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Breakingviews: GOP should be careful what it wishes for with Fed

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posted on Sep, 2 2012 @ 01:16 AM
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Many of the folks on ATS will be happy to see this story... Ben Bernanke in the cross hairs of a Presidential hopeful.


"Bye bye Bernanke," and variations thereof, has become a popular rallying cry at this week's Republican convention. It's a good sound-bite, but it comes over as an attack on the U.S. Federal Reserve's cherished independence. A more constructive tactic would be to outline how the party thinks the central bank should be constrained.

The Fed chair is a disciple of Milton Friedman, the University of Chicago economist who founded monetarism - the same technocratic discipline followed by Bernanke's predecessor and Ayn Rand devotee Alan Greenspan. Considering that Republican presidents George W. Bush and Ronald Reagan respectively nominated both, the GOP's current anti-Fed sentiment is ironic.

Mitt Romney and his party show little love for Bernanke, favoring a more hands-off approach to monetary policy. But they need to be careful what they wish for: a Fed chief who lacks Bernanke's creativity might botch the exit from the huge fixed-income portfolio the central bank built up in response to the crisis. That would bring the very runaway inflation that Republicans hope to avoid.


Source

So the argument is that Bernanke may or may not have done a good job - but he avoided hyper inflation - and the MSM are already in the fray to suggest that replacing him would be a mistake...

Interesting to note that a Bush appointee seems to have lost favor.


On February 1, 2006, President Bush appointed Bernanke to a fourteen-year term as a member of the Federal Reserve Board of Governors, and to a four-year term as Chairman.[25][26] By virtue of the chairmanship, he sits on the Financial Stability Oversight Board that oversees the Troubled Asset Relief Program. He also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policy making body.


Source

I'm not fan of the Fed at all. Just like Madison, I don't think a central bank is a very good idea. But, for the present we're stuck with it.

So, ATS... Bernanke in our out? Is he a problem or would removing him open up the slot for an even bigger evil?

~Heff
edit on 9/2/12 by Hefficide because: bb tag




posted on Sep, 2 2012 @ 01:31 AM
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I say keep Bernanke...

It's hard to pretend like the man doesn't know what he's doing, as well... I agree with the notion that mixing politics and the Federal Reserve can lead to craziness that we want no part of, which is something he often states in a round about fashion.




I assure this committee that, if I am confirmed, I will be strictly independent of all political influences... essential to that institution's ability to function effectively and achieve its mandated objectives.
Ben Bernanke
Read more at www.brainyquote.com...



People can hate all they want... but I think the Federal Reserves role thus far was very crucial in assisting the structuring of nations and economies. It's had a good run and I think now is the perfect time to dissolve it.

I don't really see what replacing him would do, other than remove a man who I'd say will most likely be successful at managing the FED's interaction with the US. You can only swing and miss for so long...

Maybe they should just toss Ron Paul in there...



posted on Sep, 2 2012 @ 02:11 AM
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reply to post by Hefficide
 


I hate admit this, but I do believe bernanke has run the FED very well, better than most could have, even if the financial crisis hadn't happened.

However, it is ( IMHO) like saying the captain of the costa concordia was great at parking his ship on the rocks.

Being the best at helping to destroy individual financial stability, especially for the low end of the scale, while guaranteeing that those with more than enough can aquire even more, is pure evil. It is like being the best rapist, your messed up rapist buddies might think your cool, but everyone else is like "really? Your gonna brag about that?"

The FED is now and always was a sham, meant to screw over everyone but the super filthy rich. It is jsut another form of insider trading, that was made legal, and forced on everyone. At first they took baby steps, so as to not draw attention, but after 3 generations, the system itself is as dependant on it as a crack head is on his meth dealer( crack head means all drug addicts in my area BTW).

I would love to say toss bernanke out and shutter the FED, but in reality, it just isn't a possibility at this juncture. After we actually hit rock bottom, I say we as Americans, tear it down and a lot a small piece to every American so we can all have a turn at burning it and pissing on the ashes.
edit on 2-9-2012 by inverslyproportional because: (no reason given)



posted on Sep, 2 2012 @ 02:20 AM
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Originally posted by inverslyproportional
reply to post by Hefficide
 


I hate admit this, but I do believe bernanke has run the FED very well, better than most could have, even if the financial crisis hadn't happened.

