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Is Ben Bernanke The "Machiavelian Monster" Equivalent Of Nicholas Biddle?

Tyler Durden's picture




 

Mises does a great profile of Nicholas Biddle (1786-1844), president of the Second Bank of the United States - the central bank that preceded the Federal Reserve, and provides some useful analogues to not just the current Chairman of the Fed, but to all Fed-friendly crony insitutions that are doing all in the power to perpetuate the hegemony of Wall Street. 

Like Ben Bernanke today, Nicholas Biddle cultivated the veneer of a benign civil servant calculating serenely far above the political fray. In reality he, like Bernanke, was up to his neck in the backroom game of power.

When Biddle's bureaucratic cradle was rocked, he quickly morphed into a Machiavellian monster. Keep that in mind as Ben Bernanke gets progressively cornered by Ron Paul and the bourgeoning anti-Fed movement. (Already the Fed is less popular than the IRS.)

When you hear about the Federal Reserve Transparency Act getting stalled in committee, think of Daniel Webster, bought and paid for with central bank money. When you read Fed apologia in the New York Times, The Economist, and the Wall Street Journal denouncing the "reckless populism" of the Act, think of the newspaper editors in Biddle's pocket.

The full must read article can be found here

 

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Tue, 09/01/2009 - 10:49 | 54965 Project Mayhem
Project Mayhem's picture

Tue, 09/01/2009 - 10:53 | 54967 somethingisrotten
somethingisrotten's picture

+1 million!  P M, this is your best picture yet!  Sad but so accurate.

Tue, 09/01/2009 - 11:04 | 54968 Project Mayhem
Project Mayhem's picture

i didn't make this one but i agree with the sentiment... the vampire squid really holds it together..

Tue, 09/01/2009 - 11:35 | 55007 Miles Kendig
Miles Kendig's picture

Classic

Tue, 09/01/2009 - 13:54 | 55207 straightershooter
straightershooter's picture

In Debt we trust.

In Credit we Default.

In government We waste.

In Banks we loot.

In politicians we pet (project).

In Mass media, we mislead.

In Economy, we hope.

In Federal Reserve, we print.

In Obama, we change.

 

Tue, 09/01/2009 - 15:41 | 55323 Careless Whisper
Careless Whisper's picture

Do you agree with this artist's sentiment on other issues too?

Your choice of course. But you are indirectly promoting the artist by posting his web site.

Tue, 09/01/2009 - 15:56 | 55344 Project Mayhem
Project Mayhem's picture

some yes.  others no.

Tue, 09/01/2009 - 16:01 | 55353 ZerOhead
ZerOhead's picture

Who cares... this is precious!

Check out Greenspans irrational exuberance!

Classic Mayhem... just classic!

Tue, 09/01/2009 - 14:46 | 55062 sigmadelta (not verified)
sigmadelta's picture

FASB also cleared it with Wall Street before ANY change is made.

good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions

Tue, 09/01/2009 - 12:46 | 55123 Dr. Kenneth Noi...
Tue, 09/01/2009 - 16:04 | 55361 ZerOhead
ZerOhead's picture

SquidCo's "No child left behind" program no doubt!

Tue, 09/01/2009 - 12:45 | 55124 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

[delete]

Tue, 09/01/2009 - 13:32 | 55180 Anonymous
Anonymous's picture

Are you the left or the right one? Awesome! I love it Dr..... You stay classy!

Tue, 09/01/2009 - 13:06 | 55154 JohnKing
JohnKing's picture

Bernanke is not calling the shots, he is orchestrating the shots but he is not an island unto himself. I think it is secret as to who owns it but if ever an audit were to occur it would be trivial to follow the money trail.

Tue, 09/01/2009 - 10:59 | 54971 somethingisrotten
somethingisrotten's picture

All it needs now are a couple of GS leechbags along for a free ride on the helicopter.

Tue, 09/01/2009 - 11:01 | 54973 Project Mayhem
Project Mayhem's picture

By the way great find Tyler this article is 10/10, a history lesson indeed.

Tue, 09/01/2009 - 11:08 | 54981 Anonymous
Anonymous's picture

The question that keeps bugging me more and more is: are those realy the decision makers(HP,TG,BB)?Or there is realy somebody behind the seen issuing decisions and those are only the tools to implement those decisions?. And no,not GS, as even they get their decision form someone else.there are way too many evidence as to the latter being the case. The consequence of events keeps playing in my mind and it only confirm that (conspiracy theory notwithstanding)there is a much more secretive comitee who decides on things,and not the ones we see on tv.

