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Bernanke Says That Any Criticism Of The Federal Reserve Is Based On “Misconceptions”

Federal Reserve Chairman Ben Bernanke is taking his show on the road in at attempt to help Americans feel better about the Federal Reserve.  During a visit to the Fort Bliss headquarters of the Army’s 1st Armored Division this week, Bernanke held a town hall meeting during which he took questions from some of the soldiers.  Bernanke tried to sound as compassionate as possible as he assured the soldiers that the Federal Reserve is looking out for the American people and is doing everything that it can to help create jobs.  At one point, Bernanke even made the following statement: "For a lot of people, I know, it doesn't feel like the recession ever ended."  That probably helped a lot of people feel better.  A few probably even had a good cry.  But what Bernanke did not explain to the troops is that the Federal Reserve is very much responsible for the fact that unemployment is rampant, for the fact that the U.S. dollar is rapidly being devalued and for the fact that we have accumulated the largest national debt in the history of the world.

Ben Bernanke keeps insisting that the Federal Reserve has two main jobs (fighting inflation and keeping unemployment low) and that it is working incredibly hard to accomplish that dual mandate.  During his visit with the soldiers he told them that the Fed is very determined to create more jobs for the American people....

"We at the Federal Reserve have been focusing intently on supporting job creation."

Well, if we are to judge the Federal Reserve by how well it has accomplished its "dual mandate", then the Federal Reserve has been an abysmal failure.

Since the Federal Reserve was created, the U.S. dollar has lost well over 95 percent of its value to inflation.

Is that something Bernanke should be proud of?

Of course not.

Okay, so the Fed has failed when it comes to keeping inflation under control.

What about jobs?

Well, the first decade of this century was the worst decade for job creation that the United States has seen since the Great Depression.

The sad truth is that a total of zero jobs were created last decade.  The following is a quote from a recent article in Washington Monthly....

"If any single number captures the state of the American economy over the last decade, it is zero. That was the net gain in jobs between 1999 and 2009—nada, nil, zip. By painful contrast, from the 1940s through the 1990s, recessions came and went, but no decade ended without at least a 20 percent increase in the number of jobs."

So what kind of a grade should we give the Federal Reserve for the job that it has done?

How about a big fat F?

The Federal Reserve has been a failure of epic proportions.  It greatly contributed to the Great Depression (even Bernanke admits this), it created the conditions for the financial bubbles that greatly contributed to the financial crisis of 2008, and it has brought us to the verge of yet another gigantic financial crisis.

But Ben Bernanke believes that all of us that are criticizing the Fed are just ignorant.  He thinks that we just don't understand the Fed properly.  During a recent question and answer session, Bernanke stated the following....

"I think that the concerns about the Fed are based on misconceptions"

Oh, if only the rest of us understood how the Fed works and how they really care about the American people.  Then everything would be okay.

Not.

During that same session, Bernanke insisted that the Federal Reserve only has the purest motives....

"Our motives are strictly to do what is in the best interest of the broad public and I believe that our efforts to stabilize the financial system, which were ultimately proved successful, were very much in the interest of the broad public"

According to Bernanke, those that work at the Fed are unselfish guardians of our monetary system who are fighting for truth, justice and the American way of life.

Okay, perhaps I am exaggerating just a bit, but you get the point.

Bernanke is trying very hard to convince all of us that the Federal Reserve is just misunderstood and that we should just trust what the "experts" are doing.

So what will the plan be if the financial crisis in Europe blows up?

Well, during his visit to Fort Bliss one of the soldiers actually asked him about that.  The following is his answer....

"Although the Fed would obviously do all that we could to maintain stability and to keep monetary policy as easy as necessary to try to minimize the damage, I don't think we would be able to escape the consequences of a blow-up in Europe"

Oh, he would keep monetary policy "as easy as necessary".

Isn't that lovely - I bet that will be great for the value of the U.S. dollar.

Bernanke also told the soldiers that he believes that happy days are ahead for the U.S. economy....

"I do believe we will return to a healthier growth rate. I don’t see any reason why we couldn’t"

So we should just trust Bernanke, right?

He has never been wrong before, right?

Well, let's check the record....

In 2005, Bernanke said that we shouldn't worry because housing prices had never declined on a nationwide basis before and he said that he believed that the U.S. would continue to experience close to "full employment"....

"We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though."

In 2005, Bernanke also said that he believed that derivatives were perfectly safe and posed no danger to financial markets....

"With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly."

In 2006, Bernanke said that housing prices would probably keep rising....

"Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise."

In 2007, Bernanke insisted that there was not a problem with subprime mortgages....

"At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained. In particular, mortgages to prime borrowers and fixed-rate mortgages to all classes of borrowers continue to perform well, with low rates of delinquency."

In 2008, Bernanke said that a recession was not coming....

"The Federal Reserve is not currently forecasting a recession."

A few months before Fannie Mae and Freddie Mac collapsed, Bernanke insisted that they were totally secure....

"The GSEs are adequately capitalized. They are in no danger of failing."

For many more examples that demonstrate the absolutely nightmarish track record of Federal Reserve Chairman Ben Bernanke, please see the following articles....

*"Say What? 30 Ben Bernanke Quotes That Are So Stupid That You Won’t Know Whether To Laugh Or Cry"

*"Is Ben Bernanke A Liar, A Lunatic Or Is He Just Completely And Totally Incompetent?"

But after being wrong over and over and over, Barack Obama still nominated Ben Bernanke for another term as Chairman of the Fed.

It is hard to put how stupid that was into words.

Look, if someone wrecked your car again and again would you keep handing that person your keys?

It just doesn't make any sense.

Bernanke made another statement during his visit with the troops this week that was really bizarre....

"The Federal Reserve is not perfect ... but at this point, if you look around the world, you see no alternative"

He has got to be kidding, right?

