Ben Bernanke is the Chief Architect of Dollar Destruction

May 16, 2011 05:08

Even the European Central Bank has expressed its deep concern at America’s weak dollar policy. In the private sector, the University of Texas has invested $1 billion in physical gold. This represents an unprecedented vote of no confidence in this Administration’s stewardship of fiscal and monetary policy.

By John Browne at Capitalism Magazine

Back at the Fed’s first-ever press conference, Bernanke relied on the gravity of his office to awe his listeners and assure markets. No doubt that he believes that increased ‘transparency’ will translate into support. On this point, he has miscalculated. He trotted out a key series of officially manipulated statistics that show inflation to be under two percent and unemployment to be under nine percent. But Americans are aware that the prices they pay for the things they actually need are rising much faster. While the prices of electronics and houses may have fallen, the ‘basics’ have risen dramatically. Indeed, over the past two years, the oil that powers our cars has risen by 74 percent, the corn we eat by 189 percent, and cotton, the self-proclaimed “fabric of our lives,” by 380 percent! No wonder the body politic suspects the Chairman may be out of touch with reality.

Whatever his real motivations may be, Bernanke’s pronouncements are becoming so poorly tethered to reality that more and more citizens are coming to understand that the emperor has no clothes, that the man behind the curtain has no idea what levers to pull. Paradoxically, this bodes well for the future of American politics. Newfound skepticism could finally lead to major political changes that the country so desperately needs.


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