Just What Is Bernanke's Word Worth?

US Federal Reserve chief Ben Bernanke told Republican lawmakers Wednesday that he cannot and will not bailout struggling European economies, senators at the meeting said.

Amid suspicions that Fed funds may be used to help debt-ridden eurozone countries, leading Republican Lindsay Graham said Bernanke assured senators “he doesn’t have the intention or the authority to do that.”

  

Of course he has the “authority.” The Fed is beholden to no one but the bankers that run it. And he might not bail out European economies per se, but I feel quite certain that he’ll bail out any European central bank that comes a callin’. And he won’t necessarily tell us he’s doing it, either.

...but hey, do what you want...you will anyway.