Bernanke’s Next Round of Spaghetti Tossing

The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.....Thomas Jefferson

By John M. Mason|Seeking Alpha

In this mid-term election season in the United States, President Obama has blamed everything else related to the state of the economy on Bush 43. It makes sense to also blame the appointment of Ben Bernanke as Chairman of the Board of Governors of the Federal Reserve System on Bush 43 as well.

Almost everything that Bernanke has done has been wrong. The only thing people can really give him credit for is for throwing enough spaghetti against the wall in late 2008 so that some of it would stick to the wall. But, even this action may have resulted in action from an emotional scare that was something less than rational. See “The Bailout Plan: Did Bernanke Panic?

Now we stand on the verge of another round of spaghetti tossing. The Fed, and many other central banks around the world, are meeting this week. “This week’s meetings are the greatest concentration of monetary-policy action by leading central banks since the first week of October 2008, when they met in emergency sessions to fight the global financial crisis.” (See here.)

The Washington Post puts it very bluntly: “Federal Reserve’s Bernanke on Line with New Move to Boost Economy”:

The Federal Reserve is preparing to put its credibility on the line as it rarely has before by taking dramatic new action this week to try jolting the economy out of its slumber.

This action just re-enforces the desperation of current policy makers. Their model is wrong, yet they persist in trying to make it work. (See here.) People are always their most desperate when they are losing control. In an effort to re-gain control they try more and more of the same old medicine.

How do you like this quote? “We’re very concerned about what to do. One thing we know is that when the bond rally ends, it will not end well.” This quote is attributed to Bob Michele, the chief investment officer at JPMorgan Asset Management. (See here.)

In addition, this behavior on the part of the Federal Reserve System and of the Obama administration is undermining confidence in political relationships around the world.

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