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Ron Paul: "The Fed Steals From The Poor And Gives To The Rich"
Submitted by Ron Paul via The Free Foundation blog,
Last Thursday the Senate Banking Committee held hearings on Janet Yellen's nomination as Federal Reserve Board Chairman. As expected, Ms. Yellen indicated that she would continue the Fed’s “quantitative easing” (QE) polices, despite QE’s failure to improve the economy. Coincidentally, two days before the Yellen hearings, Andrew Huszar, an ex-Fed official, publicly apologized to the American people for his role in QE. Mr. Huszar called QE "the greatest backdoor Wall Street bailout of all time.”
As recently as five years ago, it would have been unheard of for a Wall Street insider and former Fed official to speak so bluntly about how the Fed acts as a reverse Robin Hood. But a quick glance at the latest unemployment numbers shows that QE is not benefiting the average American. It is increasingly obvious that the Fed’s post-2008 policies of bailouts, money printing, and bond buying benefited the big banks and the politically-connected investment firms. QE is such a blatant example of crony capitalism that it makes Solyndra look like a shining example of a pure free market!
It would be a mistake to think that QE is the first time the Fed's policies have benefited the well-to-do at the expense of the average American. The Fed’s polices have always benefited crony capitalists and big spending politicians at the expense of the average American.
By manipulating the money supply and the interest rate, Federal Reserve polices create inflation and thereby erode the value of the currency. Since the Federal Reserve opened its doors one hundred years ago, the dollar has lost over 95 percent of its purchasing power —that’s right, today you need $23.70 to buy what one dollar bought in 1913!
As pointed out by the economists of the Austrian School, the creation of new money does not impact everyone equally. The well-connected benefit from inflation, as they receive the newly-created money first, before general price increases have spread through the economy. It is obvious, then, that middle- and working-class Americans are hardest hit by the rising level of prices.
Congress also benefits from the devaluation of the currency, as it allows them to increase welfare- and warfare-spending without directly taxing the people. Instead, the increase is only felt via the hidden “inflation tax.” I have often said that the inflation tax is one of the worst taxes because it is hidden and because it is regressive. Of course, there is a limit to how long the Fed can facilitate big government spending without causing an economic crisis.
Far from promoting a sound economy for all, the Federal Reserve is the main cause of the boom-and-bust economy, as well as the leading facilitator of big government and crony capitalism. Fortunately, in recent years more Americans have become aware of how the Fed is impacting their lives. These Americans have joined efforts to educate their fellow citizens on the dangers of the Federal Reserve and have joined efforts to bring transparency to the Federal Reserve by passing the Audit the Fed bill.
Auditing the Fed is an excellent first step toward restoring a monetary policy that works for the benefit of the American people, not the special interests. Another important step is to repeal legal tender laws that restrict the ability of the people to use the currency of their choice. This would allow Americans to protect themselves from the effects of the Fed’s polices. Auditing and ending the Fed, and allowing Americans to use the currency of their choice, must be a priority for anyone serious about restoring peace, prosperity, and liberty.
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It's happening!!
Love for Ron.
Audit the Fed..? hahaha ...you all be way corpsed before that happens. Nobody even really audits Fannie Sham or Gubmint Motors,....hahahahaha . funny
Government exists so that those operating it don't have to earn a living.
They're not going to put their con at risk.
Not alot, but still FREE BITCOINS: http://freebitco.in/?r=25727
"Audit the Fed..? hahaha ...you all be way corpsed before that happens."
Bullshit. Central planning by the professed "elite" is failing again. Long live Individual Liberty!! Down with control freaks and sociopaths.
yeah...reminds me of the old " peace and love " bullshit back in the day. Where the power ?....humans can't galvanize into acheiving results when they don't pay attention...simple as that
"the old peace and love " bullshit back in the day." -was just that, BullShit led by neo-statists in power. The sheep only pay attention when moved by personal circumstance, ie. direct financial problems or a contradiction to inherent beliefs about the system supporting them, ie, obamacare wil help you. The march of statism is being exposed for what it is by information through the internet. This conflicts with their "belief" that the state represents them.
