Posted on 12/16/2009 1:00:18 PM PST by freespirited
The National Inflation Association today named Federal Reserve Chairman Ben Bernanke 'Villain of the Year 2009'. Although the mainstream media is widely praising Bernanke for preventing the next Great Depression, all Bernanke has done is create unprecedented amounts of inflation in unprecedented ways. When it costs $20 for a gallon of milk in a few years, Americans will have nobody to thank more than Bernanke.
While Bernanke believes the artificial excesses of the past decade to be normality, NIA believes normality would be going through a much needed recession in order to correct the imbalances that Bernanke made worse in 2009. The U.S. economy is riding high on its last dose of stimulus before the entire financial system overdoses and collapses. Bernanke has pushed the inevitable recession down the road while setting up the upcoming currency crisis.
The Great Depression of the 1930s came as a direct result of the Federal Reserve's creation in 1913 and their rapid increase in the money supply during the 1920s that led to an unsustainable credit-driven boom known as the "roaring twenties". This artificial boom needed to be corrected with a recession, but by the government interfering in the free-market, they increased the duration of the recession and turned it into the Great Depression.
Bernanke believes the government didn't do enough during the Great Depression, when in fact it was the Federal Reserve that caused it and the government's interference that made it worse. Bernanke was determined in 2009 to prevent the next Great Depression and although he has temporarily done so, he has accomplished this at the expense of a Hyperinflationary Great Depression next decade.
NIA finds it an insult to the world that Time Magazine today named Bernanke 'Person of the Year'. As further insult, they named "The Chinese Worker" runner-up. NIA believes "The Chinese Worker" should've won 'Person of the Year', because it is their hard work and sweat that has allowed Americans to live beyond their means for so long. Americans have taken their standard of living for granted, not realizing their non-productive jobs are a sham and their wealth is a fantasy, created by Bernanke's ability to print money as a result of the U.S. dollar being the world's reserve currency.
As shown in our documentaries 'Hyperinflation Nation' and 'The Dollar Bubble', the dollar's days as the world's reserve currency are coming to an end. We are now at a point where the U.S. national debt is increasing exponentially. It took over 200 years for the U.S. national debt to reach $1 trillion, but then took less than 10 years to grow by the next $1 trillion. In fiscal year 2009, our national debt grew by $1 trillion in just the first nine months of the year. Congress is now looking to increase the debt ceiling by nearly $2 trillion going into 2010.
Time Magazine fails to understand that the U.S. is no longer the world's most important economy. The people of Zimbabwe are perfectly capable of consuming goods just as well as Americans. Bernanke needs to take a vacation in Zimbabwe to see where the monetary policies he is practicing led them.
Bernanke's only tool to suck back in the monetary inflation he created in 2009 is to substantially increase interest rates, not just to 1% or 2%, but to 10% or more. Higher interest rates will mean not only a sharp contraction in GDP, but higher interest payments on our national debt. Therefore, we will be forced to pay higher interest payments on our debt at the same time as tax receipts shrink from our economy contracting. To make matters worse, the imminent surge in retiring babyboomers will mean even less tax revenues and a huge increase in government entitlement spending, at the same time as Obama is rapidly expanding the size of government.
We are two weeks away from the end of America's last ever decade of prosperity. The U.S. would've survived the depression Bernanke temporarily prevented, but it won't be able to survive the emerging hyperinflation catastrophe that Bernanke is creating.
shouldnt the The National Inflation Association like him? I’m sure inflation’s going up next year!
Exactly right. I have no doubt that the end run will be depression.
You know, you’re right. They should call themselves Americans Against Inflation.
You can sign up for their emails. More worthwhile reading than most of the crap that lands in my inbox.
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