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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somethingisrotten's picture

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

Project Mayhem's picture

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

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.

 

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.

ZerOhead's picture

Who cares... this is precious!

Check out Greenspans irrational exuberance!

Classic Mayhem... just classic!

sigmadelta's picture
sigmadelta (not verified) somethingisrotten Sep 1, 2009 2:46 PM

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

ZerOhead's picture

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

Anonymous's picture

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

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.

somethingisrotten's picture

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

Project Mayhem's picture

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

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.

Anonymous's picture

Try Kissinger and Soros.

Sqworl's picture

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

somethingisrotten's picture

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

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.

CreditcalMass's picture

KILL THE VAMPIRE SQUID! KILL THE BANK HYDRA!

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?

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.

Hephasteus's picture

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

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

Assetman's picture

Ben Bernanke = Voldermort

scribe's picture

Now where is our Jackson?

Anonymous's picture

Should have been Paul instead of that moron Mccain.

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.

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.

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.

Anonymous's picture

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

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.

sigmadelta's picture
sigmadelta (not verified) Sep 1, 2009 12:07 PM

yea that was quite a ride

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.

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!

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!

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?

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.

zeropointfield's picture
zeropointfield (not verified) Sep 1, 2009 12:11 PM

KGB is now FSB but other than that I agree.

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.

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.

Anonymous's picture

You're gonna need lotsa condoms.

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."

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.

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

Anonymous's picture

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

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.