More and more people are paying attention, my friend.
many brushfires...
I finally saw the Honorable Congressman from the great state of Texas, Dr. Ronald E. Paul, make a mistake. I never thought I'd actually catch him doing it...
He referred to that future Fed Chair as 'MS.' Yellen.
For future correction and eludication, the term is 'MR.' Yellen, Doc. MISTER Yellen.
Thank you, President Paul, for allowing me to correct you on this small matter.
Are those the people who advised never trusting anybody over 30? How old are they now? Who is in charge of this shit?
Auditing the Fed is like auditing Al Capone. A thief is a thief is a thief. Period. The Federal Reserve steals by way of inflation and its fractional reserve system of money creation. Besides, they probably have two sets of book - one for any auditor and the other for insiders. By calling for an audit it just attempts to legitimize an illicit and immoral entity.
An "audit" would accomplish very little since we already know the system is rotten to the core and the FED is its centerpiece. The buck begins and ends with congress as it always has: Tarpley4FedHead!
Actually, the buck stops with the American people who continue to tolerate this. The congress is complicit to be sure but it's the people who continue to enable their behavior by electing them over and over again.
How do you, Americans, not have this man as your president?
Because the electoral process is a compromised illusion.
Our Presidents are corporate lackeys.
If you don't believe me
ask John Kennedy.
When corporations have more power than the individual...
Yes, "corporate personhood" has a lot to do with this. Corporations shouldn't have more rights than individual humans.
Corporations are a construct OF humans. Corporations do not exist without government.
We base our presidential decisions on whether you would be a good person to drink a beer with.... Ideas don't enter the equation...
A quick look at who he opposes should answer that one for you. Most Americans, or people in any "western 'civilized'" nation for that matter, would not even understand (nor care to understand) what this article was saying.
We were delegates for him back in '08. Got to see the belly of the Republican beast. The horror, the horror.
Thanks for at least giving it a shot in their rigged game.
+1
It's more than just a shot in the dark, the liberty movement is growing day by day, person by person. That's all that matters to me.
downvote me if you want, but there needs to be a radicalized arm of the liberty movement. im thinking that a few of the heads of project for an american century and some top bankers need to be, ahem, rolled if we want any real shot at tipping this clusterfuck in our favor. if a non politician gets taken out theyll start tripping over themselves and making all sorts of idiotic mistakes, i dont really think they anticipate that type of thing. plus at least then we'll be 100% sure there's one gun incident by a "tea party activist" that wasn't a false flag.
maybe leave a little note, a calling card if you will: "first they came for the executives, then they came for the board members...."
Because most Americans are on the dole and will only vote for whoever gives 'em the most without their having to do any work whatsoever.
Time to go back to the poll tax. You either own property or pay a tax to vote.
If you are on total Government Welfare or subsistance you should not be able to vote. You should not have the right to take away someone elses property and give it to yourself. That was the reason for the poll tax in the first place.
Except now they are fighting over the illegal immigrant vote.
You meant to say "undocumented Democrats".
waterfall Soros would just have some choom outside the poles to give out poll tax money and nothing would be done about it.
RP came out as a major contender against Romney very early. As soon as he was over 20% in the polls they started to marginalize him by completely ignoring him or calling him names. At the same time they also wheeled out Santorum and Bachmann and Gingrich.
I'm not a fan of John Stewart for his usually status-quo supporting rhetoric but he hit the nail on the head in one piece: search for "ron paul 13th floor" or follow this link http://www.thedailyshow.com/watch/mon-august-15-2011/indecision-2012---corn-polled-edition---ron-paul---the-top-tier
Devotional: "How do you, Americans, not have this man as your president?"
