by Stephen Lendman
On Wednesday, Obama nominated Janet Yellen as Fed chair. She’s currently vice chairwoman. Senate confirmation is certain. It’s rubber-stamp. She’ll succeed Ben Bernanke. On January 31, his second four-year term ends.
In its hundred year history, Yellen will be the first female Fed chair. According to the Central Bank Directory (CBD), 17 others head central banks globally. CBD lists 177 from Afghanistan to Zimbabwe.
Yellen may be the richest central bank head. Her reported investments were at least $4.8 million in 2012. Estimates range up to around $13 million.
A year later, her wealth may be millions higher. She’s privy to inside information. She helps make it. She’s able to take full advantage. So can other Fed governors. They’re all millionaires. They want sustained easy money to make more of it. They want in on the gravy train. They want maximum benefits accruing to them. So do congressional members. The Senate is known as a millionaire’s club. Half or more of all House members are millionaires.
Some congressional members and high-level appointed bureaucrats have extraordinary wealth. They want policies affording them maximum benefits. Bernanke will be remembered as the economy wrecker of last resort. Throughout his tenure, money printing madness substituted for stimulative growth policies.
He helped engineer the greatest wealth transfer in history. Grand theft America reflects it. America’s 1% never had it better. Bankers, major corporations, big investors, and high net worth individuals alone benefitted. They did so at the expense of most others. A previous article said:
When finance capitalism prospers at the expense of ordinary people, economies are hollowed out in the process. Neofeudalism follows. Ordinary Americans were swindled. They lost their well-being and futures. Monied interests benefit at their expense. Regressive Fed policy bears much responsibility. Congressional and administration malfeasance shares blame.
Bernanke looted America. He did so for nearly eight years. Obama praised him, saying: He’s “the epitome of calm, and against the volatility of global markets he’s been a voice of wisdom and a steady hand.”
He took “bold action.” He “shore(d) up our banks and (got) credit flowing again.” Obama omitted explaining who benefitted and who lost out entirely. He claimed “American workers and families will have a champion in Janet Yellen.” She’s “the kind of person who makes everybody around her better.”
She’s “extremely well qualified.” She’s “renowned for her good judgment.” She’s a wolf in sheep’s clothing.
She “pledge(d) to do (her) utmost to keep that trust and meet the great responsibilities to promote maximum employment, stable prices, and a strong and stable financial system.”
“While we have made progress, we have farther to go. The mandate of the Federal Reserve is to serve all the American people.”
“We can help ensure that everyone has the opportunity to work hard and build a better life.”
“We can ensure that inflation remains in check and doesn’t undermine the benefits of a growing economy. We can and must safeguard the financial system.”
“The Fed has powerful tools to influence the economy and the financial system, but I believe its greatest strength rests in its capacity to approach important decisions with expertise and objectivity, to vigorously debate diverse views, and then to unite behind its response.”
“The Fed’s effectiveness depends on the commitment, ingenuity, and integrity of the Fed staff and my fellow policymakers. They serve America with great dedication.”
Economist John Williams is an expert on government data. He reports accurately on unemployment, GDP, inflation and other federal statistics. He said Bernanke’s “been tap dancing on a land mine since 2008.”
“He has avoided detonating an intensified banking-system crisis, so far, but the cost has been that of locking the Fed into near-perpetual quantitative easing and monetization of US Treasury debt, with horrendous implications for future domestic inflation and US dollar debasement.”
“Crises in the economy, financial markets and systemic-solvency continue, with the post-2008 panic environment little moved towards sustainable and renewed normal activity, despite the fancy footwork.”
It’s wishful thinking to believe America’s “fiscal issues had been resolved or the crisis contained.”
A “fiscal disaster” approaches. Williams sees continued currency debasement. Eventually it’ll be “complete,” he believes. Global markets will “increasingly absorb that reality.”
Dollar selling pressure “should become intense.” Its global reserve currency status may be lost.
