Wednesday, August 7, 2013

Mishandled 2008 crisis, god-like bureaucrats.

The [United States Department of Justice] may also be attempting [in preventing a deposition of Mr. Bernanke] to preclude an open investigation that will show how Federal Reserve Chairman Ben S. Bernanke, Secretary of the Treasury Henry Paulson and New York Federal Reserve President Timothy Geithner mishandled the 2008 financial crisis. This is not a secret. Books by Sheila Bair and David Stockman, as well as the Financial Crisis Inquiry Report (by the FCIC) have already done so. Yet, the media continues to report how we "must thank Bernanke (or the others) for saving us from a nuclear winter." These advocates have avoided the evidence.

A segment of Bernanke's ignorance was discussed in "The Professor Who did NOT Save the World."[1]

Mr. Sheehan chokes on the Department of Justice's claim that the proposed "deposition would interfere with Mr. Bernanke's important duties in managing the nation's economy and fiscal policy." All by himself. Managing the economy and fiscal policy. Here's a short take on the Fed's ability to to that. Since the founding of the Federal Reserve in 1913, the value of the dollar has declined by 95%. [2]

I'm so jaded by the avalanche of evidence of our cultural and moral decay and our complete indifference to the wholesale abandonment of the Constitution, I can't be bothered to place an exclamation point at the end of the sentence at the end of the preceding paragraph. If you had a dollar in the bank in 1913, the government stole 95 cents from your account in the intervening years.

And why is it again that we're so darn exceptional? Because we're a vigilant, independent citizenry jealous of our liberties? If the Central Nebraska Consumer Protection Product Safety Commission SWAT team (Jamaica Provisional) breaks down our door, well then, maybe . . . we'll rouse ourselves to defend our liberties.

Maybe. But certainly not before.

Me? I'm thinkin' it's way past time for a Chinese brewski.

[1] "David Boies v. Citizen Ben S. Bernanke." By Frederick J. Sheehan, Authority Contrarian, 8/1/13.
[2] "The contention that a central bank run by private banking interests would promote a safer financial system and a stable currency is laughable. The Federal Reserve and the bankers who control it have created three stock bubbles, the largest housing bubble in history, a bond bubble and the mother of all debt bubbles, while destroying 95% of the dollar’s purchasing power in the last 100 years." "Trying to Stay Sane in An Insane World – Part 2." By Jim Quinn, The Burning Platform, 8/4/13.

1 comment:

lelnet said...

You'd think that the Justice Department would at least know that authority over the _fiscal_ policy of the United States Government rests with Congress. The job of the Federal Reserve is _monetary_ policy.

(Not to mention that it's not like Helicopter Ben is down there at the security gate supervising the coming and going of armored cars full of currency. He's not an essential functionary...he's the chief bureaucrat. He spends all his working time going to meetings. Just pencil this one into his schedule. Anyone who wants or needs to meet with him is already used to being delayed and jerked around for a while, I'm sure. A little bit more delaying and jerking for whoever had claim to his time when the deposition was going to happen wouldn't hurt anything.)