Fed News Friday: Insert Foot in Mouth

December 10th, 2010

As Bernanke has shown us in the past couple weeks, his passion for economics exists in a fantasy world far from the inflationary, artificial economy we live in today.  After reading some of the ridiculous quotes from Bernanke over the past 8 or so years (from FedUpUSA.org) I HAD to highlight a few and wonder to myself, why isn’t the mainstream media holding him accountable for his blatant inaccuracy and sheer ignorance to the financial realities that exist?

If you are prone to regurgitating your lunch when reading disturbing material, or if you are drinking milk and don’t want to burst out laughing leaving the milk dribbling out of your nose, perhaps you should avoid reading the following until everything is happily digested.

Let’s begin back in 2002 when Chairman Bernanke decided to tell us a little about the bank he manages:

“The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost.”

One month after the recession had already began to take its course our dear friend expressed:

“The Federal Reserve is not currently forecasting a recession.”

Bernanke was dismantling a rumor that was stirring around in the public sphere stating:

“One myth that’s out there is that what we’re doing is printing money. We’re not printing money.”

When asked about a possible QE3, Bernanke responded:

“Oh, it’s certainly possible. And again, it depends on the efficacy of the program. It depends on inflation. And finally it depends on how the economy looks.”

When Bernanke appeard on ’60 Minutes’ this passed Sunday, he was asked what he would have changed about the last couple years as Chairman:

“I wish I’d been omniscient and seen the crisis coming.”

Bernanke has also given us high hopes about the future of the economy, thank you for that sir:

“The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.”

The new Monetary Policy Committee leader may not let him get away with these remarks and actions anymore. We can only hope.  Until then, make sure to recognize the difference between experience and expertise. Just because you’ve been in the business for a long time does not necessarily make you suitable for a position.


About the Author: megan

Megan is the Marketing Manager for Silver Circle who spends endless amounts of time on making sure the word gets out about this film and graphic novel! As a liberty activist since '08 she also has gained a passion for advancing liberty in her personal life and helping others to do the same. Questions about getting involved with the film, events, liberty, and hip-hop can go straight to her!