However, it is ( IMHO) like saying the captain of the costa concordia was great at parking his ship on the rocks.

The FED is now and always was a sham, meant to screw over everyone but the super filthy rich. It is jsut another form of insider trading, that was made legal, and forced on everyone. At first they took baby steps, so as to not draw attention, but after 3 generations, the system itself is as dependant on it as a crack head is on his meth dealer( crack head means all drug addicts in my area BTW).

I would love to say toss bernanke out and shutter the FED, but in reality, it just isn't a possibility at this juncture. After we actually hit rock bottom, I say we as Americans, tear it down and a lot a small piece to every American so we can all have a turn at burning it and pissing on the ashes.


The FED isn't really a sham... it is what it is. Sure the filthy rich got richer, but at the same time... many became rich. It's not as if Bernanke doesn't want an 'underdog' to start a business and become rich. That's just more money for him to funnel into the system, and if the business' are successful it only makes him look better.

It's not as if the FED designed the housing market crash... nor is it really their job to protect us from such events. Too many people like to apply crazy responsibilities to the FED which are not in fact what their role is. Also, as if Congress has no responsibility in the matter... Maybe if we actually had a SEC worth a damn, much of this would have been avoided. But there will always be Ponzi schemers, Mitt Romneys and Bush's Cheney to try and manipulate the system. That's not the FED's fault...



posted on Sep, 2 2012 @ 02:36 AM
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reply to post by FractalChaos13242017
 





Fortunately, even fools* have opportunities at freedom.**

*You're not grasping the full context

**Brought to you by the rest of us



posted on Sep, 2 2012 @ 02:48 AM
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Originally posted by Americanist
reply to post by FractalChaos13242017
 





Fortunately, even fools* have opportunities at freedom.**

*You're not grasping the full context

**Brought to you by the rest of us





Well, this is indeed encouraging. Only a few posts in and someone actually GETS IT !



posted on Sep, 2 2012 @ 02:49 AM
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reply to post by FractalChaos13242017
 


The FED was designed and implemented to do exactly what it has done, make financial slaves out of the populous. The entire point of the FED was to take financial authority over the U.S. currency out of the peoples hands and place into the hands of the oligarchs. While simultaniously preventing any kind of public oversight, so as to keep the people ignorant of the position they have been placed in.

Honestly, the FED is the single most important factor in causing the financial crisis. Yes I said causing, as it was done intentionaly. Think about it. Who lost their money? Poor people, middle class people, and regular rich people. Now who profited from it? The super rich, they came out even better than they went in.

They screwed over millions of people, millions lost all their savings and retirements, while the big wigs siphoned off their profits, then we bailed them out, and they used the blood money to give themselves bonuses and raises, for causing the problem to begin with.

As for the housing bubble, they did cause it, with help from their insider politicians, and intrest rate manipulation.leading to, a lot of folks losing their home and all equity in it, not for being in default, but because their martgage was now more than the value of their property. So many paid on time for many years, and the bank still gets to keep all that money, and the lendies property. It was a beautifully done double dip. The bankers weren't smarter or more prepared, they caused the problem in the first place. Knowing the day was coming to reap what they sowed. And so they did with great joy, and much jubilation.

The FED hasn't done a single thing to help a single person save the oligarchs and their buddies.



posted on Sep, 2 2012 @ 03:05 AM
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reply to post by inverslyproportional
 

I couldn't agree more. Yes, this crisis was done deliberately. I won't go so far as to say it was done as a planned thing. It's too haphazard with the numbers and too entirely uncontrollable in how it's happened....but they've absolutely known the meaning to their decisions in a general way and that's deliberate enough.

That general trend has absolutely destroyed our nation and economic future..and they knew this as they did it. There is no way they couldn't have. The extent they went is too far out beyond the point where the deepest ignorance could explain it.

