In Response To: Time Magazine naming Ben Bernake 2009 Person of The Year
10. Ben Bernake has secretly spent trillions of American Taxpayers Dollars since being named Federal Reserve Chairman.
9. Ben Bernake has the job of being the largest counterfeiter in the world. He has they keys to print up money whenever he wants and does not have to be held accountable. If you started printing up money without telling anybody do you think you would go to jail? Probably so.
8. His monetary policy has flooded the market with money. When this happens you get a devaluation of the American Dollar and inflation. Check out this inflation calculator. Put in 2006 as the start date as this is when Bernake was elected. As of today the inflation rate is at 7.3%. Did your income go up by more than 7.3% in the past 3 years? Probably not as many people are lucky if they even have a job. If my economics are right then the money I make has 7.3% less purchasing power then it did 3 years ago.
7. In hind sight, he will end up being a good pick because now the American public who does not follow economics or politics might now ask “Who Is Ben Bernake?” When they start doing research on him (hopefully) they will find mountains of information showing that the Federal Reserve is one of the Top 10 Reasons (maybe #1) why our country has gone through the recession of 2009 and had the housing bubble. This will (hopefully) get more people to start questioning why we let a organization dictate U.S monetary policy when they do not have to tell us what they are doing with the checkbook.
6. With Time Magazine selecting Ben Bernake it has to bring up the question that there must be some “back door deals” going on between the U.S Government and major media outlets like Time. I say this because how can a guy who is continuing to bankrupt our country be considered the best person in the world? Its all about control. If the U.S Government can get the message out that Government is good then the majority of U.S citizens who never question anything will continue to believe it.
5. The rest of the list is not that much better. Again, you see more people from the government. Nancy Pelosi, are you kidding me? Llyod Blankfein – CEO of Goldman Sachs… really? How can a guy who ran a company into bankruptcy and then accept bailout money be considered a good fit? If anything he should be out on the street. The list is a joke. How can you put the guy who controls the buttons on the U.S dollar on the same list with Adam Lambert, winner of American Idol?
4. Time Magazine said “His creative leadership helped ensure that 2009 was a period of weak recovery rather than catastrophic depression, and he still wields unrivaled power over our money, our jobs, our savings and our national future.” Lets brak this down. Creative – All he did was spend more money by giving it to failing companies (AIG, GM, Goldman Sachs) and to government run projects that always fail. Writing a check is NOT “creative.” Anybody can do that. Weak Recovery – We recovered? Are you kidding me. Unemployment rates are much higher than that Bureau of Labor BS that is given to us. How can you recover when wealth has evaporated and people do not have money to buy anything? What’s even scarier is the end of the quote – “he still wields unrivaled power over our money, our jobs, our savings and our national future.” One man has the “unrivaled power” over YOUR money, YOUR job, YOUR savings, and YOUR future. Does this make you feel all fuzzy inside knowing that you have no control over any of those but ONE MAN does?
3. Adding to the creativity, he has kept the Fed Funds Rate at near 0%. With it being at zero the intention is to free up more cheap money to buy stuff to “stimulate the economy.” Isn’t low interest rates how the housing bubble was created? I think so. So now you’re giving even cheaper money out. On top of that this does not encourage saving money. Have you checked your savings account rate lately? Just 3 years ago it was at 5% and now your lucky to get 1%. Thanks Ben for not promoting saving and instead more borrowing.
2. When was the last time you spent money to get out of debt? Never worked for you has it? So what makes Ben Bernake think the U.S Government can spend trillions of dollars to help us erase our debts? He can’t, that’s not how it works. The basics of it are that the U.S Government is just like any household but with bigger numbers. You will go bankrupt if you spend too much. Its that simple. Thanks Ben for putting the pedal to the metal and bankrupting the next generations of Americans as we will not be able to pay it back. Every American taxpayer is on the hook for over $111,000 right now and growing. Check the debt clock for an update. I understand you did not start this process but isn’t it just *as bad* that you are making it worse?
1. Transparency. Ben Bernake works for the Federal Reserve which is an organization that basically runs the U.S Economy by setting interest rates and being able to spend money without having to disclose anything. How does that benefit any American Citizen? Its ridiculous how the Federal Reserve is even allowed to do this or to be in existence. It should only add fire to the fuel that American citizens should NOT trust the U.S Government to do anything. Let the free market decide what happens instead of fixing prices. Ben Bernake has only delayed the inevitable by spending more money. Prepare to have another real recession after the money is all spent thanks to the Federal Reserve and Time Magazines 2009 Person of the Year Ben Bernake.
If you would like to learn why the Federal Reserve and Ben Bernake are basically the devil I suggest you read End The Fed by Ron Paul. You will feel enlightened or pissed off or maybe both. For me it was both.