Of course there are no other alternatives for us to look at!  Only a handful of nations on earth do not have a central bank at this point.  Iran, North Korea and a handful of others don't have a central bank dominated by the international banking community but basically everyone else does.

Just because nearly every nation on earth has a central bank does not mean that there are not alternatives to the Federal Reserve system.  I detailed a plan the other day that would transition us away from the Federal Reserve system.

It most certainly can be done.

But right now, most of our politicians are standing up for a system that allows private central bankers to spend trillions of dollars bailing out their friends while the rest of us suffer.

The other day, an article by U.S. Senator Bernie Sanders appeared in the Huffington Post that detailed what was learned during a very limited audit of transactions conducted by the Federal Reserve during the recent financial crisis.

According to Senator Sanders, the Federal Reserve made 16 trillion dollars in secret loans to big corporations, Wall Street banks, foreign nations and wealthy individuals during the financial crisis....

"...we learned that the Federal Reserve provided a jaw-dropping $16 trillion in total financial assistance to every major financial institution in the country as well as a number of corporations, wealthy individuals and central banks throughout the world."

Senator Sanders also says that the audit revealed that many of those running the Fed are from the same institutions that the Fed has been bailing out....

"The GAO also revealed that many of the people who serve as directors of the 12 Federal Reserve Banks come from the exact same financial institutions that the Fed is in charge of regulating. Further, the GAO found that at least 18 current and former Fed board members were affiliated with banks and companies that received emergency loans from the Federal Reserve during the financial crisis."

Wait - isn't there a huge conflict of interest problem there?

Of course there is.

But neither major political party is making a stink about it.

Sadly, Senator Sanders says that the audit found that there was "instance after instance" where individuals used their positions at the Fed to benefit their own firms....

"The GAO has detailed instance after instance of top executives of corporations and financial institutions using their influence as Federal Reserve directors to financially benefit their firms, and, in at least one instance, themselves."

Wow - you would think that this scandal would have been reported on the front page of every major newspaper from coast to coast.

But that didn't happen.

In fact, both major political parties continue to insist that there is nothing wrong with the Federal Reserve and that the Fed is doing a wonderful job.

It really is sickening.

Look, we need to educate the American people about the Federal Reserve and we need to make control over our currency a major issue in the 2012 campaign.

The American people should demand that the issuing of all United States currency be immediately returned to Congress as the U.S. Constitution requires.

The American people should demand that no more debt-based Federal Reserve Notes be issued and that from now on only debt-free United States money be issued.

The Federal Reserve has a track record of nearly 100 years of failure.

It is time for it to be shut down.

The choice, America, is up to you.

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  • David Gurney

    Another question that should be asked:What are those soldiers doing in risking their lives to protect the House of Rothschild?Isn’t that Bernake’s job?

  • DMyers

    Although I have neither a Harvard accent nor a Princeton goatee, I have the view of my own average eyes, which tell me the Fed has been an utter failure. It could never have been otherwise.

    This whole notion that an alien body of decision makers can create jobs is utter and complete absurdity. It merely highlights the global ignorance of what jobs are and what they accomplish. I need someone to change my brakes, but does anyone need someone to patrol the neighborhoods looking for unlicensed lemonade stands?

    The notion that an alien body of decision makers can monitor and control inflation has been utterly and completely disputed by the very facts of history. Does a 95% devaluation of the currency indicate anything about the success of the Fed in controlling inflation? “Duuh, tell me what that Fed thing is again…”

    • http://prisonplanet.com bill noble

      it is like saying we should feel good about joe paterno or about the war in Iraq (which was based on lies and nobody went to prison for)! The Fed has allowed our country to be overtaken by a bunch of criminals!

      • Mal R.

        ” has allowed our country to be overtaken by a bunch of criminals!”

        10 bucks says you vote for Democrats with all your keen insight.

  • Paddy

    “the net gain in jobs between 1999 and 2009—nada, nil, zip.” Thats clearly because of technological unemployment. And its only going to get worse, as the recession continues companys will continue to switch to mechanisation due to cost efficieny gains.

    The jobs that are gone aren’t coming back. I think we really need to rethink how the world works. Technological unemployment coupled with the retarded Reserve banking system will drive the world into the ground soon.
    Sadly these core issues are never raised in the media, anywhere around the world.

    • Colin

      Decades ago, I spoke to a person who had retired from IBM. He foresaw a future where humans were replaced by automation, and that there wouldn’t be that many jobs for humans.

      One of the areas so far unaffected by this movement has been warehouses. This is changing as machines replace humans in locating and delivering items in these buildings. The items are delivered to humans who package them for delivery.

      http://www.huffingtonpost.com/2011/11/09/automated-labor-robots-staffing-warehouses_n_1084280.html

      I find this statement chilling:

      “We shouldn’t be worried that we’re going to run out of jobs,” MIT economist David Autor told Computerworld. “But we may not like all the jobs being created.”

  • dave

    Outstanding article! Keep waking up the public Mike. This is the best web site on the web!

    • Michael

      Thank you for saying that. But there are a lot of other people out there doing amazing work as well. I am just one guy typing away on his little computer. Great ideas are bigger than all of us, and without God none of us would even make it to the end of the day.

      Michael

  • Maria

    The Fed (and every other central bank) accomplished exactly what it was designed to do…devalue the currency and destabilize the country.

    Bernanke may believe otherwise…proof that Ivy League brainwashing works. Delusional.

    The new world order is crumbling before our eyes. Their deceptions are failing. The cultivation of their own greed and materialism is destroying their plan for world domination.

    We tried their way for the last 100 years. It doesn’t work for the good of humanity.

    Pray and prepare. A new day is coming.

  • http://www.planorperish.com/ Gutter Economist

    EVEN WORSE . . .

