Senator Bunning Hammers Ben Bernanke’s Abysmal Record As Fed Chairman

Twelve “must see” minutes listing Zimbabwe Ben’s failings with regard to bubbles, monetary policy, T.A.R.P., sub-prime mortgages, Brooksley Born, the Wall Street money dance with billions going to foreign banks, etc., etc., etc.  I think the only thing that Senator Bunning missed was the $9 TRILLION that The Fed has “lost”.

Here are a few money quotes as a starter:

  • You Are the Definition of Moral Hazard
  • You have created zombie banks that are only enriching their traders and executives.
  • You are repeating the same mistakes of Japan in the 1990’s on a much larger scale while sowing the seeds for the next bubble.
  • In the same letter where you refused to admit any responsibility for inflating the housing bubble, you also admitted you do not have an exit strategy for all the money you have printed, and the securities that you have bought.  That sounds to me like you intend to keep propping up the banks for as long as they want.
  • Even if that were not true….the AIG bailout alone is reason enough to send you back to Princeton….
  • From monetary policy to regulation; consumer protection, transparency, and independence, your time as Fed Chairman has been a failure.
  • Judging by the current treasury secretary, some may think that Washington does rewards failure, but that should not be the case.  I will do everything I can to stop your nomination and drag out this process as long as I can.  We must put an end to your and the Fed’s failure and there is no better time than now.  Your Fed has become the Creature from Jekyll Island.

Angela Merkel Is Starting To Understand Thomas Jefferson

What part of this:

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 wake up homeless on the continent their fathers conquered – Thomas Jefferson

do people not understand? Are we there yet? Damned if I don’t think we are there now when every single American household owes over $500,000 now to the Federal Government for the crack smokin’ government’s spending bills.  That $500,000 bill was something like $36,000 back in 2001.

Merkel is getting it and she is not even American.

Germany Blasts ‘Powers of the Fed’

German Chancellor Angela Merkel, in a rare public rebuke of central banks, suggested the European Central Bank and its counterparts in the U.S. and Britain have gone too far in fighting the financial crisis and may be laying the groundwork for another financial blowup.

“I view with great skepticism the powers of the Fed, for example, and also how, within Europe, the Bank of England has carved out its own small line,” Ms. Merkel said in a speech in Berlin. “We must return together to an independent central bank policy and to a policy of reason, otherwise we will be in exactly the same situation in 10 years’ time.”

Ms. Merkel also said the ECB “bowed somewhat to international pressure” when it said last month it plans to buy €60 billion ($85 billion) in corporate bonds — a move that is modest in comparison to asset-buying by its counterparts, the U.S. Fed and Bank of England. Details are to be unveiled by the ECB’s president, Jean-Claude Trichet, Thursday.

The public criticism is unusual — and not only because German politicians rarely talk harshly about central banks in public. When politicians around the world do criticize their central banks, they almost always gripe that they are too tightfisted.

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