The day after Ben Bernanke raises interest rates for the 18th time, Bernard von NotHaus, noted Monetary Architect, will present a $50 Gold Federal Reserve Note for redemption as specified on the Note and guaranteed by the Constitution, at the Federal Reserve Bank of New York at 33 Liberty Street in lower Manhattan.
Anticipating rejection, von NotHaus will present the sorry outcome of a National Debt gone wild at the Press Conference, while a large black balloon with “NATIONAL DEBT” lettered on it inflates behind him until it bursts, just as von NotHaus predicts the US economy will burst.
The entire press release is located here.
I don't want to be too hard on 'Helicopter Ben'. He really is facing a no-win scenario. There isn't any way out of the current fiscal crisis. A hundred years of fiat paper is coming home to roost, most likely during his tenure in office. Yep, you can almost feel sorry for him, till you remember all the perks that come along with his job.
Oh, the pain, the PAIN.The "for coverage by CBS" link at the bottom of the Press Release leads to a totally unrelated, yet interesting, news article about the Chambersburg "Chamberfest" that features Liberty Dollars being used to bolster local commerce. It also features a close up of the ALD vending machines that were rolled out last year at LDU. Don't know why they felt the need to include that...
Anyone taking bets on whether Bernard gets his gold from the Fed? Didn't think so. There hasn't been any gold backed currency since about 1933, and I doubt they left a clause in to cover all that old paper that still says Gold Certificate on it.
...Of course, it helps if the Fed chairman actually does what you say he's going to do. Who knows why Bernanke didn't raise interest rates today. The symptoms related to looming inflation are nothing if not stronger today than they were at the last Fed meeting, so why not raise the rates again? Perhaps interest rates really have nothing to do with inflation? Perhaps they actually make inflation worse?