Q and A

Q: Mr. Chairman, why has the Fed engaged in this extraordinary monetary expansion?

A: Because the financial system was - and by many metrics remains - insolvent.

Q: Gold and silver are up dramatically since your programs have been executed. Does this worry you?

A: Yes, they are and no, they don't.

Q: Will there be further debt monetization?

A: Certainly not before the budget is passed and the TREND of deficits is addressed.

Q: If the economy has traction, what is the "exit" strategy?

A: We will be winging it.

Thank you, see you in 3 months.

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