    We have 2 captains (Bernanke and Obama) trying to steer the ship of state at the same time and neither of them know how to navigate.

    • Kevin2

      You have one captain Bernanke that is making the decisions. The President works in public affairs and sells the idea.

  • BraneFrees

    And while we’re at it – any criticism of Obama’s policies is based on racism.

    *******************, I get sick of these people.

  • tappedops

    Hey berny … eat **********************— moms taken away your matches…

  • Sreeves

    I’ve been following your blog for some time now and I must say asa recent finance grad that your pretty much dead on with most of your posts and soon after I read, I can turn on the news and see exactly what you write about unfold. I share your frustration,in that most Americans (a good 75%) are extremely ignorant of how money and business works in this country. Many people still believe the elementary idea that we have tons of gold backing our money. THIS IS FALSE!! We need to educate and I thank GOD that I had a competent professor that taught me on how the fed is structured (not any so many words smartly). Along with videos portraying the story of the 08 meltdown (which is aired on cnbc I believe) I put the pieces together very quickly and got his aim, your writings remind me of him. The sad truth is that America will remain ignorant and that’s how the FED wants it. Ignorance will breed anger and confusion and that will breed violence. Civil war will erupt and it won’t be between the north and south or east and west. It’ll be between the haves and the have nots.

    • Michael

      Good to hear from a recent finance grad!

      Michael

  • shypuffadder

    Trust? Whatever is said to the citizenry of this country, know that the opposite is true.

    We do need to educate ourselves and think about what is going on. Unfortunately, attempting to learn and think gives 50% of the population a severe brain freeze.

    I just wonder how long this country can continue to manipulate the stock market.

  • http://economicsurvivor.net Russell Cavanagh

    Probably true … just a matter of whose misconceptions …

  • http://lnx-bsp.net/ Tel
  • Paul

    I don’t think the Fed is responsible for the unemployment.

    I am just reading a book that was published almost 200 years ago and it describes the 5-10 year cycle of crisis between feverish production, overproduction and depression, England as the workbench of the world, unemployment and misery, the opening up of China, America as a rising power and future replacement of England.

    It’s sort of like reading a newspaper today just with different names of those countries.

    You’d think that people would have learned something in 200 years?

  • http://www.mat-rodina.blogspot.com Stanislav Mishin

    Looking out for the ….

    Like a fox in a hen house.

  • John

    Rothschild said it: “Give me control of a countries monetary system, and I care not what laws they make.”

  • Concerned American

    The federal reserve is really only made up of wall street bankers that look out for each other at the taxpayers expense.

    TARP was the largest heist in the history of the world….. think about that for a moment. With the repeal of Glas Stegal (sp?), everything was in place for this heist. They simply leverage, leverage, leverage then the bubble pops and, they hold a gun to our economic heads and dare us to not bail them out…

    All of those derivatives are still out there folks… nobody knows for sure how many there are and who holds them all. When the dominoes start to fall, I’m sure we’ll all find out.

    The only thing we can be absolutely sure is that we’re not done transferring the wealth of the taxpayers to the banks.

    These scumbags will do anything to keep the ball rolling while fleecing the public. The very body that decides what a “credit event” that would activate the CDS are made up of members of all the issuing banks…. you really can’t make this stuff up.

  • jox

    Fed’s failure? Not at all. It is fulfilling it’s role perfectly. Only it’s not the role Bernanke is telling publicly.

  • http://napoleonlive.info Jerry Frey
  • El Pollo de Oro

    For years, Sen. Ron Paul of Texas has been calling for the end of the federal reserve. And he has been met with ridicule by corporatists. But then, the same bastards who mock Ron Paul for wanting to abolish the federal reserve laughed when, in 2007, Ron Paul and Gerald Celente were saying that the U.S. (now known as The Banana Republic of America) was headed for a major economic calamity. Corporatist scum and George Dumba-Ya Bush apologists like Rush “Pillhead” Limbaugh and the equally moronic Sean Hannity never had a kind word for Ron Paul, but it turned out that the Texas libertarian was absolutely right about the American economy running into a brick wall. And he is absolutely right about the federal reserve, which needs to be abolished once and for all.

    Sadly, Ron Paul’s chances of getting his party’s nomination are slim and none. So in Nov. 2012, the presidential election will be won by either Barack “Goldman Sachs” Obama or someone from the GOP side of the neocon corporatist peanut gallery (probably the latter because incumbent presidents usually get voted out of office when the economy is in bad shape). Either way, the future looks incredibly grim for this Third World horror movie known as The Banana Republic of America. Hope and change? More like hopelessness, poverty and despair.

  • William

    The US Constitution forms the basis for the existence of America. Bush trashed the Bill of Rights of the US Constitution. If you actually care about the US Constitution, you know the FED is illegal and UNCONSTITUTIONAL. In a short 98 years, the FED has reduced the purchasing power of the US dollar by 98%. It is far past time to end this Rothschild nightmare for Americans.

  • hoser

    The only misconception that I see is Bernanke trying to help mainstreet.

  • Pingback: Mayan Crystal Skull Update! « L.A. Marzulli's Blog

  • McKinley Morganfield

    Let me begin buy thanking Michael for yet another detailed analysis of a complex issue……

    This lame attempt by Bernanke to assure the ‘public’ by holding town hall meetings would be laughable if the consequences of the actions of the FR were not so damaging and dangerous. Bernanke, like all elitists, believes were are all fools. Greenspan’s tenure at the FR was a slow motion train wreck; Bernanke is a train wreck on steroids.