Underlying precious metals fundamentals are strong. Artificial price restraints reflect market manipulation naked short selling. Real value will win out. Prices eventually will soar. Paul Craig Roberts calls America “totally discredited.” It lost all credibility. It won’t regain it. Before yearend or “almost certainly in 2014, the US will face severe economic crisis” conditions.
He cites longterm dollar debasement. Fed money printing madness. Bailing out banks too big to fail. Doing it “regardless of the adverse impact on domestic and world economies and holders of Treasury debt.”
“Collapsing job opportunities and a sinking economy” reflect today’s America, he believes. What’s ongoing is a crisis “too large for the available intelligence, knowledge, and courage to master.”
“When the proverbial s..t hits the fan, the incompetent and corrupt Federal Reserve and the incompetent and corrupt US Treasury will have no more credibility than Obama and John Kerry.”
Fed/Treasury/administration/congressional policies destroyed “a livable future.” Coverup and denial can’t hide what’s too visible and real. Roberts expects greater than Great Depression harshness coming. It’s baked in the cake. Things will be much worse ahead than now.
According to the Washington Post:
Yellen was the obvious choice if – and only if – you believe that the current direction of the nation’s powerful central bank is the correct one for the country.”
She’s been much more than “an engineer of the Fed’s policies of ‘quantitative easing’ and ‘forward guidance.’ “
She’s been “a consistent voice to go further.” She assures continued dollar debasing.
New York Times editors praised her appointment. She has “credibility to lead the Fed,” they said. She displays “sound judgment.”
“Her nomination is a bright spot in a week dominated by the threat of a default from failure to raise debt ceiling. The Fed would be in good hands under her leadership.”
Her strong economy/sound financial world is pure fantasy. She’s “honored and humbled” to accelerate business as usual. Her mandate assures worse than ever human misery. Safeguarding America’s financial system involves intensifying the greatest wealth heist in human history.
“Mr. President,” she said, “thank you for giving me this opportunity to continue serving the Federal Reserve and carrying out its important work on behalf of the American people.”
She omitted explaining her mandate involves transferring maximum wealth to America’s 1% already with too much.
It’s creating a ruler/serf society. It’s proving the American dream is pure fantasy. George Carlin once said “(i)t’s called the American dream because you have to be asleep to believe it.”
Politicians, high-level bureaucrats, Fed officials, and corporate bosses don’t give a damn about ordinary people. It shows in their policies. They’re wrecking America’s economy more than already. They’re transforming it into a dystopian backwater.
They’re creating human misery on an unimaginable scale. Fed policy proves women can be as ruthless as men. Carlin set the record straight. He said America’s ruling class “want(s) obedient workers people just smart enough to run machines and do paperwork.”
“And just dumb enough to passively accept all these increasingly sh..ty jobs with lower pay, longer hours, reduced benefits, overtime (without compensation), and pensions that disappear the minute you go to collect.
“And now they’re coming for your Social Security money. They want your retirement money.”
“They want it back so they can give it to their criminal friends on Wall Street, and you know something? They’ll get it.”
“They’ll get it all from you sooner or later cause they own this f..king place! It’s a big club, and you ain’t in it!”
“It’s the same big club telling you what to believe, what to think and what to buy.”
“The game is rigged and” too few “notice.”
“Good honest hardworking people (keep) elect(ing) (these crooks) who don’t give a” damn about popular interests.
America’s ruling class “count(s) on” it. Ignorance and dismissiveness serve them well. Hardline viciousness targets resisters. Russian comedian Yakov Smirnoff once said about America:
“What a country!” In Soviet Russia, “government controlled corporations. In America, corporations control government.” Whatever they want they get. The Fed is Wall Street’s handmaiden. Americans get the best democracy money can buy. Don’t expect Yellen’s Fed to change things. Don’t expect media scoundrels to explain.
Expect them to praise what demands condemnation. Managed news misinformation works that way.
ABOUT THE AUTHOR
Stephen Lendman lives in Chicago. He can be reached at firstname.lastname@example.org. His new book is titled “Banker Occupation: Waging Financial War on Humanity.”
Visit his blog site at sjlendman.blogspot.com.
Listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network. It airs Fridays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.