Bernanke today made a rather impressive statement considering the duplicity, where he urged Americans to get a better handle of the deficit while urging foreign powers to get their consumers to spend money.  Duplicity of course lies in understanding that what he is asking of the foreign people to do, is precisely the very same thing that got Americans into trouble in the first place.  Our insatiable appetite for spending outside our means through the systematic creation of debt by the very institution Bernanke governs has run it's course and while the Fed will desperately try to stave off the inevitable, printing money can only go so far before the world realizes the dollar is not worth the cotton it's printed on.

"In large part, such action should focus on boosting consumption," Bernanke said.

Oh really? So he either truly believes in his ever loving Keynesian mind that consuming is the most righteous path to salvation out of a crushing debt, which makes one of the most powerful people in this country rather stupid or he knows the fallacy of this failed policy and wishes for foreign governments to self destruct, which makes him pretty evil.   Unless you buy into the idea that as long as the consumer spends eternally there will perpetually be a field of roses and unicorns, you clearly realize that the Fed is playing some rather amusing word games.  Still, there is a method to this madness, a silver lining if you will, because the failure of foreign governments especially the likes of China will automatically improve America's stature in the world.  It is time to pay the piper, but perhaps the best way to cushion the blow is to live with the knowledge that everyone else is doing even worse.