Tue, 09/01/2009 - 15:36 | 55315 Anonymous
Anonymous's picture

Try Kissinger and Soros.

Tue, 09/01/2009 - 11:09 | 54982 Sqworl
Sqworl's picture

Loving my schooling at Tyler 101...;-)

Tue, 09/01/2009 - 11:12 | 54985 somethingisrotten
somethingisrotten's picture

I agree wholeheartedly!  I was not familiar with this part of the Jackson story.

Tue, 09/01/2009 - 11:09 | 54983 Anonymous
Anonymous's picture

I don't know why it's necessary, but when people regurgitate the positives they read in the main stream media, I'm always compelled to ask them how the msm generates revenue? If they're negative, what's the use in advertising?

This was clear to me when reading the Economist's interpretation of the annualized growth rates in Asia a couple of weeks ago. Nobody highlighted the nitrous oxide boost given by Chinese lenders and what the unintended consequences might be. No, they concentrated on how this indicates that Asia is a better economic bet than the West today. I found the piece sophomoric and nauseating. Certainly, not good enough for the Financial Times.

Tue, 09/01/2009 - 11:14 | 54986 Rusty_Shackleford
Rusty_Shackleford's picture

Mises.org rules.

Tue, 09/01/2009 - 11:14 | 54988 CreditcalMass
CreditcalMass's picture

KILL THE VAMPIRE SQUID! KILL THE BANK HYDRA!

Tue, 09/01/2009 - 11:15 | 54990 Anonymous
Anonymous's picture

Who is in his right mind dosn't think the market is manipulated?. For months now people are saying that bulls are in control simply because they have access to unlimited 0s and 1s(and I am of the same thinking). so who is in his right mind would jump on short etfs like now for example?unless it is somebody who knows that they would be allowed to do it (to a certain extent).I am sure most retail day traders and technical traders has thrown their charts to the wind and trading the market upward,so who is shorting today?

Tue, 09/01/2009 - 11:17 | 54992 Anonymous
Anonymous's picture

I don't know why it's necessary, but when people regurgitate the positives they read in the main stream media, I'm always compelled to ask them how the msm generates revenue? If they're negative, what's the use in advertising?

This was clear to me when reading the Economist's interpretation of the annualized growth rates in Asia a couple of weeks ago. Nobody highlighted the nitrous oxide boost given by Chinese lenders and what the unintended consequences might be. No, they concentrated on how this indicates that Asia is a better economic bet than the West today. I found the piece sophomoric and nauseating. Certainly, not good enough for the Financial Times.

Tue, 09/01/2009 - 11:32 | 54993 Hephasteus
Hephasteus's picture

http://www.youtube.com/watch?v=GEkiZd_qv44

You stay strong Ron. Just take the wave as it comes.

Tue, 09/01/2009 - 11:22 | 54994 Assetman
Assetman's picture

Ben Bernanke = Voldermort

Tue, 09/01/2009 - 11:26 | 54998 scribe
scribe's picture

Now where is our Jackson?

Tue, 09/01/2009 - 11:31 | 55003 Anonymous
Anonymous's picture

Should have been Paul instead of that moron Mccain.

Tue, 09/01/2009 - 11:32 | 55005 Steak
Steak's picture

What do you think is the over/under on Romney being presented as the saavy business man who knows how to fix things once Obama blows it entirely?  That is MY biggest fear in all this mess.

Tue, 09/01/2009 - 11:45 | 55021 Anonymous
Anonymous's picture

Not much. The republicans have lost any claim to respectability, legitimacy, competence, honesty, and political savvy over 12 years of non-stop shenanigans.

To win any election at the national level they will need former republicans like me to vote for them.

The NHL will play the Stanley cup in hell before that day comes.

Tue, 09/01/2009 - 11:49 | 55028 They steal from...
They steal from us everyday's picture

romney would be infinitely better than any liberal.  Truth is we need to throw out all the bums however.

Tue, 09/01/2009 - 11:31 | 55001 Anonymous
Anonymous's picture

Beware what you wish for... remember the crash of 1837?

Tue, 09/01/2009 - 11:37 | 55009 Hephasteus
Hephasteus's picture

Now how could someone remember the crash of 1837?

I remember reading about ammo getting hard to buy. I guess we should focus on current events.

