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Bernanke Says That Any Criticism Of The Federal Reserve Is Based On “Misconceptions”
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Original Message
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I seriously cannot stand this fucktard. Lying, dishonest piece of scum that is so insulting to our intelligence!
[Snip]:
Federal Reserve Chairman Ben Bernanke is taking his show on the road in at attempt to help Americans feel better about the Federal Reserve. During a visit to the Fort Bliss headquarters of the Army’s 1st Armored Division this week, Bernanke held a town hall meeting during which he took questions from some of the soldiers. Bernanke tried to sound as compassionate as possible as he assured the soldiers that the Federal Reserve is looking out for the American people and is doing everything that it can to help create jobs. At one point, Bernanke even made the following statement: "For a lot of people, I know, it doesn't feel like the recession ever ended." That probably helped a lot of people feel better. A few probably even had a good cry.
But what Bernanke did not explain to the troops is that the Federal Reserve is very much responsible for the fact that unemployment is rampant, for the fact that the U.S. dollar is rapidly being devalued and for the fact that we have accumulated the largest national debt in the history of the world.
Ben Bernanke keeps insisting that the Federal Reserve has two main jobs (fighting inflation and keeping unemployment low) and that it is working incredibly hard to accomplish that dual mandate. During his visit with the soldiers he told them that the Fed is very determined to create more jobs for
the American people....
"We at the Federal Reserve have been focusing intently on supporting job creation."
Well, if we are to judge the Federal Reserve by how well it has accomplished its "dual mandate", then the Federal Reserve has been an abysmal failure. Since the Federal Reserve was created, the U.S. dollar has lost well over 95 percent of its value to inflation.
Is that something Bernanke should be proud of? Of course not.
Okay, so the Fed has failed when it comes to keeping inflation under control. What about jobs? Well, the first decade of this century was the worst decade for job creation that the United States has seen since the Great Depression. The sad truth is that a total of zero jobs were created last decade. The following is a quote from a recent article in Washington Monthly....
"If any single number captures the state of the American economy over the last decade, it is zero. That was the net gain in jobs between 1999 and 2009—nada, nil, zip. By painful contrast, from the 1940s through the 1990s, recessions came and went, but no decade ended without at least a 20 percent increase in the number of jobs."
More at link: [link to theeconomiccollapseblog.com]
-TeCh™
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