It is not what they say, but how they say it. We've translated the latest musings from the Federal Reserve.

When I was in my early 20s, I worked in the Far East. Part of my job was to take Japanese business material and write it in a way to make it be more palatable to English speakers.

My title was that of translator. As inflated as that description is, what I really did was learn how to convey meaning without ever using the English language in a precise way.

My Asian boss explained that it was all very "Japanese." He explained that using direct language was fine in technical manuals, but everything else needed to be very opaque.

I never really understood what exactly they wanted, but since I needed the paycheck more than the argument, I learned the odd craft of writing everything so it could be taken a number of different ways.

I would write "opportunity to participate" instead of "for sale" or "delayed the renewal of the contract" instead of writing "canceled." My favorite was "we're reviewing current design improvements." This always meant "It doesn't work."

It drove me crazy. I thought it was an inordinate waste of time and energy, until I began listening to our Federal Reserve Chief Big Ben Bernanke.

You see, Fed-speak appears to be English, just like my translations so many years ago. Each word is easily understood, but it's almost always twisted into an entirely different meaning.

Now, it's not just our Federal Reserve leaders who have these unique language skills. President Obama and his clan use terms like revenue enhancement when they really mean raise taxes. Treasury Secretary Timmy G. says things like the United States will never lose its AAA rating, which to the properly trained ear means the U.S. will lose its AAA.

The reality is, our politicians, Fed Chieftains, and Wall Street banksters are trying to persuade you to remain calm, as they do everything in their power to prepare for disaster.

Look at what the major banks have been doing over the past 24 months. They're not lending. They're sitting on top of piles of cash. It's not because they want to make less money. It's because they know there's a coming storm, and they're getting ready.

It's as if our ship is going down, and they're recommending you try the Beluga caviar on the buffet as they secure the lifeboats for themselves.

Here's a translation of the Aug. 9 press release from the Federal Reserve:

Indicators suggest a deterioration in overall labor market conditions in recent months, and the unemployment rate has moved up.

Translation: All signs point to unemployment going from bad to worse.

Household spending has flattened out, investment in nonresidential structures is still weak, and the housing sector remains depressed.

Translation provided by my colleague Justice Litle when he wrote nearly 16 months ago on April 9: The "recovery" we are now witnessing is based on theft, greed and deceit. It's a giant rip-off, a rotten sham. In this sleazy imitation of a free market economy, liars, cheats and deadbeats are the ones getting rewarded.

Back to Big Ben's press release:

The Committee [FOMC] now expects a somewhat slower pace of recovery over coming quarters than it did at the time of the previous meeting and anticipates that the unemployment rate will decline only gradually toward levels that the Committee judges to be consistent with its dual mandate.

Translation: The Fed's choice of the words "slower pace" implies forward momentum. Their own numbers tell us both words are a bit misleading with the recovery recently placed at a pre-revision (in other words, made up) level of 1.3% at the same time first-quarter GDP was revised down to 0.4%.

Moreover, downside risks to the economic outlook have increased. The Committee also anticipates that inflation will settle, over coming quarters, at levels at or below those consistent with the Committee's dual mandate as the effects of past energy and other commodity price increases dissipate further.

Translation: "Downside risk" in Fed-speak means depression.

The Committee currently anticipates that economic conditions -- including low rates of resource utilization and a subdued outlook for inflation over the medium run -- are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.

Translation: Quantitative Easing 3 has arrived.

I recognize that this one is not nearly as easy to see as the other translations. I dare say the Feds will never call this QE3 or even mention quantitative easing again. It's bad for business and a few in the government (Tea Party members) are ferociously fighting the Fed.

There are two important things Big Ben announced when he said they'll be keeping "exceptionally low levels"until mid-2013.

First, the Fed will interfere with interest rate markets to ensure rates at zero. It does this through buying government debt. In other words, injecting billions upon billions into the market with each successive bond bought.

The second thing he's telling us is things are bad, really bad. QE1 and QE2 have delivered no improvement to unemployment and no noticeable improvement to the economy (unless you work on Wall Street).

With the implementation of this newest round of easing, the Fed is signaling its willingness to continue down the exact path with the only weapon it believes it has: the printing press.

It didn't work in the Weimar Republic. It didn't work during the Great Depression, and after two decades, it's still not working in Japan.

There is a solution: Fire Bernanke and end the Fed.

Written by Joseph McBrennan for Taipan Publishing Group. Additional valuable content can be syndicated via our News RSS feed. Check us out at www.facebook.com/TaipanGroup. Republish without charge. Required: Author attribution, links back to original content or www.taipanpublishinggroup.com.