Tue, 09/01/2009 - 12:07 | 55066 sigmadelta (not verified)
sigmadelta's picture

yea that was quite a ride

Tue, 09/01/2009 - 14:46 | 55266 Hephasteus
Hephasteus's picture

Well I was cattle ranching back in '37. Had me a henry sharps strapped to ma horse and was riding out on the back 40 looking for a wolf when this dang HUGE monster called a depression came a lurkin out of the woods. So I figured if I could figure out where it came from and what it wanted I could kill it. So after figuring on it for a  while I cocked my rifle and shot that sucker in the dick. Figuring it might get a few of ma cows but at least it wouldn't rape me in my sleep.

'37. Thems was good times.

Tue, 09/01/2009 - 11:31 | 55002 Miles Kendig
Miles Kendig's picture

1-800-Run

Tue, 09/01/2009 - 11:32 | 55004 Anonymous
Anonymous's picture

Do you know what is just SOOOOOO embarrassing? When you get some really good inside information, like the ISM and housing stat numbers before they are released to the public, but you "misunderestimate" the market reaction to the number. So you front run expecting a good market pop, only to get your butt handed to you in short order.

Really makes you feel silly!

Tue, 09/01/2009 - 11:37 | 55010 MountainHawk
MountainHawk's picture

Spend more than you make or afford... goverment is no different from most of it's citizens.

"I got Gucci on my seat's, 24"s on my feet" but no home or job security...sweet!

Tue, 09/01/2009 - 11:38 | 55012 Anonymous
Anonymous's picture

Tyler:

You are spot on withe the Biddle comment. I've thought about Jackson and Biddle often during this crisis. Who is our Jackson?

Tue, 09/01/2009 - 11:41 | 55014 Anonymous
Anonymous's picture

The CIA does psychological readings of all important foreign leaders. The output is provided to the President or senior government officials before a summit meeting or State Visit or CODEL. The assessments tend to be quite good, perhaps some of the best work the Agency does.

I would love to see what Mossad or MI-6 or the KGB has on Bernanke. No doubt they have analyzed all his speeches, facial tics, mannerisms, and especially his recent Town Hall meeting and the Colorado speech.

I'm only guessing, but I think they assess him as a weak ego'd man looking to immortalize himself in the annals of history as the "Man Who Saved the World". Such a man, if he is left free to do as he pleases, poses an enormous threat to the system because his actions are motivated more by his desires for a grand legacy than by what is right for the country. Once on the run, such a man would double and triple down hoping to save his reputation, just like a rogue trader.

If for no other reason than this, it's time to audit the Fed and reign in its (Bernanke's) authority...before we all suffer even more harm.

Tue, 09/01/2009 - 12:11 | 55070 zeropointfield (not verified)
zeropointfield's picture

KGB is now FSB but other than that I agree.

Tue, 09/01/2009 - 12:57 | 55143 Anonymous
Anonymous's picture

I know the Ka Gay Bay is no more, but since most folks are unaware of FSB, I use KGB for simplicity's sake.

Tue, 09/01/2009 - 12:33 | 55111 Hephasteus
Hephasteus's picture

Fuck the titans.

Fuck the Gods.

Fuck the kings.

And the Kings of Kings

Fuck them with Rods.

Fuck the Saviors

Fuck the Servants

Fuck the Masters.

 

Teach them all equality and democracy or teach them all never ending lonliness.

Tue, 09/01/2009 - 13:56 | 55210 Anonymous
Anonymous's picture

You're gonna need lotsa condoms.

Tue, 09/01/2009 - 13:55 | 55208 JR
JR's picture

Americans need not fear Ben Bernanke.  No,  their fear should be the Federal Reserve System. The power structure of the Fed is cartel, a group of private, powerful banks joined together in a shared monopoly to reduce competition and enhance the wealth and power of its members.

Today, the biggest of those banks are even bigger.

The world banking consortia that met secretly to form the Federal Reserve System on Jekyll Island represented one-fourth of the wealth of the world: Morgan, Rockefeller, Rothschild, Warburg, and Kuhn Loeb—driven together to fight their common enemy, competition.

In 1910, the number of banks in the United States was growing at a phenomenal rate, and had doubled to over 20,000 in just the previous 10 years. Competition was the new trend and in 1913, the Federal Reserve Act cut it dead.

In short, the bankers intervened in the free market to tip the balance of interest rates downward, to favor debt over thrift.  To accomplish this, the money supply simply had to be disconnected from gold and made more plentiful, more “elastic.”

