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