Americans have been purposely dumbed down in mandatory public 'schools' for a century. They have been propagandized by mass media. For the last 60+ years they have sat drooling while watching mindless t.v. junk. Drive through any neighbood in the evening and you will see the bluish glow through the windows , of t.v. sets as you drive by. Raise the idea of not having or watching a t.v. and most Americans will react with shock. Many will react with anger. - - -Most Americans don't read a single book after leaving high school. 42% of American college graduates haven't read a single book after leaving university. Some receive higher, university level technical training but critical thinking is limited to their professions. Its not uncommon to run into engineers, doctors, and scientists who are as ignorant about the broader world as the rest of the population. Ask a scientist or doctor "What is fiat money?" or "What is the Federal Reserve ?" and most of them don't know. Ask just about any American "What is a democratic Constitutional republic ?" and they likely won't know the answer to that question.
Thomas Jefferson warned that a nation cannot be ignorant and remain free
These are a few of the reasons why Ron Paul is not president.
It's impossible to compete with Satan Claus.
"How do you, Americans, not have this man as your president?"
Because, as HL Mencken said - "As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron."
Unfortunately, president Obama represents the 'inner soul of the people' and Ron Paul does not.
Mencken is one of my favorites. I didn't down arrow you, but I disagree about the 'inner soul' of people.
John Taylor Gatto did a great deal of research on education in America and was an experienced teacher who was voted NY state and NYC TEACHER OF THE YEAR. He taught all over NY - in poor schools in Harlem and rich schools in uptown Manhattan. He found, after the rough edges were accounted for, - chilldren were all capable of learning and achieving wonderful accomplishments. (Often the poor kids did better than the ones from rich families because they were survivors in an environment with predators, so could quickly adapt and thought better 'on their feet'.)
The oligarchs dumbed down school for a reason - to advantage their off-spring.
Before this happened Americans were accomplishing many things starting at a young age. This was noted by people around the world as the American Character - independence and creativity and energy not bound by class restrictions.
That American inner soul is the human inner soul. Its time to release it again. The oligarchs fight tooth & nail to prevent that and keep people thinking they are small and insignificant.
the fed is obviously robin hood's evil alter ego
Does anyone remember an old Monty Python skit where one of the cast played Robin Hood? He ripped off the rich until they were poor and kept giving everything to the same family until there was nothing left to give.
Then they had a song that went something like: he steals from the poor and gives to the rich...that lousy bitch.
Now it is Jabba's turn where Benny left off; how fitting.
I just watched it... Dennis Moore... Dennis Moore...
Dennis Moore
http://www.youtube.com/watch?v=qLkhx0eqK5w
If memory serves, I thought it was the Sheriff of Nottingham that did it.
A workaround the talking ads on ZH, just click on it and close that website and stops the irratating ads.
Ghostery for Firefox and you never have to see them.
That's a good way to help ZH get more money.
I tell people to stop watching TV too.
No networks have come to kill me yet, so I reckon they're unfazed by my activism.
Fuck you GreenBernEllen!
Fed induced inflation is as much redistribution of wealth as the welfare system.
No, the welfare system is propaganda... mere public relations, and a useful scapegoat. Inflation is the real wealth distributor.
Terminus C WalMart would be out of business without that propaganda PR scapegoat......that's some scapegoat.
Sure, but in the scheme of the grande con, wally world is small potatoes.
Agreed, dollar for dollar in monetary terms but that was not the point of my original post.
That crazy old coot has a lot to say now that he doesn't chair the fucking committee that oversees the fucking FED. We didn't hear a peep from his ass when he actually had a forum to enact change. Keep talkin' chump!
We heard lots of 'peeps' from him while he was in government. Keep tryin' troll
Yes, when he was just a shit-heel congressman from Texas. Once he got some power, he puckered up tight and became Bernanke's good little bitch.
Little bitch? Huh? He was the only one speaking out against the Bernank.
Bangin' them 7 gram rocks seems to have fucked up your memory somewhat. Maybe you should lay off for a while and see if the fog clears a little.
