Ben Bernanke re-nominated for Fed chairman; why do Obama and Congress love Bernanke so?
Aug 31, 2009 Peter Schiff, economy, financial, politics
It is official, Obama re-nominated Ben Bernanke for chairman of the federal reserve. Bernanke still has to be confirmed by the Senate, but that is likely to happen. Why? Why do Obama and the Congress love Ben Bernanke so much?
Obama and the Congress love Bernanke because he makes their lives very easy. Obama can’t run his huge deficits without Bernanke. Congress doesn’t have to cut spending with Bernanke. Obama wants desperately to keep Bernanke around in order to run his socialized health care system. All of the deficit spending is possible because unlike Paul Volker, Ben Bernanke is letting Obama and Congress off the hook by monetizing all the debt.
Politicians hated Paul Volker because he raised interest rates to over 20% during his chairmanship. They all wanted him to resign because they could no longer run deficits that they thought they needed to get re-elected. Alan Greenspan, often heralded as the greatest Fed chairman ever, lowered interest rates to 1%, effectively monetizing debt through the expansion of the money supply via wide open credit from the Fed. Ben Bernanke is doing the same thing – delaying the inevitable economic pain and suffering – by lowering interest rates to a staggering all time low of 0%. Of course Obama and the Congress love Bernanke! They can continue to spend, spend, spend, with no short term consequences. The consequences are delayed and transferred to our children, who will inherit the debt and won’t be able to repay it.
See Peter Schiff’s great video below.
Tags: ben bernanke, congress, economy, Federal Reserve, Peter Schiff
Help Peter Schiff raise cash for his Senate run!
Aug 31, 2009 Campaign for Liberty, Peter Schiff, economy, financial, news, politics
Help Peter Schiff raise enough money ($1.5 million) to make a senate run that will give hardcore liberal Christopher Dodd a run for his money in Connecticut. Peter Schiff stands for small government, fiscal responsibility, and he has an extraordinary focus on monetary policy that we desperately need in the US Senate. Check out Peter Schiff for Senate online and if you can, donate to his campaign. Remember, you have nothing to lose by donating to Schiff’s campaign, because if he decides not to make his senate run official, he will refund every dollar he raises. However, we really want him to run, and WIN!
Tags: Peter Schiff
Follow Peter Schiff on Twitter!
Jul 29, 2009 Campaign for Liberty, Peter Schiff, economy, financial, news, politics
Follow Peter Schiff on Twitter, and you won’t regret it, I promise. Not only will you get regular updates on Peter Schiff’s run for the senate and updates on when Peter Schiff is appearing on the news, but you will also get tasty tidbits of economic goodness like these:
“You don’t drive an economy by consuming – the consumer is not the engine, the consumer is the caboose.”
“Minimum Wage Goes up—The only way to increase wages is to increase worker productivity. Wages cannot be raised simply by government mandate.”
“If wages could be raised simply by government mandate, we could set the minimum wage at $100 per hour and solve all problems.”
Great stuff. Follow Peter Schiff on Twitter, and support Peter Schiff for Senate.
Tags: Peter Schiff
Peter Schiff for Senate 2010 – money bomb today!
Feb 21, 2009 Campaign for Liberty, Peter Schiff, Ron Paul, news, politics
I would love to see Peter Schiff, renowned Austrian economist and economic adviser to Ron Paul during his 2008 run for President, run for and win a Senate seat. He is running from Connecticut, but Ron Paul supporters (as well as Chuck Baldwin, Bob Barr, and even Ralph Nader, Cynthia McKinney, Dennis Kucinich, Mike Gravel, etc), regardless of where they are from, should support Schiff in his Senate run. I donated; go and do the same!
Tags: Campaign for Liberty, money bomb, Peter Schiff, Ron Paul
Peter Schiff on US bond market bubble and an Obama economy
Jan 13, 2009 economy
In this video, Peter Schiff, President of Euro Pacific Capital and economic adviser to Ron Paul, discusses the current bubble in the Bond markets and the economy under Barack Obama.
Tags: barack obama, bond market, economics, Peter Schiff
The Federal Reserve slashes interest rate to 0, throws gas on the fire
Dec 18, 2008 Ron Paul, economy, news, politics
Ben Bernanke
On December 16, 2008, the Federal Reserve cut its key interest rate to a range between 0 and .25%, the lowest since 1954.
Why does the Federal Reserve, a group of wealthy private bankers who were unconstitutionally given a monopoly on the creation of money in the United States, think it can solve this economic crisis by doing the very thing it did to create the problem in the first place? By lowering interest rates, the Federal Reserve is attempting to inject liquidity into the market by making lending more attractive to member banks, and their member banks, all the way down to the consumer trying to buy a car or house he/she cannot afford. As if the massive debt realized by this process is not bad enough, the money that the Fed issues is printed out of thin air, and thus debases the dollar.
I suppose there is some good news: the Federal Reserve cannot lower interest rates any more! When this last ditch effort to mend the economy fails, which it is bound to do, everyone will (finally) understand that the Federal Reserve cannot simply print wealth. Everyone will understand that deficit financing and monetization of debt can only last so long. Everyone will understand what happens when an organization like the Federal Reserve is allowed to operate with no oversight, regulation, or transparency to the people of the United States of America. Everyone will finally understand that the unlimited production of fiat currency is a system that is inherently flawed and destined for failure.
Everyone will realize that Ron Paul, Peter Schiff, and so many others were right after all.
Tags: ben bernanke, economy, Federal Reserve, inflation, Peter Schiff, Ron Paul
