The Federal Reserve Bank has a complete monopoly on money in the U.S., and even though it's an (unconstitutional) creation of the Congress, they are not allowed to look at its books. The Federal Reserve operates in complete secrecy, accountable to no one.
In reality, one man alone, current Chairman Ben Bernanke, controls all the money, and he happily devalues that money "for your own good."
Can you imagine if your employer devalued your paycheck for your own good? Anyone in their right mind would raise bloody hell ... But when it's an Omnipotent Washington Overlord ... we sing their praises instead.
"He saved us!"
That's a little too religious for me, so let's call him what he is - a dictator.
So ... Should Ben Bernanke be reappointed as the Chairman of the Federal Reserve?
Geithner Warns That Markets Could Dive If Bernanke Is Not Reconfirmed (VIDEO)
Treasury Secretary Tim Geithner, in a recent interview with Mike Allen of Politico warned that the financial markets could react negatively if Fed Chairman Ben Bernanke isn't confirmed for a second term. (READ Politico's full story here.)
Geithner suggested that the market would see a failed Bernanke confirmation as "very troubling," but claimed that he was "very confident" Bernanke would receive enough Senate votes to win a second term.
"The markets would view this as very troubling thing for the economy as the whole," Geithner said. "I don't think they should be uncertain. I think they can be confident because we're very confident."
Boy, that's a ringing endorsement (from a guy who can't even figure out how to pay his own taxes).
Like Geithner, Ben Bernanke has been wrong 100% of the time! Yes, both the Dictator of the Currency and the U.S. Treasury Secretary are complete, useless morons!
Ben Bernanke Was Incredibly, Uncannily Wrong!
George W. Bush and Barack Obama's man Ben Bernanke, was also chairman of Bush's Council of Economic Advisors in October 2005, when he told Congress there was no concern about a housing bubble.
In March 2007, he testified as Chairman of the Federal Reserve that any subprime problems were small and "contained." Then when it all blew-up in 2008, he continued his denial of any blame belonging to the Fed.
The Austrian-school economists (as well as Rep. Ron Paul) warned the inflationary bubble was going to burst. But since they don't believe in omnipotent central planners, nobody listened (including conservative pundits).
Here we are in 2010, and nobody still listens to the people who got it right all along.
Confirmation of Ben Bernanke?
Based on the evidence, Bernanke's too clueless for the job. But really, whether he is reappointed or not, is besides the point. The real question is ... Why, in a supposedly free market, do we have a central bank in the first place?
Thomas Jefferson:
I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a moneyed aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs.
The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.
Karl Marx:
The Ten Planks of the Communist Manifesto
5. Centralisation of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly.
So who's side are you on?
Are you with Jefferson? Or Marx?
