Photo courtesy of (Time)
Today, Time Magazine announced their “Person of the Year”, bestowing the award on none other than Ben Bernanke, the chairman of the Federal Reserve. This, though, does bring up the question that not many people think about:
How is it that Ben Bernanke, the chairman of a private entity set up congress to keep our monetary supply in check, was able to garner enough power and clout to become the person of the year?
Simply put, in the years following the creation of the federal reserve by congress, each successive Federal Reserve chairman has bestowed upon themselves more power than the last, all, essentially unchecked by congress who currently has no authority over the Fed. Ron Paul was on hand this morning with “Morning Joe” to give his reaction to the award.
Ron goes on to say that “[Bernanke] is more powerful than the President himself” and if Bernanke wanted to make a trillion dollars out of thin air, he could; Something that neither the President, congress, or any other government organization could do, even if they wanted. On a radio show this morning, the author of the article in Time was quoted as saying:
“Many people don’t understand what the Fed does how much the Fed effects [their] lives. Mr. Bernanke essentially dictates the price they pay for a loaf of bread.”
This seemingly unlimited power held by the Federal Reserve has come into question recently by Ron Paul in an interview with the Financial Services Committee.
End[ing] The Fed, is the only way to curb the boom-bust business cycle caused by mal-investment, stemming from loose credit policies handed down by the current dictator of the free world, Ben Bernanke.