Bernanke to Oprah: “I’ve Been Doping for Years”
EXCLUSIVE - The Oprah Winfrey Interview we should have seen: Ben Bernanke Confessing to Years of Performance-Enhancing Economic Doping.
“Americans deserve sound money that cannot be manipulated and created out of thin air by central planners who deceitfully promise prosperity. Fiat money caused this European crisis and the financial crisis before it. More fiat money is not the cure. The global fiat currency system has proven itself a failure. We need real monetary reform. We need sound money.” - Ron Paul
The Federal Reserve’s Emergence as the U.S. Economy’s Central Planner
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VERY interesting essay by Dr Jeffrey Rogers Hummel of the Independence Institute which outlines the radical changes Bernanke has instituted during his tenure at the Federal Reserve. Rapidly but clearly surveying the Feds actions since Bernanke assumed control in 2006, Dr Hummel shows how the Fed transitioned from Greenspan’s Friedman-like policy of liquidity injections to targeted bailouts of specific firms with ‘sterilized’ funds.
The near-term implications appear to be that the general expectations of massive inflation are overstated. The long term implications are the possibility of a highly politicized Fed which uses monetary policy to choose specific winners and losers in the marketplace. Per Hummel:
In the final analysis, central banking has become the new central planning. Under the old central planning—which performed so poorly in the Soviet Union, Communist China, and other command economies—the government attempted to manage production and the supply of goods and services. Under the new central planning, the Fed attempts to manage the financial system as well as the supply and allocation of credit.
If you are at all concerned about the actions of the Fed—or doubt the need for a full audit—it is well worth your time. You can read the full essay here.
“Capitalism should not be condemned, since we haven’t had capitalism. A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. It’s not capitalism when the system is plagued with incomprehensible rules regarding mergers, acquisitions, and stock sales, along with wage controls, price controls, protectionism, corporate subsidies, international management of trade, complex and punishing corporate taxes, privileged government contracts to the military - industrial complex, and a foreign policy controlled by corporate interests and overseas investments. Add to this centralized federal mismanagement of farming, education, medicine, insurance, banking and welfare. This is not capitalism!” - Ron Paul
I’m the 99% who goes to a shitty school because I can’t afford a better one. I’m the 99% who takes out student loans. I’m the 99% who gave their car to their father because he needed it more. I’m the 99% who rides the bus. I’m the 99% who got into a major that I know will be hard to live off of so I’m not complaining about my own decisions. (Art Major) I’m the 99% who understands the economy! I stand not with the 99% or the 1%, I stand with all people everywhere. I stand for freedom and equality everywhere. I do not stand for punishing people for being successful. I stand for encouraging peace without force and I stand with those who stand with me. I’m a Libertarian.
“End the marriage between Corporations and Government! End the Fed! End the WAR! Stop regulating the economy. Corporations have power because of government intervention, because of the bailouts.”
Enjoy my stinkeye, Bernanke! ELECT RON PAUL!
Keiser Report: ‘WW3 will make us all rich’ (E191)
Uploaded by RussiaToday on Oct 1, 2011
This week Max Keiser and co-host, Stacy Herbert, whisper about dangerous talk for bailout artists and Big Brothers as Greece runs out of ink. They ask the US Federal Reserve Chairman to return the money he owes someone on Twitter and they google ‘Ben Bernanke’ and ‘Tim Geithner’ to save the government some money. In the second half of the show, Max Keiser interviews actress, comedian, producer, director and writer, Roseanne Barr, about #occupywallstreet and about her plans for bankers in a Barr administration.
KR on FB: http://www.facebook.com/KeiserReport
This is?must-read?devastating tongue-in-cheek satire aimed directly at Helicopter Ben. My guess is that the threatening cowboy referred to in the letter would be none other than Ron Paul.
Please print us more money. We want you to prop up the stock market.
Everybody knows it’s a Ponzi scheme that will collapse without your support.
You don’t want us to end up like Bernie Madoff’s clients.
No, Ben, we love Ponzi schemes. We get in early and get out before they collapse.
That’s why we’re rich. The bad thing is that they sometimes collapse before we can get out.
But you already bailed us out twice in the last couple of years through printing trillions of dollars. Why not a third time?
That will also keep the bond-market bubble inflated. We have to admit that you’ve done an excellent job there, hands down. Negative real yields all the way up the yield curve!
Awesome. Now if you could just print a few trillions and buy up the sovereigns from the PIIGS. Euro crisis over. End of story. And we’d get richer because we’d sell them to you at face value though we bought them at fifty cents on the dollar.
And why not forever? Just keep printing. Because as soon as you stop, stock markets will crash again, and credit markets will seize, and then we’re back on this awful ride to hell.
Of course, it’ll cause inflation, which is good. You yourself said that. You stated many times that you want inflation. In fact, you said that one of the goals of the Fed, after propping up the markets, is to create inflation. So stick to it, Ben. Don’t slack off suddenly just because some cowboy threatened you.Read more:?