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Sunday, April 12, 2009

Bernanke Tells Us Congress Is Powerless

About 6 weeks ago, Ben Bernanke made it perfectly clear that returning control of Congress to the Republicans will do little, if anything, to restore order and conservative principles to our governance, at least until the Federal Reserve is gone and replaced by some form of currency standard, so that there are inherent constraints on how much money we can spend and the profits of money creation can't be endlessly skimmed by the central bank. I missed this when it happened, apparently, although I recollect the outrageous refusal by JPMorgan and other banksters to tell where the initial bailout money went. George Washington has returned from the dead and is maintaining a blog, wherein he helpfully reminds us of Bernanke's belief that he rules the US by fiat.

Quoting from the blogging President Washington on March 4:

"Yesterday, in his appearance before Congress, Bernanke revealed with a single word who really runs the United States:

Senator Sanders: "Will you tell the American people to whom you lent $2.2 trillion of their dollars?"

Bernanke: "No"
No?

Indeed, Bernanke and Treasury refuse to provide this information even confidentially and off-the-record to Congress. And the official overseer of the TARP bailout program can't even get the information of where all the bailout money is going. See also this.

With his single word "no", Bernanke revealed that Congress is impotent and out of the loop. In other words, Congress doesn't really run the country in the core area of business, finance and the economy. The financial giants and their servants at the Fed and Treasury do."

There's a tremendous list of quotations below Bernanke's arrogant remarks in President Washington's March 4 post--a long line of illustrious men from our history, all warning us to stamp out the power of the central bankers. I think the one from Woodrow Wilson is weird conspiracy-theorizing, and I've never heard that he was terribly concerned about the power of the elite bankers of the world, but otherwise the quotations are powerful.

Starve the Beast, End the Fed.

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