Now i just wonder for much longer they can keep the balls in the air...as they should have fallen several years ago by market fundamentals and just a basic economics. They can't keep it forever though...and the Fed is where the games are thought up and put into play to keep it running this little bit longer.

Let the GOP go after the FED... It'll bring the frauds to light all the sooner and prolonging this crash does no one any favors at the rate debt and costs are accumulating daily, IMO.



posted on Sep, 2 2012 @ 03:07 AM
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reply to post by dazbog
 


It challenges the essence of my soul
Leaves me in a state of disconnection
As I navigate the maze of self control

Playing a lion being led to a cage
I turn from a thief to a beggar
From a god to God save me



edit on 2-9-2012 by Americanist because: (no reason given)



posted on Sep, 2 2012 @ 03:10 AM
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reply to post by Hefficide
 


Heff...

have you forgotten that as of late December of this year that the United States of America is not actually stuck with the Federal Reserve any longer?

And think a little more about it and you will, because I know you are wise, come to an understanding of what other entity, which is more powerful, will probably buy the rights to our debt.

I have full faith that you will quickly realize your error in judgment and educate us all as to what is more probable in this scenario.



posted on Sep, 2 2012 @ 03:11 AM
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Bernanke will likely have to make room for Cain.
no, it's not written in stone or anything, just the next step in the process.

i wonder how many, if any, recall these words from the Bankers Manifesto of 1892, as revealed by Congressman Lindbergh Sr

whatreallyhappened.com...
Capital must protect itself in every possible manner through combination (conspiracy) and legislation.

The courts must be called to our aid, debts must be collected, bonds and mortgages foreclosed as rapidly as possible.

When, through the process of law, the common people have lost their homes, they will be more tractable and easily governed through the influence of the strong arm of the government applied to a central power of imperial wealth under the control of the leading financiers.

People without homes will not quarrel with their leaders. History repeats itself in regular cycles. This truth is well known among our principal men who are engaged in forming an imperialism of the world. While they are doing this, the people must be kept in a state of political antagonism.

The question of tariff reform must be urged through the organization known as the Democratic Party, and the question of protection with the reciprocity must be forced to view through the Republican Party.

By thus dividing voters, we can get them to expend their energies in fighting over questions of no importance to us, except as teachers to the common herd. Thus, by discrete actions, we can secure all that has been so generously planned and successfully accomplished
hmmm, exactly 120 yrs later and here we are.



posted on Sep, 2 2012 @ 03:15 AM
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reply to post by TarzanBeta
 


have you forgotten that as of late December of this year that the United States of America is not actually stuck with the Federal Reserve any longer?
are you referring to the original Charter that was made permanent by Congress ?



posted on Sep, 2 2012 @ 03:17 AM
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reply to post by Honor93
 


I believe that right there says almost exactly what I just posted above, and I have never even seen that until now.
I am no even an economist, I just pay attention and connect the dots in the most apparent pattern that I see unfolding in front of my eyes.



posted on Sep, 2 2012 @ 03:23 AM
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reply to post by TarzanBeta
 


You're referring, I assume, to the 99 year lease and the beginning date of 12/23/1913?

I'm not positive this will be an issue, as 99 year leases are flexible in legal nature. But it is very possible, given the grand plan, that this could end up being a blindside issue to the American people - to the World Bank - the global economy - and to China, who owns most of our debt.

There is a definite end-game opening to be had if the Fed were to collapse and shut its doors. That could be the final straw in collapsing the entire global economy.

And 2012ers will go crazy over the date... 12/21/12.

Am I close?

~Heff



posted on Sep, 2 2012 @ 03:26 AM
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reply to post by Americanist
 
I'm curious about the Kissinger quote. Do you know where it came from? The one person I can find who cited the quote was mistaken as it isn't in the NSSM 200 report from 74.

It seems to have appeared on the internet a half dozen years ago. Any ideas?



posted on Sep, 2 2012 @ 03:45 AM
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Originally posted by Kandinsky
reply to post by Americanist
 
I'm curious about the Kissinger quote. Do you know where it came from? The one person I can find who cited the quote was mistaken as it isn't in the NSSM 200 report from 74.

