The former Fed chair says he's no longer a Republican because the GOP has lost its economic policy mind. It's the stupid economics. That's why he's no longer a Republican, former Federal Reserve Chairman Ben Bernanke tells us in his new memoir. Bernanke says he "lost patience with Republicans' susceptibility to the know-nothing-ism of the far right." Here's part of his indictment: "They saw inflation where it did not exist and, when the official data did not bear out their predictions, invoked conspiracy theories. They denied that monetary or fiscal policy could support job growth, while still working to direct federal spending to their own districts. They advocated discredited monetary systems, like the gold standard." What do you think of this?
Discredited by whom? The guy is a clown. He stated that, "Markets rising under QE is a bonus" (paraphrasing) while testifying to Congress. Their mandate is to massage the indices and underwrite the banks to the tune of $2T -- buy their shitty subprime as well as paying GS to broker the Treasuries between the UST and the Fed. It's so ridiculous it's comical. Nobody would have believed it possible some 20 years ago. Abolish the Fed.
1. I think Bernanke is a DICK! 2. He's always been a DICK! 3. "Discredited monetary systems, like the gold standard" ?? Personally, I'd like money to still be a "store of value", not just some bureaucratic policy. 4. Since the creation of the Fed in 1913, the $USD has LOST 94-98% of its value, depending on whose data you care to source. That's been GOOD for America?? Woodrow Wilson, who signed into the law the creation of the Fed, is alleged to have issued a death-bed apology to the American people for his poor judgement. (In contrast, Andrew Jackson... 7th President.... refused to renew the charter of and effectively abolishing that era's equivalent to today's Fed... the "Bank of the United States"... making him an American ideological hero in my eyes.) J.P. Morgan said it best... "Gold is money. That's it!"
What did he expect? He was talking to politicians. Anyone that has spent any amount of time around politicians knows the majority of them aren't that bright and they generally get re-elected by parroting whatever is polling that week. If the base wants a gold standard, there will be a sound bite that day advocating it. Does he think the Dems are any better? The whole organization has gone to hell.
Paging Piezoe. You're needed desperately to defend the Fed and Ben Bernanke. Piezoe to the thread, stat.
http://www.presidency.ucsb.edu/ws/?pid=3868 Politicians used to have some level of understanding and involvement in the economy. Well, understamding? .......... maybe not. What is it Nixon did a couple years prior? Gee somehow theres probably a connection here. Anyway, the fed has the wheel now.
"Let there be no mistake: If our economy is to remain dynamic, we must never slip into the temptation of imagining that in the long run, controls can substitute for a free economy or permit us to escape the need for discipline in fiscal and monetary policy. We must not let controls become a narcotic; we must not become addicted." Not hard to guess what has happen