It appears that Ben Bernanke is achieving what Ron Paul and others before him could not do. That is, Mr. Bernanke may be the one to actually destroy the Federal Reserve. If Mr. Bernanke accomplishes this goal, we should all be thankful. He is deserving of a statue in the Free Market Hall of Fame, assuming there are any buildings left standing.
The scary part is that Mr. Bernanke’s goal is to strengthen rather than abolish the Fed. That he may succeed in accomplishing that which he is most against should be terrifying to the country and the world. Like the man who re-appointed him, Mr. Bernanke seems to be living in his own world, oblivious to what is happening around him. He is being assailed from all quarters, yet does not see, hear or comprehend the criticism. Soon, he will be the only one that does not know he has failed and failed miserably.
Mr. Bernanke is not your average person. He, like so many academics, is educated beyond his level of competence. He has been contaminated by what Hayek termed “the fatal conceit.” His pedigree and superior intellect surely enable him to solve any problem. Mr. Bernanke is truly extraordinary, but only in his supreme confidence and detachment from reality.
According to Mish:
Bernanke is a man who could not find his ass with both hands and a roadmap when it comes to spotting the housing bubble, the recession, and levels of unemployment, yet he preaches to the world as if he has all the answers.
He is so hellbent on preventing deflation that he cannot see anything else. It would help if he even understood what it was. It sure would help if he could understand that rising prices without rising wages will crucify the average citizen.
It is not enough that he holds the power (and apparently the ability) to destroy this country, now he insists on sharing his unique abilities with the rest of the world. Apparently destroying the US is considered too trivial a task for this genius. He is must save (destroy) the financial system of the world.
His latest speech is an attack on China. Wow! If you owed a million dollars to a bank who had the right to call the funds at their discretion, would you run around saying bad things about them? Of course not. But then you haven’t been educated beyond your level of competence.
Read Mish‘s blistering take on Bernanke’s latest moves.