    Of course, the FR is not the sole culprit, but nonetheless the FR should be singled out as the engineer of this train wreck economy based on debt fueled by easy credit and the QE 1,2,3 flushing cash into the DJIA and US T-bonds. The FR fueled the dot.com bubble, it fueled the housing bubble, and now its fueling the short traders who are re-inflating the DJIA bubble. Its important to remember that the elite prosper when bubbles are being inflated and when bubbles are deflated. (Unintentionally, the FR is also pushing up commodity prices.)

    All in all we are in a situation that has become untenable. The unraveling is taking place before a our eyes. The first stages seem excruciatingly slow, but as the unraveling progresses it will reach hyper-speed up as panic rules the markets.

  • Kathy Smith

    OF course these Federal Reserve issues will never be front page news main stream media is controlled probably by the Fed.We need blogs like yours Micheal in order for the American people to be informed of the REAL truth. Keep up the good work.

    • Michael

      Thank you for saying that.

      According to the mainstream news, shutting down the Fed is not even an issue the American people are thinking about.

      Michael

      • mondobeyondo

        On Monday morning (right after the hype about how 11/11/11 fizzled out), the mainstream press will give you 15 minutes about Penn State, and their victory or loss against Nebraska. Go Cornhuskers! (hee!)
        And then a 10-minute retrospective on Joe Paterno, his life, and his career. The remaining minutes will be spent on commercials for milk, cereal and auto insurance companies.

  • Had Enough

    Bernanke’s interests are not in the interests of the American people or our country but the preservation of big banks. Ever hear of the Protection Plunge team? Well, simply laid out it goes like this..Wall Street is comprised of the TBTF banks, right? If the DOW should suddenly drop drastically, they lose tons of money. So, there is an “insurance” that at a certain point, the Protection Plunge team headed by Bernanke will pump money into the DOW to make sure the DOW doesn’t crash. Think Bernanke cares about us losing our life savings? Not a bit, but he sure doesn’t want his buddies at Goldman Sachs, Chase, BOA, etc to lose a dime. He’s a liar and a con artist, and hopefully the next administration will throw him out.

  • mondobeyondo

    If Bernanke were a fortune teller or a prophet, he’d have been fired long ago. Nearly everything he says or predicts turns out to be wrong.

    So why bother listening to him? I’d rather listen to a “Dead Head” (i.e. Jerry Garcia and Co.) than this Fed Head.

  • Bob

    Excellent article my friend!! The truth is sometimes painful, and this truth is for sure. Ben may be doing his best, but it just aint good enough.
    End the FED! I agree, but just how do we get that accomplished? No one in a position of power is willing to do anything about it. Congress can’t get out of their own way! They certainly won’t stand up to Obama. They can’t get anytning done TOGETHER to help America. It’s all about ME……..the ME generation has found its way to the halls of Congress. The generation coming up feels ‘entitled’ and are counting on Uncle SAM to provide for them. Work…..why when Uncle is going to take care of me.
    We (America) are in DEEP trouble.

  • Swiss Genome

    Just another bent cog in the wheel of greed and corruption . . . . .
    Swiss Genome

  • http://www.povertylinejournal.blogspot.com/ the optimist

    “For a lot of people, I know, it doesn’t feel like the recession ever ended.”

    Because. It. Did. Not.

    Look, I can say “the sky is green” all day, and it’s not going to make it so.

    • mondobeyondo

      You are correct.

      Economists use all sorts of mathematical equations and gobbledygook to state their case that “the recession is over”. They forgot to ask average American families. You see, we do math too. We add and subtract from our monthly bills every week, to make ends meet. Most of us don’t know the Pythagorean theorem (beaten into anyone who’s taken high school algebra!) – but it wouldn’t help us in our daily lives anyway.

      How does that work again? Electric bill squared times gas bill squared, equals mortgage squared? Divided by two, equals homeowner tax? I give up!!

  • Troy Mclure

    “I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the Bank. You tell me that if I take the deposits from the Bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out and, by the Eternal, (bringing his fist down on the table) I will rout you out.” Andrew Jackson February 1834. It’s time to clean house and route these thieves out!

  • Kevin2

    They are doing their best to kick the can down the road for as long as possible thus delaying the inevitable. It’s getting increasingly more difficult because the can gets damaged every time it is struck. Their “solution” to too much debt had been more debt. Like using attrition as a war strategy it is in reality no strategy at all. Unable to see or accept reality the books are cooked to maintain the illusion of success. Employing that logic I think Ben Bernanke is the economic equivalent of General William Westmorland.

  • JD

    Why hello Michael. I had to take a break from the doom and gloom for awhile, it appears that Economic Collapse the movie is taking too long for me. Im starting to think *********** might be ok for us food producers. Prices on groceries keep going up and people like rancher Mark and I are going to be ok. The rest of you I dont know. I want the economy to turn around. Everyone on here can be so negative at times. Prep, prep, prep, buy gold, buy silver, read elevation group blah blah blah. There is nothing that we can really do in the event of social chaos. Just accept that you are ******** and prepare to make peace with God. I guarantee that your little food stores will run out, you cant live in the mountains all year long, and nobody wants to eat gold coins for dinner. Either it happens or it dont. Whatever. Dont stress out everyday waiting for europe or the US to collapse. Its too much like watching paint dry. Thats why Ive been away. I hope I can still remain humble for my blessings because ive been through enough hell in the past 2 yrs that is the Economic Collapse. PS ******** Uncle Ben.

    • Michael

      I am glad that you are back JD and I hope your new job is going really, really well.

      It is true – we all need to take a break once in a while.

      Michael

  • Barn Cat

    I wonder if Bernanke realizes that everything he’s done so far has been a disaster or whether that was the plan all along? He can’t be as stupid as his track record would indicate. Obama isn’t stupid either. They’re creating enough of a financial disaster to lead us to a one-world government. That has to be the end-game.

