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Friday, February 12, 2010

Ben Bernanke Re-Confirmation Fnord

There was a lot of mainstream media hype surrounding the re-confirmation of Ben Bernanke for a second term as Federal Reserve chairman.

The debate was one big evil fnord. "Should Ben Bernanke get a second term?" is the wrong question. The correct question is "Should there be a central bank credit monopoly?"

It makes no difference if Ben Bernanke is fired and replaced with another figurehead. All the potential candidates are brainwashed pro-State trolls. The State continues, even if the public figurehead changes.

The Federal Reserve is one huge price-fixing cartel. Interest rates are literally the price of money. Interest rates represent the price of work in the present compared to work in the future. By keeping interest rates artificially low, work in the present is overvalued and work in the future is undervalued. This means businesses cannot plan efficiently. Negative real interest rates cause asset bubbles and busts.

State insiders get the perk of printing and spending new money. This is a huge economic advantage for the banksters and State insiders. It's very hard to start a business when your large corporate competitors can borrow money! Borrowing at negative real interest rates, insiders at large corporations literally print new money. Laws and regulations that restrict competition are a further advantage for State insiders.

Right now, large corporations have access to cheap easy credit. At the same time, small businesses are struggling or going bankrupt. Insiders may borrow cheaply, but non-insiders pay a higher rate or cannot borrow at all.

I was surprised that Ben Bernanke was re-nominated and re-confirmed. I thought he would be scapegoated for the recession.

On further inspection, giving Ben Bernanke a second term was a good idea, according to pro-State troll logic. If Ben Bernanke were not given a second term, then that would be an admission that the Federal Reserve did something wrong.

Then, some people might start thinking "Is it a good idea to have a Federal Reserve credit monopoly?" Giving Ben Bernanke a second term emphasizes his brilliant leadership.

Ben Bernanke's confirmation was a "bipartisan" effort. As usual, the most evil laws are supported by both political parties.

The debate surrounding Ben Bernanke's second term is one big evil fnord. The correct question is never discussed in the mainstream media. The correct question is "Is a central bank credit monopoly a good idea? Should there be a Federal Reserve?"

By asking "Should Ben Bernanke get a second term?", that's a distraction from the real issue. By giving Ben Bernanke a second term, that helps create the illusion that the Federal Reserve insiders did nothing wrong. The State propaganda engine focuses on irrelevant questions. This covers up important questions.

1 comment:

Anonymous said...

Ultimately he will be the political scapegoat for the depression, while republicannots and democant's publicaly point at each other as well

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