Tag: Ben Bernanke
Ben Bernanke Gives Ron Paul the “Idiot Treatment” (Watergate Payoffs)

After Ron Paul raised questions about possible past Federal Reserve misdeeds including allegations of involvement in Watergate payoffs, Ben Bernanke answered smugly: “These specific allegations you’ve made, I think are absolutely bizarre.” The crowd reflexively laughed at Dr. No’s perceived looniness and pundits have already depicted his concerns as “wild” and “odd.” Well, it…
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Higgs Is Just a Pessimist

“Higgs is just a pessimist” — how often I’ve come across expressions of that sentiment during the past twenty-five years! In certain circles, I have become the butt of jokes – some good-natured, some not – by virtue of my alleged pessimism. Okay, maybe I am somewhat pessimistic. My wife, who is confident that she knows…
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Bernanke’s Reappointment

President Obama announced that he will reappoint Ben Bernanke as Chairman of the Board of Governors of the Federal Reserve Bank (Fed), and I’m more than OK with the president’s decision. Bernanke’s policies over the past year and a half have put the Fed in a precarious position, but Bernanke says he has an…
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Ben Bernanke Must Go

Ben Bernanke’s four-year term as Chairman of the Federal Reserve System ends on January 31, 2010. In a story published on August 12 and headlined “Economists Call for Bernanke to Stay, Say Recession is Over”, Wall Street Journal reporter Paul Izzo writes that “economists are nearly unanimous” in recommending that President Obama reappoint Mr….
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Most Investors, Economists, and Policy Makers Are Blind to the Mountain of Malinvestments

Reading about the first Quarterly Bloomberg Global Poll of investors, which found that almost 75 percent of those surveyed give Ben Bernanke favorable marks for his actions as chairman of the Fed during the current financial and economic crisis, my first reaction was to wonder, What are these people thinking? The news article also…
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Man-Bites-Dog Story: A Politician Speaks the Truth

Testifying today before the House Financial Services Committee, Fed Chairman Ben Bernanke took some well-deserved flak for the Fed’s power-grasping attempt to gain even greater control over the nation’s financial institutions. People who have progressed beyond Political Science 101 understand, of course, that congressional hearings are rarely anything more than propaganda theater. From time to time, however, the unfathomable human element bursts…
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Inflation Ahead

Federal Reserve Chairman Ben Bernanke told Congress he has an exit strategy to rein in excess growth in the monetary base when the time comes. The problem is, any action that would reduce the bloated monetary base would do so by increasing interest rates, and Bernanke has also said he will keep interest rates…
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One Man’s Hero Is Another Man’s Goat

Jack Welch, former Chairman and CEO of General Electric, gives CNBC his opinion of Ben Bernanke: “I think he saved the system, I think he’s a national hero,” Welch said. “I think Bernanke seems to be a guy operating on a clear intellectual framework. This guy’s done a hell of a good job.” Perhaps Bernanke…
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Anna Schwartz Indicts the Federal Reserve–Again

Economist Anna Schwartz devoted ten years to gathering and analyzing the data that went into her book with Milton Friedman, A Monetary History of the United States, 1867-1960. It was the empirical rigor of that book that reminded economists and central bankers of a truth many of them had forgotten—namely, that excessive growth of…
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Government Is Furiously Dancing the Two-Step

How do once-free people lose their liberty? The formula may be stated succinctly: crisis and leviathan. Alternatively, and somewhat more fully stated, the procedure for the government officials and their supporters who hope to gain by quashing the people’s liberties is (1) cause a serious crisis, thereby heightening the public’s fears, and (2) blame others…
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