Bernanke: Federal Reserve Caused Great Depression

[AlphaOmega7]

MONEYNETDAILY
Bernanke: Federal Reserve
caused Great Depression
Fed chief says, 'We did it. …
very sorry, won't do it again'

Posted: March 19, 2008
9:02 pm Eastern

By David Kupelian
© 2008 WorldNetDaily


Despite the varied theories espoused by many establishment economists, it was none other than the Federal Reserve that caused the Great Depression and the horrific suffering, deprivation and dislocation America and the world experienced in its wake. At least, that's the clearly stated view of current Fed Chairman Ben Bernanke.

The worldwide economic downturn called the Great Depression, which persisted from 1929 until about 1939, was the longest and worst depression ever experienced by the industrialized Western world. While originating in the U.S., it ended up causing drastic declines in output, severe unemployment, and acute deflation in virtually every country on earth. According to the Encyclopedia Britannica, "the Great Depression ranks second only to the Civil War as the gravest crisis in American history."

What exactly caused this economic tsunami that devastated the U.S. and much of the world?

more...http://www.wnd.com/index.php?fa=PAGE.view&pageId=59405

[goinghome]

I don't know what to think of this. "We won't do it again." ???? Just because they admit to causing it under those particular circumstances doesn't mean that they would have similar understanding or control under other, different circumstances. People are different, the economy is different. Money is different. Just because you might be able to cure lung cancer by removing a lung, doesn't mean you're going to be able to cure cancer again if it's in the liver. There are too many unknowns to be known, ya know? Not sure if I'm making sense.

[Newborn]

I don't know what to think of this. "We won't do it again." ???? Just because they admit to causing it under those particular circumstances doesn't mean that they would have similar understanding or control under other, different circumstances. People are different, the economy is different. Money is different. Just because you might be able to cure lung cancer by removing a lung, doesn't mean you're going to be able to cure cancer again if it's in the liver. There are too many unknowns to be known, ya know? Not sure if I'm making sense.

I wish more people knew just how much control the Fed has. The problems with our economy have been orchestrated to condition us for the Amero (et al.). Remember, the Fed is not part of the US government.

[Issachar]

Very interesting that he admitted about 1929. Very silly that "it won't happen again". Given that 100% of fiat system in the past have failed, why won't the one's today fail? I believe if one truly undertands just what a fiat system is, they would see that failure is intrinsic to them.

Real money is not supposed to be anything more than a convenient method for folks to trade goods and services. What it has turned into is so huge and complex that ONLY our Lord can possibly know all of what is going on.

Issachar

[jds6958]

Very interesting that he admitted about 1929. Very silly that "it won't happen again". Given that 100% of fiat system in the past have failed, why won't the one's today fail? I believe if one truly undertands just what a fiat system is, they would see that failure is intrinsic to them.

Real money is not supposed to be anything more than a convenient method for folks to trade goods and services. What it has turned into is so huge and complex that ONLY our Lord can possibly know all of what is going on.

Issachar


Ben's academic background convinced him that depressions are avoidable if enough cash is injected into the system. It is what all of his work is based on. This belief of his is what convinced me that hyperinflation is inevitable.

[chel0524]

How long before hyperinflation would begin if we stay on the current course? I guess my overindulged mind is just having a hard time wrapping itself around the idea that this could ever happen. Of course, the "knowledge" part of my brain knows we're on a fast moving train.

I am trying my best to stock up on foodstuffs and essentials so that we only have the mortgage and utilities to pay during a period of hyperinflation. As our mortgage is a fixed rate, we'd be doing okay if we didn't have to buy food. Utilities would probably go through the roof though.

Also, how long after hyperinflation sets in does it seem to take for the huge wage increases to start happening?

[goinghome]

huge wage increase? I haven't heard that that would even be part of the program. Do you have an article or something you could post? I've been thinking that hyperinflation would just happen, and people would just suffer. :idunno

[jds6958]

huge wage increase? I haven't heard that that would even be part of the program. Do you have an article or something you could post? I've been thinking that hyperinflation would just happen, and people would just suffer. :idunno

wage inflation has to happen as part of hyperinflation if it happens...

[jds6958]

How long before hyperinflation would begin if we stay on the current course? I guess my overindulged mind is just having a hard time wrapping itself around the idea that this could ever happen. Of course, the "knowledge" part of my brain knows we're on a fast moving train.

I am trying my best to stock up on foodstuffs and essentials so that we only have the mortgage and utilities to pay during a period of hyperinflation. As our mortgage is a fixed rate, we'd be doing okay if we didn't have to buy food. Utilities would probably go through the roof though.

Also, how long after hyperinflation sets in does it seem to take for the huge wage increases to start happening?


Wage inflation would begin to happen when people started to demand it imho...

[quiet_kate]

as prices for everything go up, salaries WILL go up, but not fast enough, and as in Germany post-WW1, you might get paid a couple times a day, and as soon as you get paid, you go out and buy what you need, because by the end of the workday, your pay will be useless. That is how bad it could get