By avoiding the word “bank,” the cartel cleverly gave the image of a “federal reserve.”  Hence, it orchestrated a scheme whereby taxpayers would be required to pick up the cartel’s inevitable losses.  The name of their game is Bailout.

When  the Federal Reserve System—the most gigantic trust on earth--opened for business on November 16, 1914, Paul Warburg, its founding father, proclaimed:

"This date may be considered as the Fourth of July in the economic history of the United States."

Tue, 09/01/2009 - 11:43 | 55016 Anonymous
Anonymous's picture

We pardon this interruption, but your attention please!

If anybody sees the market bottom, could they please have it report to 11 Wall Street at the first opportunity.

And now, back to your regularly scheduled program.

Tue, 09/01/2009 - 11:43 | 55018 Anonymous
Anonymous's picture

"A large Bank is exactly the place where a vain and shallow person in authority, if he be a man of gravity and method, as such men often are, may do infinite evil in no long time, and before he is detected. If he is lucky enough to begin at a time of expansion in trade, he is nearly sure not to be found out till the time of contraction has arrived, and then very large figures will be required to reckon the evil he has done."

--Walter Bagehot, Lombard Street, VIII.20

http://www.econlib.org/library/Bagehot/bagLomCover.html

Tue, 09/01/2009 - 11:46 | 55022 Anonymous
Anonymous's picture

Do you sell a T-shirt with that pic on it?

Tue, 09/01/2009 - 11:47 | 55023 cwd42
cwd42's picture

That article repeatedly refers to the "republican party" which did not exist during the time in question. Such a blatant error makes me wonder how factually correct the "history" is interpreted.

Tue, 09/01/2009 - 12:01 | 55049 Project Mayhem
Project Mayhem's picture

“The National Republican Party emerged from…the supporters of the administration of President John Quincy Adams. It controlled the Congress of 1825-1827 only, then lost the Presidency in 1828. The party merged into the Whig Party in 1834.”

“National-Republican Party,” ourcampaigns.com (accessed Dec. 7, 2007)

 

http://8vsb.wordpress.com/2007/12/31/historical-political-parties-in-the-us-post-no-123107-7/

Tue, 09/01/2009 - 12:25 | 55092 cwd42
cwd42's picture

Wikipedia notes "Democratic-Republican" party at the time.

http://en.wikipedia.org/wiki/Andrew_Jackson#Election_of_1824

Either way, factual blunders don't inspire confidence. Also, gold isn't money. Yellow metal obtained by slicing mountains and treating the dirt with sodium cyanide is not money. Hard money people are obsessed with a fiction.

Tue, 09/01/2009 - 13:27 | 55176 Anonymous
Anonymous's picture

"factual blunders don't inspire confidence. Also, gold isn't money"

LOL - how does your head not explode?

Tue, 09/01/2009 - 14:49 | 55271 sigmadelta (not verified)
sigmadelta's picture

Bernanke is not calling the shots, he is orchestrating the shots but he is not an island unto himself.

Tue, 09/01/2009 - 14:46 | 55056 sigmadelta (not verified)
sigmadelta's picture

stocks are getting crushed..

good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions

Tue, 09/01/2009 - 12:50 | 55133 Anonymous
Anonymous's picture

It would be interesting to have Paul Ekman do a slow mo analysis of Bernanke testimony. BB does a pretty good job of maintaining an emotionless mask but some questions and his responses to them definitely cause his face to leak.

Vol increase is encouraging for the shorts but breadth is still too good on these down days so far.

Tue, 09/01/2009 - 13:11 | 55161 waterdog
waterdog's picture

Such a man, if he is left free to do as he pleases, poses an enormous threat to the system because his actions are motivated more by his desires for a grand legacy than by what is right for the country.

You are right on the mark 55014.

Tue, 09/01/2009 - 14:17 | 55236 Anonymous
Anonymous's picture

I pledge allegiance, to the Banks, of the Fascist States of America,
and to the Oligarchy, for which they stand,
one nation, under Globalization,
with credit and debt service for all.

Tue, 09/01/2009 - 14:21 | 55241 SWRichmond
SWRichmond's picture

Excellent, ty Tyler.

Tue, 09/01/2009 - 14:49 | 55269 sigmadelta (not verified)
sigmadelta's picture

Great article..really explains whats at hand here

Tue, 09/01/2009 - 21:03 | 55689 Anonymous
Anonymous's picture

"What'll that asshole think of next (BB)? Somebodies gonna have to go back and get a shitload of dimes"

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