posted on Oct, 4 2011 @ 10:19 AM
I am listening now. I find it amusing that we never are treated to any explanation as to the nature of the relationship between our central bank and
those of the rest of the world. Bernanke has stated that they use IMF data to make their decisions. But he hasn't offered any insight into the
extent of influence on monetary policy the supranational banking cartel exerts on our so-called "quasi-governmental" agency.
It is amazing that the central bank, who has a legislated monopoly on monetary policy (how much money exists, and what rate of interest we pay for the
privilege of borrow it from them.)
If we formulate and plan out fiscal policy based on current monetary policy, what guarantee do we have that the foundation of monetary policy
won't change acceding to the 'judgement' of the bankers? It is their unilateral authority to manipulate monetary policy which engenders the
situation where most of the "too-big-to-fail" bailed-out banks are richer and hold more money than they ever have... to the tune of 60% of the US's
GDP ... sitting in their coffers, and unavailable to anyone who is not within the corporate channels to even try to access it.
They are also asking Mr. Bernanke for 'opinions' that are neither relevant tot he national will, nor pertinent to fiscal policy development.
It is interesting that Mr. Bernanke firmly established that when opining over the job situation, he clearly asserted that "I'm talking about
corporations, not banks." He wanted to make clear that the bank cannot regulate corporate conduct. But by providing the hoops and provisions of
financial vehicles; it is precisely what they achieve.
Mr Bernanke has saved the financial institutions, the banks.... that was his only concern. They are richer, safer, and more powerful than ever. The
people are, on the other hand, generally poorer, in more peril, and less empowered.
During the testimony "real" unemployment is actually 16%, not the 9% the establishment proclaims.
Interestingly, the populist rhetoric regarding wealth distribution was presented to him for show. But he responded by starting out with "In the
shorter term" working and middle class takes the brunt of unemployment,.and that that reducing that would help move the numbers towards something
less repugnant; he mentioned educational efforts, and then oddly, he pointed to China's policies that affect our economy.
Then Bernanke was served a sticky wicket about banks engaging in risky investment activities and the upcoming rules which originally were scripted to
eliminate the "moral risk: that was volleyed back because the rules aren't in place yet. Apparently the details are being "run down" to the point
of a major loophole being inserted to accommodate the banks freedom to continue the practice.
Then the "R" word came out... "reform".... Bernanke's response was that there needs to be a credible plan (what does that mean?) but segued to
tax code reformation.... evidently, banking reform is not in the realm of entertain-able possibilities. the representative clearly did not mean to
imply banking reform, so I got the impression those particular questions were "user friendly" - not saying "arranged" but still "slow pitch."
When Bernanke was told that the effect of the bankers actions was to make it easier to borrow for the federal government, which was not serving the
purpose of encouraging reform. He was not asked to respond, but he insisted on responding. Another interesting statistic is that 40% of the money the
federal government borrows comes from the central bank itself.
Well, my time for listening is done.... this is "must hear" testimony.... by all means listen to it when you can.