the truth like calling an incident where two airplanes got close enough to crash as a “near miss” or when a soldier is killed by his side in a war “friendly fire”) ran from around November 2010 to June 2011.
While it did nothing to help the economy, QE2 did exacerbate food supply issues by causing higher prices. This was a major impetus for what the media calls “The Arab Spring.” As the International Business Times pointed out under their headline, “Current protests in Egypt recall “Bread Riots” of 1977,” the riots were “partially incited by rising food prices.” According to their report, at least 800 people were killed.
The problem wasn’t restricted to Egypt, but also hit places like Jordan and Mauritania. Ben Bloomberg reported the North African unrest would spread due to “Food Inflation.”
“An index of 55 food commodities tracked by the UN’s Food and Agriculture Organization gained for a sixth month to 214.7 points, above the previous high of 213.5 in June 2008. Higher commodity prices are ‘leading to riots, demonstrations and political instability,’ Nouriel Roubini, the New York University economics professor who predicted the financial crisis, said on a Davos panel. ‘It’s really something that can topple regimes, as we have seen in the Middle East'”
Bernanke was not out on the streets, bashing in heads or shooting into crowds, but his (doomed) attempts to “jump start” the economy had lethal consequences. QE2 amplified rising food prices. Ben Bernanke has blood on his hands.
And now he’s doing more of it. Food and fuel were already jumping high. Now, thanks to “Helicopter Ben” rather than peaking, they may even go higher. Nothing good will come of this anywhere. But overseas, we have every reason to think there will be blood.