Ben Bernanke Is No Private Ryan

By Chandrashekar (Chandra) Tamirisa, (On Twitter) @c_tamirisa

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It is clear from the President Obama’s parodies at the White House Correspondent’s Dinner that the time is up for both the United States Secret Service and the Central Intelligence Agency (CIA).

The president is now solely in control of the nuclear codes, not the Bohemians, and American Knight Commanders of the British Empire (KBE) can be subject to quaint sunsets. The Secret Service can be eliminated for the Navy Seals to take over presidential security and for the National Security Agency (NSA) to prevent counterfeiting, and the CIA (Skull and Bones) can be flushed into the new Defense spy agency.

As the Bohemian Club comes under the scrutiny of the political left after Cartagena, the heart of the matter seems to be the saving of Europe for Washington’s Bilderbergers – a group run by European constitutional monarchs – when Europe is very capable of saving itself.

Roger Altman – the Clinton Treasury official in the Lloyd Bentsen Treasury during the Resolution Trust Corporation (RTC) handling of the Savings and Loan (S&L) clean up – was on ABC’s This Week about a year ago, defending Benjamin Bernanke.

Flashbacks of Bernanke’s friends such as Altman of the Fed Chairman’s comments that more debt could be destabilizing for the United States are intended to avoid responsibility for Bernanke’s unequivocal support of raising the debt ceiling around the same time. Altman is now a Bilderberger in his post-Bentsen incarnation in Washington, discussing world affairs with his former Clinton-era friends and new friends such as Bernanke.

To close observers, such as myself, of the Fed’s pubic affairs antics choreographed by Michelle Smith, the Director of Federal Reserve Public Affairs and a Bentsen protege, Altman’s defense of Bernanke is reminiscent of the Clinton economic team’s preemptive damage control bungle of Whitewater which costed taxpayers $40 million for much ado about nothing. Not being forthcoming when asked – on the job or about off the job alleged abuses of power – was endemic to the Clinton administration and is now of the Fed since 2007.

Bernanke’s former Princeton colleague Paul Krugman was on ABC’s This Week today excoriating the Fed Chairman for mandate negligence after a lengthy piece in the New York Times.

Krugman is being far too nice to the Fed Chairman. Bernanke, as an academic, did not understand the role of expectations in the shifts of aggregate demand and aggregate supply to cause any of the three malaises of monetary economics: inflation, deflation and stagflation. That he needs to go is common knowledge in Washington. How and why he is hanging on is an intrigue.

S&L is analogous to Bernard Madoff. Steven Spielberg can vouch for it after losing money to the now jailed money manager. RTC was needed to make whole bilked savers – unprotected by the Federal Deposit Insurance Corporation (FDIC) – after the S&L contagion. Alan Greenspan wanted an RTC-type clean up for the 2007-2008 financial crisis, though  the Treasury and Federal Reserve had accomplished the same, not for the investors but for the bankers, with the Troubled Asset Relief Program (TARP) and other Fed bailouts such as of AIG, Goldman Sachs, Morgan Stanley and Bank of America.

As the Secret Service misconduct unfolds into a scandal that will most likely end the institution for its wide-ranging abuses of power to protect public officials in high places from public accountability, Washington Bilderbergers such as Altman and Bernanke are defending their tete-a-tetes against the backdrop of the dismal uncertainties being faced by countless Americans in the current economic situation of the United States.

Bernanke’s Fed, which has been grossly negligent of the unemployment part of its mandate, has little credibility on the issue of national debt which is not the Fed’s job and, hence, does not require the Fed’s gratuitous sapience on the matter.

There are many others who can do the job better than Bernanke at the Federal Reserve.

In the left-right Continental European-Anglo wars of Washington, the city need not come to the rescue of Ben Bernanke for having unemployed 8 million Americans after the housing crisis of 2007.

Ben Bernanke is no Private Ryan.


About Chandrashekar (Chandra) Tamirisa
This entry was posted in Economics, European Union, Monetary Policy, Transformations LLC and tagged , . Bookmark the permalink.

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