  • JD

    BTW, if there are haters out there that didnt like what I said, I have already experienced the worst that the world can throw at me. I have slept in cars and seedy hotels used up my unemployment and have been homeless and hungry. Im not blind to the suffering. I have had an amazing run of Gods grace lately and I just feel like things have a chance to get better. In a way I want us to starve to beast of government by our lowered tax revenues because they are far too powerful and intrusive. The FED is only one head of the NWO hydra. The police is another. They are stealing our freedoms everyday and if those brats on OWS had the brains to realize that Barry and Uncle Ben are the ones letting the banksters get away with theft and not all private business then we might get somewhere. I dont feel sorry for them anymore. I have to pay my student loan debt why cant they. Not everyone deserves to go to collage. You can find sympathay between shit and syphilis in the dictionary. As for the FED end it already!! Bullets change governments more then votes. The NWO is pushing us into a corner and there is nothing more dangerous than a person when they are cornered. Im ready to push back are you? Go to COPBLOCK.org to see more. It gets me going in the morning.

    • Tim

      JD,
      It’s college not collage, maybe you should stop paying on those loans JD and wake up to the college conspiracy too. Just a Joke, We could all use a little laughter too with some rest- but thanks for the COPBLOCK link, I will check it out.

      Here is the NIA (National Inflation Association) College conspiracy video.

      http://www.youtube.com/watch?v=VpZtX32sKVE

  • 007

    I don’t know how Bernanke can even speak with a straight face. He has to know how absurd everything he says is. I think being able to lie with a straight face is a job requirement for FEd chairman. The Fed is not trying to help the public, the FEd is causing most of our problems.

  • chow

    I guess I’m not that smart but I don’t understand how the Federal Reserve creates jobs. They are in control of the countries money but they don’t produce anything of value to sell. They charge interest on the money they print which means they’re earning profit. As we borrow more and more from them someday they’ll come a time when we can no longer pay and they own the country and everyone is a slave to them. By then we don’t even need to elect a government everything will be dictated by the Federal Reserve. Welcome to the new world order.

  • SC23

    I wonder if this road trip has anything to do with the Military’s overwhelming support of Ron Paul.. If Im not mistaken, he has received more military member contributions than all the other candidates combined.. He is also for exactly what they arent.. killing the Fed and stopping this crazy world domination by the elite.

  • VegasBob

    If Harry Truman were living today, he would probably use the same sort of salty language to describe Ben ‘Bernokio’ Bernanke that he used to describe Richard ‘Tricky Dick’ Nixon in 1968:

    …”a shifty-eyed g****mn liar who talks out of both sides of his mouth and lies out of both sides too”…

  • Paranoid

    The only misconception people have is that the fed isn’t a bunch of crooks looking out for their banker friends no matter what they do to the taxpayer. It is.

  • bobbobbobbob

    guess what? greeks still have med ins. italians have superior med and dental ins UUU have ************..uuu rrr the loosers ha de ha ha!!!amerikkkans have kaka ins—-see uuu in med school as a dacaver

  • Gary2

    Michael-this is for real. Please check it out. Then everyone will be agreeing with me-tax the rich!!!

    The only thing you have to loose is your pride because you will all need to say-Gary2 was right, tax the rich.

    ************************

    • Michael

      Gary, I have no problem with you debating your point about taxing the rich, but the other stuff we are going to have to be careful on.

      Michael

  • olde reb

    I was going to send a copy of RIP OFF BY THE FEDERAL RESERVE, http://www.scribd.com/doc/49040689 to you but could not find a way. It probably would not be of interest.

  • Nostradamus

    Bernanke agenda is simple: Hold on to the current setup at all cost. To the last man.

    The current setup gives the Fed complete and absolute power on monetary policy, on regulating the entire banking and financial system. It gives the Fed ‘King’s Power’ of setting the economic price of living and dying – interest rates. It gives the Fed monarchist power – there is no need to be accountable to anyone, not even to the president, to Congress, and certainly to the Supreme Court. The Fed cannot be charged with any wrongdoing. It is the fourth branch but outside of the Constitution. It does not need an army or bullets. Because it has the computer keyboard – type a few strokes like ‘Fed funds interest rates will be 15% tomorrow’ and the entire country goes into civil war.

    Of course no Fed guy is going to give up this power. Even Stalin does not have that kind of power.

  • http://notionalvalue.blogspot.com/ Piitchman

    I read this and your 14 points. Very good work!!1 It seems you hear less about Ending the Fed recently. Please Keep informing the public.

    “Keeping inflation low” in a sick system that demands inflation is a blatant contradiction. And the unemployment thing; well that’s working out splendidly. Greenspan would make you think; he must understand what he’s saying, right? This guy tells you it’s all bullshit and he doesn’t realize it.

    The Manipulation of markets are always harmful.

    Based on Ponzi dynamics, credit expansions and speculative manias are naturally self-limiting. Credit expansions expand exponentially until the debt they generate can no longer be serviced and the greatest fool has committed himself.

    Check out the Nicole Foss video at the end of: Central Banks, Bubbles And The Coming Unwind – http://notionalvalue.blogspot.com/2011/09/central-banks-bubbles-and-coming-unwind.html

    *

    THE ROOT OF OUR SOCIAL, ECONOMIC, MILITARISTIC WOW’S IS AN EVIL, MONETARY SYSTEM. EVERYTHING ELSE IS A SYMPTOM OR AN ACTION THAT SUPPORTS IT. AT THE HEART OF THIS SYSTEM ARE THE CENTRAL BANKS; THE FED, THOSE WHO CONTROL IT AND THEIR DISHONEST, DEBT BASED MONETARY POLICIES. AS SUCH; REGULATIONS, LAWS AND THE CAPTURE OF GOVERNMENT IS FOR THEIR BENEFIT. AN ACCOUNT OF THE PEOPLE HAS NO PLACE IN IT. INDEED, IF THE PEOPLE WERE ITS PRIMARY CONCERN, THE WORLD WOULD BE MORE FREE, LESS VIOLENT AND MORE PROSPEROUS.