Condemnation could be laid at the feet of all the cockroaches in CONgress for the simple fact that NONE of them are calling for arrests and trials of these traitors. RP spoke up but never got his teeth into the feds dirty deeds.
Right on!
Seems difficult to assess anyones authenticity anymore, but if we assume RP is a genuine person, you have to figure it's awfully difficult to get much accomplished along the lines of getting rid of the a central bank (ing system) that issues the (debt) currency of the planet. I'd have to imagine that an operation in that position would have a wee bit of power and control over things.
I agree that he couldn't end the FED or get a true audit. It would look odd if they admitted that they own most of the debt and most of the stock. However, he was given the bully pulpit and he refused to use it. He should have hauled Bernanke to the house for hearings every week. He should have demanded that Bernanke be put under oath and then publicly ridicule any "colleague" that attempted to suck Bernanke's dick. He could've done those things and he didn't.
You are so fucking clueless I am left standing in slack jawed awe! I've been following his career in congress for over thirty years and he has been the only one consistently making sense during that time. He was so fine that I swore to myself that if he ever ran for president on the Scumbag R-party ticket that I would support him, work for his campaign and contribute to it cuz he earned my respect. Simply the fact that he worked so hard get the gummint to have to mint gold and silver eagles earns him a hellova high five in my book. It may very well ensure the financial survival of a fair number of people who would otherwise be as vulnerable as the sheeple. A little respect for greatness and statesmanship sil vous plait and wise the hell up!
Did he create chaos when chairman? Yes or no? The answer is no. He was a good little boy when he was chairman. End of story. Good ideas count for shit if you don't back it up when given the chance.
His job was not to create chaos when he was chairman. He needed that pulpit. His job was to beat the snot out of Bernanke and he regularly beat him like a child with a toy drum when he got him in front of his committee, or didn't you watch? It took the Rethuglicans long enough to finally give him a committee after all those years. If you really want to see chaos in congress then simply review the positive results achieved by the late Rethuglican created government shutdown, the SECOND time it turned out to be another cred smashing cluster!
1988 Ron Paul on the Fed - Secrecy and power makes the Fed evil.
You are an uninformed and a truly Lazy bastard, make me stop and put this here to prove you are so wrong it's criminal.
http://www.youtube.com/watch?v=0_-bqaTvzIk
Right! In 1988 he had no power. Just a blowhard. When he became chairman of the committee he did nothing. Deal with that. Don't dig some speeches he gave on the 80's. I happen to agree with his ideas, I'm just pointing out that he lacked balls when he needed them.
No one is permitted to attend their meetings. The minutes of the FED meetings are not released for 5 YEARS. Ron Paul above any other elected official has done his best to inform the voters of this rogue institution which a clear agenda which is international. He is as powerful as the voters allow him to be.
I bet the next generation of 'savers' has tangible assets instead of fiat and broken promises..sux to be gullible
Being gullible is believing in anything as a truth. You can have faith in God. You can have faith in the goverment. You can have faith in your job. You can have faith in the dollars, etc. It doesn't really matter - as soon as you become sure of anything, you become wrong.
I might say that gullible is indicating a belief in something that was offered up by someone or some entity specifically to be deceptive for some purpose.
If I believe the version of the story from my friend about what happend at the scene of the car accident, and that version was a truthful account (as much as possible from her perspective), does this make me gullible?
Many things are certainly unknown and I wouldn't imagine that presuming to know the truth behind something when you aren't sure is very beneficial. For the purposes of us living on this planet as human beings (as we know it) and interactiing with each other, there are real truths and intentional lies,frauds, deceptions and they are distinctly different.
I Stand Alone - Jackyl
Ron's the man! The only politician who speaks the truth...
Denise Moore, Denise Moore, riding through the night.
http://www.youtube.com/watch?v=qLkhx0eqK5w
Cue Chuck Shumer and his "Get to work Mr. Bernyellen!" speech.
