Tuesday, October 5, 2010
Bernanke says deficits pose 'real and growing' threat to economy, calls for plan to cut them
With millions of people unemployed and the economy limping along at output levels far below its potential, Bernanke is worried about deficits??? The current condition is creating mass poverty, which will become the heritage of current and future generations. A broad decline in living standards is taking place and the U.S. is ceding its economic leadership to countries like China! Yet Bernanke is talking about deficits!!
Bernanke has now become part of the problem and not part of the solution. It's bad enough that we have scores of ignorant lawmakers in Washington thrusting this misery onto us; but we don't need a bunch of squirrel-minded academics at the Fed doing it too!
The Fed has far too much power and that power is being wasted or misused when you have this ideology. I think I am beginning to feel that Ron Paul has it right...we should abolish the Fed! We don't need the government AND the Fed conspiring to make a nation of slaves, serving only the privileged and powerful. Get rid of the Fed and at least we'll have one less ignorant institution to deal with.