    THE PRIVATELY HELD FED IS THE TOP REGULATOR OF ITS TBTF OWNERS AND MEMBER BANKS. IT’S CREATION OF MONEY OUT OF THIN AIR; LOANED, AT INTEREST, TO THE SOVEREIGN IS THE MOST INSIDIOUS OF CRIMINAL PONZIS FOR WHICH ALL ITS FAUX REGULATIONS AND FINANCIAL MISALLOCATION FOLLOWS.

    THE FED’S FIAT PETRO-DOLLAR AND IT’S DEBT SLAVERY ECONOMIC MODEL, IS THE MOST POWERFUL CENTRALIZING FORCE KNOWN. IT IS THE GENESIS OF FUNDING FOR THE ELITE MONEY POWER, THEIR CONTRIVED SCHEMES OF CONTROL, AND A SYSTEM OF INCREASING DEBT AND GLOBAL WAR.

    TO FREE OURSELVES, RESTORE FREE MARKET CAPITALISM AND REESTABLISH OUR CONSTITUTIONAL REPUBLIC, WE MUST FIRST ELIMINATE THE MOST PERNICIOUS CORRUPTING FORCE OF ALL. END THE FED! – Inflection Point – http://notionalvalue.blogspot.com/

    See:

    Money Power And The Central Bank: Life Is But A MEME

    - http://notionalvalue.blogspot.com/2011/11/once-upon-meme-for-most-part-shallow.html

    END THE FED: THE FIRST STEP IN RESTORING OUR CONSTITUTIONAL REPUBLIC

    - http://notionalvalue.blogspot.com/2011/10/end-fed-first-step-in-restoring-our.html

    Occupy The FED & Withdraw Your Money From TBTF Banks
    - http://notionalvalue.blogspot.com/2011/10/occupy-fed-withdraw-your-money-from.html

    Anonymous Shines A Light On The Hypocrisy Of Our Leaders – The OccupyWallStreet movement and its original message.
    - http://notionalvalue.blogspot.com/2011/10/anonymous-shines-light-on-hypocracy-of.html

    Chris Hedges: On Civil Disobedience & What Is Capitalism
    - http://notionalvalue.blogspot.com/2011/10/chris-hedges-on-civil-disobedience-what.html

    “When plunder becomes a way of life for a group of men living in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it.” ~ Frederic Bastiat

    Legal vs. lawful

    Our problem is a societal crisis as our criminal leaderships self serving behavior, is done with the consent of “We The People”/you. See: RAPE OF THE REPUBLIC – http://notionalvalue.blogspot.com/2011/09/rape-of-your-republic-what-say-you.html

  • EyesOpenInTexas

    Not a misconception the tares have been ripping everyone off now for centuries for us since 1913 no misconception the truth is coming out although for many not the full picture yet but nevertheless it is coming out and I think but not sure there is going to be a bunch of angry Americans in the coming future along with all the countries this brood has been extorting and swindling.

  • Georgiaboy61

    I would tell Ben Bernanke that he should be ashamed of himself, but I am not sure such a man is capable of the emotion. I do not trust him or his kind, and never will. Perhaps his excuse making comes out of a sense of fear that people are starting to see the Fed for what it is – a racket designed to benefit a select few very wealthy and powerful banks and the people who run them.

  • SMASH THE CONTROL MACHINE

    “By the skillful and sustained use of propaganda, one can make a people see even heaven as hell or an extremely wretched life as paradise.” ― Adolf Hitler!!!!!SOUNDS LIKE HITLERS’SPIRIT IS ALIVE AND WELL HERE IN AMERICA!!

  • SMASH THE CONTROL MACHINE
  • Dave

    “Every effort has been made by the Fed to conceal its powers – but the truth is the Fed has usurped the Government. It controls everything here and it controls all of our foreign relations. It makes and breaks governments at will. – Congressman Louis T. McFadden (1933), Chairman of the Banking and Currency Committee for more than 10 years, was elected to the high office on both the Democratic and Republican tickets, there can be no accusation of partisanship lodged against him.

  • Zedge Hero

    Banke but hope these misconceptions are transistory.

    Here is a great cartoon explaining the federal reserve that everyone can understand.

    http://www.youtube.com/watch?v=ZPWH5TlbloU

    Here is my Weekly newscast about the 16 Trillion dollars in seceret loans that Bernie Sanders and Ron Paul have uncovered over the summer inthe Fede3ral Reserve Audit.

    http://www.youtube.com/watch?v=RuJ5yUlJ3P8

  • http://militantjeffersonian.com Republicae

    Bernanke, as well as the rest of them are nothing more than criminals…not only should the Federal Reserve Act be repealed, but those who are involved with its criminal activity punished for their crimes and their treason in waging monetary war against the American People, destroying the economic well-being of this People and profiting off of the sweat of their labors.

  • Okie Dan

    The idea that money should be fiat and cartel managed to insure a free market is the actual misunderstanding. The FED is a cartel of large banks having centralized authority over an entire banking system. Its job is to manage a free economy, which is sort of like having a dog to insure the secuirty of a cat. That works sometimes, but it isn’t the sanest plan around. There is always a goal among governments and bankers to direct markets instead of allowing them to be free. In a free market, producers and consumers would be free to choose a means of exchange agreed upon by both parties. In a free market, loan rates would be determined by market forces. The FED was instituted to redirect the free market not to insure its freeness.

  • toggle

    The only real misconception* here is bernanke himself and the band of thieves he shills for.

    *Misconception…as in it was a mistake for his parents to conceive this wanker.

