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“I believe that the tools available to the banking agencies, including the ability to require adequate capital and an effective bank receivership process are sufficient to allow the agencies to minimize the systemic risks associated with large banks. Moreover, the agencies have made clear that no bank is too-big-too-fail, so that bank management, shareholders, and un-insured debt holders understand that they will not escape the consequences of excessive risk-taking. In short, although vigilance is necessary, I believe the systemic risk inherent in the banking system is well-managed and well-controlled.” Ben Bernanke – ’05 U.S. Senate confirmation hearings.
What is a good libertarian to do? This statement alone should be a sound basis for denying Ben Bernanke another term of sinecure at the Fed. Bernanke couldn’t have acted in less compliance with this statement, in fact his actions were the exact opposite of his stated position. And yet, he’s probably going to be confirmed by the majority of the senate without much difficulty.
Only a country with truly corrupt institutions could tolerate such abject dishonesty and wholesale game-rigging, only to respond by cheerfully asking for more without at least even pausing to take a breath. I mean sure, Ron Paul is out there, and now Bernie Sanders and Jim Bunning are pledging to make some waves, but really there is no head of steam building behind not reconfirming him. Here’s a question for you all to chew on, what exactly would Ben have had to do during his tenure to not get reconfirmed? Break the law by buying private securities to prop up markets and financial firms? Increase the money supply by 23% in one year, causing the real risk of severe inflation in the near term? Refuse to disclose the actual investment activities of the Fed?
I could go on, but I’m assuming that most of you (because you are reading this) already know what the Fed has been up to – and how unprecedented it all is. Yet it seems that this is going to just slip by because there is so much else going on. Don’t think this is by accident – it’s a well known strategy in Washington and other scumbag-ridden political circles to flood the system with crises and initiatives, so much so that the average person can’t possibly even keep track of seemingly minor things like Ben Bernanke’s reconfirmation hearings, but don’t let them do it! Talk this up, write your op-ed comments, and most of all, think about it. We are in big trouble folks, and starting by smacking Ben down would be a great shot across the bow of the crony-corporate-capitalists and their stooges in Washington, DC. It’s time for libertarians to stand up for libertarianism!
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