{"id":11807,"date":"2013-07-30T18:54:22","date_gmt":"2013-07-30T18:54:22","guid":{"rendered":""},"modified":"2013-07-30T18:54:22","modified_gmt":"2013-07-30T18:54:22","slug":"bernanke_s_not_even_printing_money_he_s_digitizing_it","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2013\/07\/30\/bernanke_s_not_even_printing_money_he_s_digitizing_it\/","title":{"rendered":"Bernanke\u2019s Not Even Printing Money — He\u2019s Digitizing It!"},"content":{"rendered":"

\"Listen<\/a><\/p>\n

RUSH: Here is John in Detroit. Welcome, sir, glad to know the phone service still working. How are you?<\/p>\n

CALLER: Very good. Thank you, Rush, for taking my phone call.<\/p>\n

RUSH: You bet.<\/p>\n

CALLER: I\u2019m a little business, so please bear with me. You mentioned earlier that Sheila Jackson Lee, you know, they were talking about Homeland Security. There\u2019s something a little more scarier than that, and that is Japan, China, Russia, UAE, Saudi Arabia, Brazil have all met. It was like November 2010 and what they\u2019re trying to do is come up with a currency that they can trade oil on instead of the US dollar. And I believe that when that happens, that will be the beginning of the collapse of the US dollar, and my question is to you, you know, do you think this is inevitable, they get off of oil by, you know, not using the dollar, and the QE3 that they\u2019re doing, Bernanke, $85 billion a month they\u2019re pumping into the economy, is that gonna help sway them to get off the US dollar? I just wanted your take on that if you don\u2019t mind.<\/p>\n

<\/p>\n

RUSH: Well, here again I\u2019m sitting here in a state of what many people might say naivete. I think right now this is bluster. I think these guys are scared to death of our fracking. I think they are scared to death that we have the ability to totally erase them from our oil equation. And so this is their response. “Oh, yeah? Well, we\u2019ll just stop trading in the dollar and it\u2019ll collapse and then you\u2019re depending on the Chinese.” What was your question about Bernanke priming the pump with $85 billion in relation to this? What was your point there?<\/p>\n

CALLER: The QE3 that they\u2019re doing now —<\/p>\n

RUSH: Yeah.<\/p>\n

CALLER: — the amount of money that they\u2019re pumping in a month. I think it\u2019s $85 billion a month —<\/p>\n

RUSH: Yeah.<\/p>\n

CALLER: — that they\u2019re printing, all it\u2019s doing is the value of the dollar continues to drop.<\/p>\n

RUSH: Yeah, that\u2019s true.<\/p>\n

CALLER: And with these countries, if they do stop trading oil on the dollar, there\u2019s gonna be no reason for these countries to then hold US dollars —<\/p>\n

RUSH: Let me tell you something. I do not — and again, in this regard I might be engaging a little naivete. But, John, these countries have been threatening to dump the dollar for years. It isn\u2019t new. It\u2019s almost as old — it\u2019s not quite as old — it\u2019s almost as old as we\u2019ve been hearing the national debt\u2019s gonna destroy the country. Now it\u2019s actually starting to do that, but for most of my life, the national debt, you\u2019d be hard-pressed to see on the surface any negative impact from it. The ChiComs, I don\u2019t care what the ChiComs say, the ChiComs do not want the dollar devaluated. <\/p>\n

The real reason that they have been threatening to dump the dollar is because Bernanke\u2019s devaluing it, precisely what you have said. They have lots of debt in dollars. They underwrite our debt. Bernanke is devaluing it and they\u2019re upset with that. And Bernanke is doing this. But this is really hideous to me. You want to talk about insiders taking care of each other, that\u2019s what this is. This is the moneyed establishment making sure that they\u2019re okay no matter what, holding on to their homes in the Hamptons is the way I describe it. It also helps Obama create the illusion that the economy is doing well, if you can point to Wall Street.<\/p>\n

<\/p>\n

Now, normally the Democrats hate Wall Street. They hate the Dow Jones Industrial Average. It\u2019s always been the Democrats who talk about Main Street instead of Wall Street. Now all of a sudden all they care about is Wall Street, because they can point to it and say, “See? The economy is growing.” Bernanke is hurting the middle class. The very group of people that Obama claims to be looking out for in his 19th or 20th revision now on trying to rev the economy. If these guys dump the dollar, it will be devalued even more, and that doesn\u2019t help the ChiComs. Bernanke is devaluing the dollar, as you point out, with this $85 billion a month that\u2019s ending up going to the stock market. It\u2019s an intricate route that it takes, but it ends up purchasing stock, securities. <\/p>\n

The middle class is being killed by this devaluation because their real costs, the costs of living are going up. Gasoline, food, you name it, the dollar is buying less. It\u2019s so bad, folks, they\u2019re not even printing the money. They\u2019re simply digitizing. And, to me, this is really scary. Look at you, for example. Take your bank account. Let\u2019s just pick a number. Let\u2019s say that your bank statement every month says you\u2019ve got $10,000 in your, let\u2019s just call it a passbook account just for the sake of this discussion. You get a statement that says you\u2019ve got $10,000 in it. But there isn\u2019t $10,000 in a vault with your name, and there\u2019s nothing in that vault worth $10,000. Your $10,000 exists because there\u2019s a number on a piece of paper that says it does. <\/p>\n

All Bernanke is doing is enlarging those numbers. He\u2019s printing money, but they\u2019re not really printing it. They\u2019re just going to the ledgers. Folks, it\u2019s really scary stuff. Now, they claim they\u2019ve got backup for it, that there is backing for the money that they\u2019re creating here. But they\u2019re not even printing it. There aren\u2019t new dollar bills in circulation. They\u2019re just digitizing this, so I\u2019ve been told and as it\u2019s been explained to me. Because this stuff is really foreign language. These guys like it that way. But all this bluster about OPEC, changing the dollar, they talk that way, they\u2019re just scared of fracking, I think, and our independence eventually. ‘Cause I don\u2019t think the ChiComs in any way want that to happen. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Here is John in Detroit. Welcome, sir, glad to know the phone service still working. How are you? CALLER: Very good. Thank you, Rush, for taking my phone call. RUSH: You bet. CALLER: I\u2019m a little business, so please bear with me. You mentioned earlier that Sheila Jackson Lee, you know, they were talking […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"\nBernanke's Not Even Printing Money - He's Digitizing It! - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rushlimbaugh.com\/daily\/2013\/07\/30\/bernanke_s_not_even_printing_money_he_s_digitizing_it\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Bernanke's Not Even Printing Money - He's Digitizing It! - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Here is John in Detroit. Welcome, sir, glad to know the phone service still working. How are you? CALLER: Very good. Thank you, Rush, for taking my phone call. RUSH: You bet. CALLER: I\u2019m a little business, so please bear with me. 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