    • j

      of course we have to have a trial and have a verdict that alows for this and have a judge sentence them first , the rule of law always applys , what is the penalty for treason ???

      • Lennie Pike

        *****************. Whether they’re Public I’m not sure.

  • Lennie Pike

    The average American and human being has a heart, conscience, and love for his fellow human being. This makes a full understanding of the Federal Reserve impossible.

    The Godless bastards behind the Federal Reserve know and rely on that fact. They laugh their asses off when they hear us complaining that they have gotten monetary policy wrong and are incompetent etc. – they are doing exactly as planned of course.

    Just touch me one more time, just one more time, just one more time.

    Let them have this life to fulfill their sick twisted needs since there’s no stopping them anyway. This will be their only life, and with God’s help we can easily handle what they dish out. In to the fiery pit mofo’s.

    Just never, never, never trade your soul for what they have to offer which is nothingness. The endless feeling of nothingness is what drives these pricks to do what they do – forever in search of the feeling of love but they can never find that feeling because Satan does not offer it and they refuse to accept God – they will not or can not humble themselves.

    The destruction and ownership of your soul is their main goal – if they can’t have a soul, they don’t want you to have one either. They can’t stand to see you feeling love, and living a fearless life. They live in constant fear.

    What do you think this is all about anyway? They already have all of the money and worldly power they could ever possibly need or want and they take orders from their leader.

    Stay on God’s side. If your not sure if there even are sides (hard to imagine if your of age), seek God out – NOW!!!

    Seek and you shall find, knock and the door will be opened to you.

  • A.S,

    I would be very interested in knowing Bernanke’s credentials, his grades in college and his major, as well as an explanation the real reason why the Federal Reserves is attempting to corner the gold market.

    • onecansay

      Well, learned a long time ago.

      “He whom holds the gold pays the debt.”

      Your answers are in your question.

  • Old Man

    Read this one by Charles Huge Smith:

    The Collapse of Our Corrupt, Predatory, Pathological Financial System Is Necessary and Positive (November 5, 2011)

    http://www.oftwominds.com/blognov11/collapse-of-corrupt11-11.html

  • Kevin2

    Holiday season is upon us soon and we get a chance to converse with relatives we don’t see too often (and of course some that we do). Take a mental note if more of them are aware of the economic reality this year as opposed to previous.

    Who is winning the hearts and minds?

  • http://pennypincherpersonalfinance.blogspot.com Penny Pincher

    You should go to Youtube and watch a series of videos about the history of the ESF (Exchange Stabilization Fund – part of the Fed). The first one is called “What I Have Been Afraid to Blog About – A History of the ESF”
    http://www.youtube.com/watch?v=2ssrcD5GdPQ
    go there and you will find the rest. It will make you HOPPING MAD.

  • bobbobbobbob

    where can i donate to OWS

    • yeech

      at your mommas house. I hear lots of people are going there to leave “donations”

  • JMorcan

    I wonder how many jobs were created in China over the last decade?

  • Mad Max

    It’s pretty hard to spin reality. People are waking up. They don’t have a choice. Now it comes down to what we decide to do.

    FIGHT THE CAUSE – NOT THE SYMPTOM
    OsiXs (Revolution 2.0)

  • Winston Smith

    send in troops and seize their assets, all of them and nationalize and/or break it up as a trust buster…..Congress alone has the tasks of raising money/taxes,etc……

    • Lennie Pike

      It will require the American Military to wake up!!! – and begin to disobey the unconstitutional orders they have been carrying out. They are training side by side inside the U.S. with foreign troops as we speak – not only our traditional allies. If that is not an invasion and overthrow of our government from within, what is it?

      There must be some Patriot higher ups in the military that aren’t only concerned with their political careers. If there are not, the ones at the bottom will have to do the job. Marching to traitorous Washington, D.C. and Wall Street to carry out arrests on a massive scale of criminal anti-Americans will be necessary. It is almost too late, there isn’t much time left to take our country back from Globalists.

      For sure, voting is a joke – they do the opposite of what the American People ask them to do. Destruction of America is their goal, and it has almost been completely achieved.

      Wake up U.S. Military.

  • http://www.argosy.edu Michael

    Article I, Section 10, Clause 1.” No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.”

    If WE The People do not want this Our Constitution to live by, then this Nation is only fit for the criminalities it consorts with. We are ALL criminals, to use and thoroughly abuse this fiat and fakery called “Federal Reserve Notes.”

    • Lennie Pike

      Not many people like to think about what money is or what the best (for all) form of money is best.

      The wisest and most famous philosophers and thinkers of history (including the Founding Fathers) have all arrived at the same conclusion – that gold and silver coin is the best and only form that money can take.

      Modern times – trade, technology, population growth, deflation, not enough gold and silver, etc. have nothing to do with it.

      There are many reasons why gold and silver is money and nothing else is, and if you don’t understand why that is true, begin reading and thinking about the subject.

      The people that run the World’s financial system know it’s true – you can believe that!

  • James

    I’m shocked, just shocked to learn about these things. – Not really. I found these things out when I started to relearn true American history other then what we were taught in the U.S. public school system. It’s nice to see a few others here that are learning the truth, but when you stop to look at the rest of the people, they number into the tens of millions that don’t know these things and won’t lift their eyes to read about these truths to save themselves from being enslaved.

  • Pupmom

    Ron Paul 2012
    Educate yourselves! ACT!
    Register (R) (YUCK) before Primary!
    We NEED his kind of change! He isour only choice, plus the necessary experience & good old common sense, remember common sense?
    Let’s take back the USA, close down departments like this, bring our troops home, repeal Obummer care, prosecute war mongers/big bankers/nobel peace prize winners…the list goes on & on & on.
    Ron Paul 2012

  • VilePig

    “But after being wrong over and over and over, Barack Obama still nominated Ben Bernanke for another term as Chairman of the Fed… It just doesn’t make any sense.”

