Cryptocurrency: Ben Bernanke Wins Nobel Prize for Economic Idiocy, Ruin, Slavery, and Govt Violence

grarpamp grarpamp at
Mon Oct 24 21:43:53 PDT 2022

Ron Paul: Wreck The Economy, Win A Nobel Prize

Ben Bernanke was one of the architects of the inflation you’re
suffering from today. He won a Nobel Prize for his efforts.

Bernanke rolled out quantitative easing to rescue the economy in the
wake of the 2008 financial crisis. At the time, he swore it was a
temporary emergency measure and that the Fed would eventually sell all
of the bonds it was accumulating on its balance sheet. He insisted
that it was not a debt monetization scheme.

Of course, it was a debt monetization scheme.

After a half-hearted effort to shrink the balance sheet a decade after
the Great Recession, the Fed abandoned the effort as soon as the stock
market tanked at the end of 2018. It went right back to QE and then
launched QE infinity to deal with the government’s response to the

As Peter Schiff has been saying, the inflation problem of today
started decades ago and Bernanke was one of the chief culprits. As Ron
Paul put it, “Honoring Bernanke for his advice on what government
should do when banks fail is like giving a fire safety award to an

The following article by Ron Paul was originally published by the Ron
Paul Institute. The opinions expressed do not necessarily reflect
those of Peter Schiff or SchiffGold.

Former Federal Reserve Chairman Ben Bernanke is a 2022 recipient of
the Nobel Prize in economics for his writings on how government should
respond to bank failures. Honoring Bernanke for his advice on what
government should do when banks fail is like giving a fire safety
award to an arsonist.

Bernanke was Fed chairman when the housing bubble, created by his
predecessor Alan Greenspan in the wake of the bursting of Greenspan’s
tech bubble and the 9-11 attacks, exploded. When the housing market
collapsed, Bernanke worked with Congress and the Bush administration
to bail out big banks and Wall Street firms.

In the years following the meltdown, the Bernanke-led Fed tried to
“stimulate” the economy via massive money creation, near-zero interest
rates, and “quantitative easing,” where the Fed injects liquidity into
the market via purchases of financial assets including Treasury bonds.

The Fed’s post-meltdown policies produced sluggish growth at best
while laying the groundwork for the next bust. A sign that the next
crash was around the corner came in September of 2019 when the Federal
Reserve began pumping billions of dollars a day into the
“repurchasing” market, which banks use to make overnight loans to each
other, in order to keep that market’s interest rates from rising above
the Fed’s target rate. The covid lockdowns then gave the Fed an excuse
to push interest rates to zero and massively expand quantitative

The Fed’s actions are the prime culprit behind the price inflation
plaguing America’s economy. The Fed has responded to the price
inflation by increasing interest rates, although rates remain much
lower than they would be in a free market. The fact that even these
relatively small increases helped push the fragile economy into
recession shows the instability of our debt-based economic system.

Bernanke, and Congress, should have responded to the meltdown by
letting the recession that followed the meltdown run its course. This
is the only way the economy can adjust to the market distortions
caused when the Fed increases the money supply and lowers interest

Those who worry that this “don’t do something, just stand there”
approach would inflict long-term economic pain on the American people
should consider the economic depression of 1920. During this
depression, the Fed refrained from trying to “stimulate” the economy,
and Congress actually cut spending. The result was the downturn was
quickly over. Sadly, the lessons of 1920 are largely ignored by
mainstream economic historians.

In response to my questioning at a Financial Services Committee
hearing, then-Fed Chairman Ben Bernanke admitted he did not consider
gold to be money. Of course, gold and other precious metals are money
because individuals have selected them whenever they had the freedom
to choose a currency. One reason for this is that precious metals are
uniquely suited to serve as a stable unit of account. In contrast,
government rulers have favored fiat money precisely because it can
never serve as an honest unit of account due to its value being
constantly manipulated by central bankers. This is often done at the
behest of power-hungry politicians.

Therefore, under a fiat monetary system we cannot know the true value
of goods and services. This is why to create a sound economy that
provides prosperity we should audit then end the fed.

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