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"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.
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.
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...
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.
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
hmmm, exactly 120 yrs later and here we are.
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
are you referring to the original Charter that was made permanent by Congress ?
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?
i cannot play video on this machine, however, i can assure you there are historical interviews with Kissinger himself stating the words quoted.
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?
www.freedom-won.net...#
“The illegal we do immediately. The unconstitutional takes a little longer.”
- Henry A. Kissinger, New York Times, Oct. 28, 1973.
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?
"Man, just cause it's a theme song don't make it not true."
is always good to see those who do get it.
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.