*Ben Bernanke Reduced American Wealth By 14%----just wait til his mentor
from the Bank of Israel gets finished cleaning out our accounts.*
On Friday, December 20, 2013 3:08:24 PM UTC-6, Travis wrote:
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> December 20, 2013
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> *Ben Bernanke Reduced American Wealth By 14%*
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> *By* *Jon Decker* <http://www.americanthinker.com/jon_decker/>
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> With Ben Bernanke's chairmanship of The Federal Reserve set to expire at
> the end of January, it is prudent that we examine his seven years at the
> helm of America's central bank in order to see what lessons can be learned
> going forward. When Bernanke's legacy is objectively studied, it is clear
> that his chairmanship has been a mediocre one, even by the Fed's own
> standards.
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> The purpose of the Federal Reserve is outlined in the bank's dual mandate;
> to stabilize the value of the dollar, and to curtail unemployment. Although
> much attention has been paid to the latter of the mandates (and it is
> understandable why American's are aware of our stubbornly high unemployment
> numbers) there has been precious little focus on the Fed's initial mandate
> of stabilizing the value of the dollar. When it comes to maintaining the
> value of the dollar, the Bernanke Fed has had about as much success as
> in their efforts to lower unemployment to pre-recession levels.
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> Using the eye-opening tool available at
> usinflationcalculator.com<http://www.usinflationcalculator.com/>,
> an individual can determine how significantly their savings have dwindled
> during Bernanke's time in office. Every dollar that you saved in 2006 has a
> purchasing power roughly 14% less today. If you had $1,000 in savings in
> 2006, you can now purchase the equivalent of approximately $860 worth of
> goods and services. It is also worth noting that a dollar in 2006 could
> purchase 1/603th of an ounce of gold, while a dollar today can only
> purchase 1/1236th of an ounce. As *Forbes* Opinions Editor John Tamny
> noted in a recent
> column<http://www.forbes.com/sites/johntamny/2013/11/18/rep-kevin-brady-has-noble-intentions-but-must-back-them-with-inflation-knowledge/>,
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> when examining "The value of the dollar in terms of the commodity
> historically used to define money thanks to its stability is fairly
> explicit that we have an inflation problem." Although history has seen
> higher periods of inflation, it is clear that the value of the dollar was
> far from stable during Bernanke's time as Fed Chairman.
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> While the above may serve for some as evidence that the Bernanke Fed was a
> disaster, I have chosen to grade his performance on a curve, and thus have
> selected the "mediocre" rating. Truth be told, Bernanke is not solely to
> blame for the depreciating dollar, as he was given an insurmountable task
> to begin with! Maintaining the purchasing power of the U.S. dollar is
> simply not an attainable task under our current fiduciary system.
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> Bernanke's job as Fed Chairman is reminiscent of a certain famous Albert
> Camus essay that I recall studying in a philosophy class while enrolled at
> Roger Williams University. In "The Myth of Sisyphus" the protagonist,
> Sisyphus, is constantly attempting to push a boulder up a mountain only to
> watch as the rock rolls back down the hill whenever he nears the top.
> Despite repeated failures at rolling the giant boulder up the mountain,
> Sisyphus does not give up nor change course, and continues attempting this
> daunting task until the author eventually concludes that his struggle is
> enough "to fill a man's heart and make him happy." Such is the state of
> America's central bank. In the absence of a gold-backed dollar, long-term
> stability is unachievable. For this reason the dollar's value has declined
> by over 80% since the currency's final link to gold was severed in 1971.
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> Lastly, Bernanke also deserves some credit for successfully maintaining
> inflation within the Federal Reserve's target 2% rate. Of course, whether
> or not the Fed's 2% target is beneficial to our economy is a whole other
> topic for discussion, and one that is worthy of its own column. Since there
> is ample evidence that Bernanke struggled to meet the Fed's dual mandate,
> it is time that we re-examine how to better achieve the goals advocated by
> the Federal Reserve.
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> *Jon Decker is the Executive Editor of The Supply Side at *
> *http://thesupplyside.blogspot.com/* <http://thesupplyside.blogspot.com/>
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> *Page Printed from:
> http://www.americanthinker.com/articles/../2013/12/ben_bernanke_reduced_american_wealth_by_14.html
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> <http://www.americanthinker.com/articles/../2013/12/ben_bernanke_reduced_american_wealth_by_14.html>*at
> December 20, 2013 - 09:46:37 AM CST
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