My friend sent me an email with these two quotes:
‘My friends, we live in the greatest nation in the history
of the world. I hope you’ll join with me as we try to change it.’
Barack Obama
Then this one:
”Life’s tough……It’s even tougher if you’re stupid.”
John Wayne
Shortly after reading his email, I came across an article at Moneynews that told us FED Chairman Bernanke traveled to Kansas City to tape a show before 190 citizens for a PBS show. His job was “to defend the central bank’s actions.”
Some two dozen peppered the chairman with questions ranging from the Fed’s role in consumer protection actions, to efforts to stem foreclosures, to the outlook for the dollar.
Asked about Ron Paul’s House bill to audit the FED, sponsored by over 240 Representatives, Bernanke said,
“I don’t think the American people want Congress running monetary policy. That’s exactly what (the bill) would do,” he said.
Markets would likely assess that inflation would rise if Congress or the administration started to meddle with interest rate decisions, he added.
I am sure he was not asked about the FED’s track record of losing 95% of the USD’s purchasing power since the FED was established in 1913. According to the Constitution, it is a Congressional DUTY to manage the currency and it even defines our currency in terms of Gold and Silver.
I am sure no one asked what makes the FED better at determining the proper level of interest rates and monetary growth than the market. Why is the FED, a cartel of banks, better able to do the job than Congress or a free market.
Not only has the FED fostered inflation, thus the 95% loss in purchasing power, but we are currently worried about the prospect of hyperinflation caused by the FED.
Bernanke also added this zinger,
As he did in testimony on Capital Hill last week, Bernanke suggested Congress get its own act together — and form a plan to get massive budget deficits under control.
What Bernanke didn’t tell you is the reason the FED exists in the first place. Without the FED, congress would have to come to the citizens to fund some spending project and if Congress wants to go to war, bonds must be sold to fund the war. If Congress wanted to reward campaign contributors with pork, congress would have to go the citizens for permission. With the establishment of the FED, Congress has the FED print the money, and the pork or war is paid for through inflation.
There sure seems to be a lot of stupidity in the news lately. Here’s where the stupidity comes in.
Retirees Elbert and Gloria Willingham of Overland Park, Kansas, who were among the studio audience, gave Bernanke two thumbs up.
“I’m very impressed with Bernanke. I strongly hope that Obama sees fit to reappoint him — it would be bad for the economy if he didn’t,” Elbert Willingham said.
“He’s down to earth and believable. He’s got the ideas, but also the practical understanding,” his wife added. “He cares about the small businessman.
Those statements are outrageous enough, but think of this: CD and T-bill rates are low because the FED is trying to repair the bank’s balance sheet. (Who owns the FED? A Cartel of banks!) You cannot get a positive return on your investment in any CD or Treasury under five years. You either cut your expenses to live on the fixed rates available or you take on more risk that a retiree should to get a decent income.
”Life’s tough……It’s even tougher if you’re stupid.”
John Wayne
Please enjoy the article and comment below, email me at landfair3554@comcast.net or follow me @movermike
Mike Landfair
Tags: Government, Government Spending by MoverMike
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