    Sure it does, when you realize that Obama is just going through the motions and that he answers to the bankers, not the other way around.

  • Ronald

    The so called Federal Reserve is owned and Operated by the Rockerfellers , Rothchilds and
    a Host of other International Bankers and you
    Wonder Why We the people are in this Problem
    of Lack While They Reap the Benefits While We
    the People Suffer for not Knowing what the Federal Reserve really Is! A International
    Bank for the Super Rich and the People Foot the
    Bill as Paper is Issued as a Bond that the Tax
    Payer pays for in Taxes. In Short a Scam!

  • Kevin2

    Actually any thought that Bernanke is telling the truth is based on misconceptions.

  • Mike S

    Arrogant scum. It’s times like this that I understand where slogans like “Eat the Rich” come from.

  • Tony N

    China is on the decline so where is the true supply-side fundamental growth that can support Dow 12,000 ???

    16 Facts About China That Will Make Your Mind Melt , and why the Lie about China’s economic growth as an International investment needs to be Debated .

    http://www.businessinsider.com/facts-about-china-2011-9?op=1
    I think there is a good case to be made that would suggest that the multi-Nationalists Corporations are Cooking the books a little bit today because what the heck is going on today to support Dow Jones equities at 12,000 when in 2006-7 we had a whole lot more going on than we do NOW ????

    If they will allow this to go one they will allow the Multi-Nationals to cook their books don’t ya think ?????

    Congress: Trading stock on inside information?

    http://conservativebyte.com/2011/11/congress-trading-stock-on-inside-information/

    ’60 Minutes’ Uncovers Pelosi’s Insider Stock Trades
    http://www.newsmax.com/InsideCover/pelosi-stock-insider-60minutes/2011/11/13/id/417848?s=al&promo_code=D800-1

  • olde reb

    Every dollar of deficit spending is a dollar of book-entry fiat money created by a Treasury security given as collateral for a “loan .” When the security matures, the government must pay the Fed all of the fiat money created by the security. Obviously, the government does not have the money so it gives the Fed another security (it is rolled over). The Fed can then sell the security and receives the value thereof. All money created by inflation is a profit for the Fed. (If the government was funded by selling the securities on the open market to the public as touted, there would be no inflation.)

    In actual practice, the above two steps are merged into one. The deficit spending of new securities and the roll-over of prior securities amounted to $8.4 trillion in 2010. All transactions and accounting is done by the FRBNY and there is no report to Congress nor is there any other public record as to where the funds go. The trillions of dollars profit for the Fed has been hidden.

    All profit of the Fed operation belongs to the government. Ref. Federal Reserve Act of 1913, Section 7, paragraphs 1, 2. It is a crime to conceal money that is due the government. Ref. Title 18, Sections 641, 1001, 371, 3.

    Ref. RIP OFF BY THE FEDERAL RESERVE, http://www.scribd.com/doc/49040689 .

  • Tony N
  • http://www.paulstaxi.com PaulTheCabDriver

    Perhaps, if Mr. Bernanke is so concerned about misconceptions, he would support an audit of the Federal Reserve. That would definitely clear up any misconceptions that we have about it.

    • Lennie Pike

      From a fellow cab driver: I loved that – you think like a cab driver – you notice the simple and obvious that not many others notice – like an Irishman.

  • Ondina67

    Hey 60 minutes… here’s another critical story!!!

  • http://www.getaphoneswipe.com Phone Guy

    I just cannot wrap my brain around how the FED still exists. Many Americans would like to see Congress coin our money, as stated in the Constitution, and to back to a gold standard.

    Burn the fiat money!

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  • Nancy Peterson

    Here is some information that may shed light on why the Fed still exists.
    After the Civil War, Abraham Lincoln planned to do away with the then Bank of the United States, a Central Bank that was privately owned. He was assassinated. Before that he fought to prevent the Rothschild Banks from being involved in funding the Civil War. It was the Tsar of Russia who eventually provided the finance. Check out: http://www.servelec.net/lincoln.htm

    In June 1963 JFK signed Executive Order 11110, to basically strip the Bank of its power to loan money to the United States Federal Government at interest. This Order returned to the federal government, specifically the Treasury Department, the Constitutional power to create and issue currency -money – without going through the privately owned Federal Reserve Bank. It gave the Treasury Department the explicit authority: “to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury.” As a result, more than $4 billion in United States Notes were brought into circulation in $2 and $5 denominations. $10 and $20 United States Notes were never circulated but were being printed by the Treasury Department when Kennedy was assassinated. “United States Notes” were issued as an interest-free and debt-free currency backed by silver reserves in the U.S. Treasury. President Kennedy was assassinated on November 22, 1963 and the United States Notes he had issued were immediately taken out of circulation. (Coincidence? You decide.) http://www.john-f-kennedy.net/thefederalreserve.htm Interestingly his order was never repealed, amended or superseded, it has simply been ignored. Does this mean it is still valid?

  • http://none J Buford Langston

    For a clear insight into the start-up of the world monetary financial scheme read Ted Flynn’s book, HOPE OF THE WICKED, an amazing account of this whole imbroglio. We have been “had” for years and it may be too late to stop it, but it no
    t too late to try! The name of the game is power.

    “I care not how the voting goes so long as I control the money,” Amschel Rothchild

  • DanielD

    Bernanke said:

    “We at the Federal Reserve have been focusing intently on supporting job creation.”.

    Supporting job creation. That’s a far cry from actually creating jobs. I hope you understand the difference. Government cannot create jobs. The Federal Reserve cannot create jobs.

    They can only get out of the way and allow job creators to create jobs. The Obama administration has done everything to get in the way. This has nothing to do with the Fed.

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