Ben Bernanke is looking more anemic and pathetic every day that goes by, as now the disastrous Chairman of the Federal Reserve, in an attempt to shore up his position at the Federal Reserve, and the Federal Reserve itself, is using Gordon Brown as a scapegoat in an attempt to make it look like his stripping of the Bank of England of some of its regulatory powers was the problem behind the British banking crisis.
This is the same Ben Bernanke that didn’t see the economic crisis was coming and whose decisions and practices (and his predecessor) were largely responsible for it. This of course resulted in a global recession. I don’t know about you, but this doesn’t make me confident in Ben Bernanke’s assessment of Gordon Brown and British banking.
Here’s what Bernanke said: “Over the past few years the government of Britain removed from the Bank of England most of its supervisory authorities.
So what was Ben Bernanke’s excuse for being completely in the dark then on the housing crisis? No one had reined in him or the Federal Reserve. As a matter of fact, Bernanke is under heavy criticism and scrutiny for going way beyond the purpose of the Federal Reserve and handing out taxpayers’ money to whichever business and industry he decided to. He shouldn’t even be seriously considered as the chairman of the Federal Reserve, but should be look upon as a renegade that may need to be prosecuted and do some jail time for his decisions and actions.
This shows me the depth to which Bernanke will go to salvage his positions, authority and power. As the Telegraph reported, “The comments, made to the US Senate, are embarrassing for Mr Brown who has repeatedly refused to concede that his decisions as Chancellor may have contributed to Britain’s current economic problems.”
Bernanke is acting as if he’s some governmental leader dealing with serious issues when he’s technically not part of the government. Yet here he is lecturing a foreign country and leader on their banking problems when he’s been one of the greatest disasters at the Federal Reserve in its sorry history.
What Bernanke was also attempting to do was manipulate the lawmakers in the U.S he was talking to in hopes of being nominated for his second term as Chairman of the Federal Reserve. He was doing that by using the name of Gordon Brown, who has largely fallen out of favor with the British, making him an easy target to use to make it look like that will happen to the lawmakers if they strip the Federal Reserve of much of its regulatory power.
This shows me that Bernanke continues to be reckless in his thoughts, words and behavior, as the Treasury had to slam Bernanke’s remarks, knowing that they could cause diplomatic strain between America and Britain. This tells me Bernanke is so obsessed and drunk with hunger for power that he’ll almost anything to retain it. To me, that’s a dangerous man.
A Treasury spokesman in an attempt to clean up Bernanke’s mess stated: “The Bank of England, Treasury and Financial Services Authority took action to protect deposits in Northern Rock and the Bank had the power and used it effectively to provide emergency support to Northern Rock to keep its doors open. The Bank did deal with the situation effectively.”
Bernanke obviously hates what Gordon Brown did because it shows an example of how it could be done to the Federal Reserve and the Chairman himself. That’s why he outrageously attacked a foreign leader, when Bernanke has been clueless and ineffective during most of the crisis.
This is why we must have a full audit at the Federal Reserve and minimum, to see what this guy has been doing behind closed doors over the last several years.
