Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

“Capitalism and communism stand at opposite poles. Their essential difference is this: The communist, seeing the rich man and his fine home, says: 'No man should have so much.' The capitalist, seeing the same thing, says: 'All men should have as much.'”     Phelps Adams

August 25, 2009

Obama: You’re doing a heck’uva job, Bernie

by tarran

Continuing his George Costanzaesque presidency, Obama has decided to reappoint Ben “Helicopter” Bernanke to another term on the Fed.

Here’s what Obama had to say:

Ben approached a financial system on the verge of collapse with calm and wisdom; with bold action and outside-the-box thinking that has helped put the brakes on our economic freefall

I thought it might be useful to take a look at some highlights of this Solon, this central – planner whom George Bush put in charge of the money supply:

Of course, as usual, Obama is dead wrong: the Federal Reserve’s actions have actually prolonged the downturn, made it worse, and have laid the foundations for an even bigger crash down the road.

Monetary Base of U.S. Dollar

In the days before the election, I told many of my fellow Massachusetts residents that Obama was not so much a break from George Bush as a continuation of his worst policies. I am sorry to say that he has been proving me right since. And this is yet another nail in the coffin of an administration that is showing itself to be even more incompetent than the Bush presidency.

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  1. So when the monetary base doubles, the dollars I have should be worth half as much, right? Except somehow they have prevented this from happening. I have a feeling that when it does hit, it will be just as sudden as that spike in the graph.

    Comment by John222 — August 25, 2009 @ 7:23 pm
  2. John222 –

    The increase in dollars in circulation matches almost exactly to the credit that evaporated during the same period because of deleveraging by financial institutions. The spike in that graph is an inflation time bomb that will be set off when financial institutions start trying to ramp credit levels to where they were pre-2008. The trouble for the economy is only just beginning.

    Comment by Quincy — August 25, 2009 @ 10:42 pm
  3. So I understand that what Bernake was saying was bad, we should have seen at the time what would happen, but how much did he write himself? If we fire him, the same people are going to be working in the background, writing these overly optimistic speeches and making the same horrible policy.

    Comment by Peter — August 26, 2009 @ 7:18 am

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