What does it profit an American if he needs a wheel barrel of cash to buy a loaf of bread?Texas Gov Rick Perry got roundly criticized by Liberal/Progressives commentators, the White House and some weak-kneed Republicans like Karl Rove for saying it would be treason if Fed Chairman Ben Bernanke flooded the economy with more printed money.
The America Heritage Dictionary defines “treason” the betrayal of one’s country by aiding an enemy.
Ben Bernanke’s chief responsibility as chairman of the Federal Reserve should be ensuring that the value of the American dollar remains strong. But, instead he floods the system with more and more dollars which eventually can lead to runaway inflation like we had in the 70s under Jimmy Carter’s failed presidency.
The value of the dollar has steadily fallen under Bernanke’s leadership.
There’s already been a debate in Europe and China to replace the dollar as the world’s reserve currency. How does this benefit the United States if that were to happen?
If inflation is the cruelest tax of all that hurts the poor the most, how does that not reflect poorly on Bernanke’s effectiveness as Fed chairman?
Who’s side is Bernanke on if China’s economy continues to grow by leaps and bounds as the United States remains stagnant at best, and he decides to devalues the money in everybody’s wallet even more?
Is he helping or hurting America?
The honest answer to all these questions is that Ben Bernanke policies have been just as detrimental as and potentially more dangerous for the country than Barack Obama’s.
But, the difference between Bernanke and Obama is that Bernanke should know better based on his education credentials. So if he should know and yet still wants to print more money, is it treason? Maybe not, but it’s clearly foolish with the people’s money.
Rick Perry was sounding an alarm based on simple economic theory that says flooding the system with money devalues the dollar even more. We’ve been fortunate thus far that the inflation bomb hasn’t gone off. But, that hasn’t stopped Bernanke from continuously lighting the fuse.
Memeorandum
