The View From 1776
Friday, March 23, 2012
Politburo Commissar Bernanke Gives The Pravda Version
Seeking to corrupt the minds of inexperienced students and others in the audience at George Washington University, Federal Reserve Commissar Ben Bernanke gave the official Keynesian-socialist version of the benefits of inflationary wrecking of people’s lifetime savings and standards of living.
Nowhere does he acknowledge that every major economic bubble-bursting since establishment of the Fed in 1913 has been funded by the Fed’s over-expansion of the money supply. Our housing bubble and accumulation of crushing consumer debt was fostered and amplified by the Fed’s creation of fiat money.
The gold standard didn’t work, Commissar Bernanke opined, because it interfered with the Fed’s ability to play god with the economy. It is apparently unimportant to him that the value of the dollar and prices remained stable under a gold standard, the economy boomed, and people’s living conditions improved rapidly.
If one is a liberal-progressive-socialist, this sort of thing is intolerable. It stands in the way of reducing Americans to complete dependence upon our socialized government.
Read this New York Sun editorial for sunlight on the dark recesses of Commissar Bernanke’s speech promoting subscriptions to Pravda.