It seems to have appeared on the internet a half dozen years ago. Any ideas?

i cannot play video on this machine, however, i can assure you there are historical interviews with Kissinger himself stating the words quoted.

i would share a link but cannot atm, however, if you search for video interviews from the late 50s & 60s, you'll find some.

ETA: here's one i find relevant ... and a few others at the link

www.freedom-won.net...#
The illegal we do immediately. The unconstitutional takes a little longer.
- Henry A. Kissinger, New York Times, Oct. 28, 1973.


edit on 2-9-2012 by Honor93 because: ETA



posted on Sep, 2 2012 @ 03:50 AM
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Originally posted by Kandinsky
reply to post by Americanist
 
I'm curious about the Kissinger quote. Do you know where it came from? The one person I can find who cited the quote was mistaken as it isn't in the NSSM 200 report from 74.

It seems to have appeared on the internet a half dozen years ago. Any ideas?



It's a piecemeal statement - varied: Oil/Nations, Food/People. - Henry Kissinger is reported to have said to a journalist.

Gods of Money: Wall Street and the Death of the American Century





"Man, just cause it's a theme song don't make it not true."

edit on 2-9-2012 by Americanist because: (no reason given)



posted on Sep, 2 2012 @ 04:01 AM
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Originally posted by inverslyproportional
reply to post by Honor93
 


I believe that right there says almost exactly what I just posted above, and I have never even seen that until now.
I am no even an economist, I just pay attention and connect the dots in the most apparent pattern that I see unfolding in front of my eyes.
is always good to see those who do get it.
glad to see some ppl travel with their eyes open
... now spread the word.

i post historical references like these so others, like Wrabbit, will eventually wrap their brain around the simple fact that IT IS a plan, it's been a plan and for the love of all that is unplanned ... we need to get beyond the basic arguments and on to a resolve.



posted on Sep, 2 2012 @ 04:41 AM
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reply to post by Honor93
 

reply to post by Americanist
 

Thanks


The book's out there as a pdf but it's a bad file. When I see a *big* quote like that I'll sometimes try and source it. This one seems to have 'been attributed to Henry Kissinger' by Engdahl and that's one step-removed from 'Kissinger said...' Hair-splitting...I know.


I'll have a look for the video.



posted on Sep, 2 2012 @ 05:57 AM
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reply to post by Honor93
 

The problem with suggesting this is going to plan..and actually IS working out the way they want is that it leaves the end goal a real open question. Maintaining the status quo as it is now, makes sense. The rich are happy enough and steadily getting richer as always, even if the economy isn't great for them either. It's easy enough for those who had a mountain of money to begin with.

However.... This isn't remotely sustainable at present rates. Derivatives alone are estimated at over 650 TRILLION dollars. That's pure lunatic fantasy land, as we're getting to where estimating physical wealth in the SOLAR SYSTEM starts coming in as necessary to quantify the number. 8 trillion.....all the gold ever mined on this planet. Ever. Since mankind came into existence. 8 trillion...and they say there are 650+ trillion in paper play things??

When this crash comes...I don't think it'll even bring warning. Those who see it coming can't afford to warn anyone...for the LITTLE notice I think even those people get. When they finally lose control, I see the people some attribute with controlling all this, simply running like hell to make it out the door before everything falls.....but how would it ever be to their benefit when a collapse at the level that must come now, will be so total as to negate the whole concept of money for at least some time. The rich aren't rich when what MADE them rich literally has no meaning....... That is why I just don't buy the idea that this is pre-planned...or if it ever had been, that it's coming like anyone intended.

This isn't a conspiracy...it's a two passenger trains in a slow motion head-on wreck most won't even survive (in financial terms) starting from the top down. They have the furthest to fall when the fall begins.
Don't worry...Every dog has it's day and these dogs will get a few days for their trouble. It's why they're so scared and have been since 2006. The end should have been impossible to miss seeing back then, at least.




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