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Subject Amazing: Bernanke OnThe Great Depression - 'We Did It'

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[quote:von Doom 284812:MV80MjYzNjJfNjYwODI2MV82RDM2RDI1QQ==]
[quote:The Monk 284796]
OP,

The Fed failed to do what it was actually set up to do and that's provide liquidity and elasticity to the currency (pump more cheap dollars into the banking system)- it allowed a massive credit crunch to insue. Had JP Morgan still been in power, he would have dealt with it handily but the Fed was now in control as the country was using a single currency and they utterly failed in their responsibility.

That's not happening now. They are pumping away to the tune of tens of billions, hundreds of billions worldwide. Plus they cut 100 basis points off the prime rate. So this current "credit crunch" is totally bogus and so much news hype. The business news outlets are really pushing this "crisis" for an advertising windfall.  Now everyone is buying into it like post 9/11 and blaming it for their crappy performance like Walmart- as if Walmart's customers were all paying with HELOC money. Get Real!!!
[/quote]

It sounds as if you are saying that the Fed can continue to pump liquidity ad infinitum until the problem is "solved."

Was the dollar fiat in 1929 as it is today to afford such liquid flexibility?

At what point does liquidity morph into credit?

The slippery slope is well-defined.
[/quote]

Original Message [link to www.rense.com]

From Shaan Sharma
8-18-7

Hi Jeff - I was reading about our current Federal Reserve

Chairman, Ben Bernanke, and I came across an amazing quote. Why this admission hasn't been spread to the four corners of the world, I don't know. But it should.

From his Speech to the Federal Reserve Board

[link to www.federalreserve.gov]

From wikipedia.org:

Bernanke is particularly interested in the economic

and political causes of the Great Depression, on which

he has written extensively.

On Milton Friedman's ninetieth birthday, Nov. 8, 2002, he stated:

"Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again."

_______

Here, the current Chairman of the Federal Reserve admits they intentionally caused the Great Depression.

Ask yourself WHY?

For God's sake, Why would they do that

to the millions of innocent Americans who were so tragically affected?

Ben went to Harvard, got his PHD at MIT, taught at Stanford and Princeton, lectured at the London School of Economics.

I'm pretty sure he knows what he's talking about.

If that doesn't wake you up, nothing will.

Shaan

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