Bernanke to speak

With Barron’s now chiming in with its belief of what Bernanke should do with rates, and that is higher, as emergency rates are not appropriate now that the emergency has receded, Bernanke speaks at 11am on Asia and the Financial Crisis where off topic monetary policy comments are always possible as its getting tougher for him to avoid talking about the near record low in the US$ and record high in gold. For years, government officials would say the market should set the FX rate but it is the direct impact of government policies that has debased the $. Since 1999, the first time DJIA 10,000 was reached, federal government debt has risen 95% while nominal GDP is up just 47%. The Oct Nat’l Assoc of Home Builders index is expected to rise 1 pt to 20, the highest since April ’08 and would be up for a 4th straight month. The uncertainty over the extension of the tax credit could influence the number.

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