No, the government steals from the productive class and gives to give to everyone in a way that increases government power and public dependance on politicians. Degrading the work ethic, malinvestment, debt, and increasing governmental crime is mostly a byproduct....Uncle Sam can't help you because he is being waterboarded in a bankers basement overseas.
But, there's trickle-down to the Free Shit Army, so it's all good.
To paraphrase: He who controls the money controls the world.
http://www.huffingtonpost.com/2013/11/18/siri-ron-paul-apple_n_4296673.html
Regardless of your own political persuasion, apparently your iPhone is a libertarian.
Siri, the voice-activated personal assistant on Apple devices, pulls up the Wikipedia page of everyone's favorite libertarian, former Rep. Ron Paul of Texas, when asked "Siri, what are your political views?"
Try it yourself. It not only worked for the YouTube video maker above, but also for dozens of people on Reddit and Facebook, as well as a few Huffington Post editors who tried it out.
We reached out to Apple for comment and will update if we receive it.
[Ron Paul Flix via BuzzFeed]
Today I must say that I am proud of my country.
Israelis Won’t Address Rumors John Kerry’s Visit Is Off
http://www.buzzfeed.com/rosiegray/israelis-wont-address-rumors-john-kerr...
Fuck you worthless leaches.
Over.
We don't spend spit on "welfare" compared to what we spend on defense, corporate giveaways, and Wall St bailouts. And even if we did, that is a better use of our money.
Yes, notice that all the discussion about welfare nation and FSA, kinda directs the discussion in a particular direction. Away from the MIC.
Since the Federal Reserve opened its doors one hundred years ago, the dollar has lost over 95 percent of its purchasing power —that’s right, today you need $23.70 to buy what one dollar bought in 1913!
And this is despite all the market maniupulations and enforcement techniques to keep the purchasing power strong. Feels like a 100 year (or more) bait and switch with a realmoney world reserve currency to one of debt wherein much of the world is trapped or forced into holding these debt notes and therefore doesn't want a complete loss in their value, while at the same time seeing the need/want to exchange them before further significant devaluing....It's in no large holders best interest to try and sell them all off rapidly, so you are forced to play the game.....However, if you are looking to unload PMs, of course, then your best play is always to flood the market with massive liquidations, particularly when the buyers are light.
I think if the only thing Mr. Paul can do in his lifetime is end the Fed, then he will have considered his entire career in politics a success on that one point alone
Is that all?
For fucks sake, it is the corporate plutocrats that effectively stole from the "poor" so as to enrich themselves...
Real wages basically increased until recently and the share of national income that the poor had was basically flat for ~70 years until the supply-siders took charge...
http://www.econlib.org/library/Enc/DistributionofIncome.html
Among many many links I could back my claim with...
Yeah, the Fed has morphed into the an abomination, but lets not forget who the real crooks were...
For example, did Mitt fucking Romney create $400,000,000 in wealth or did he loot it?
Its symbiotic Flak.
When someone can make a career as a "public servant" and become a multi-millionaire in the process, it doesn't take a rocket scientist to figure out whats going on.
Just like Harry Reid.
I would think it's kind of obvious.
Mr. Mitt "Corporations Are People Too" Romney is just another cog in the Corporatist wheel.
Flakmeister (OT) Last week you asked me to remind you of theprice of the hydrogen powered 2015 HONDA, Toyota and Hyundai. Motley Fool posted a picture of the Toyota today in an article. Honda will be starting at 45K, Toyota TBA (may be announced at the Tokyo auto show in a couple months) and Hyundai will offer consumers a hydro small suv for around 50K but will only produce 1000 units to start.
I actaully asked "What is the price of H2 on a per gallon equivalent and where is it available?"...
Cute, but call me when 1,000,000 are on the road...
OK Flak I'll call you around 2020/21, no problem. OBTW hydrogen fuel cells can run on natural gas and water also. Wave of the furture bud, wave of the future. Please don't call me cute, makes you look gay.
I'll be easy to find....
PS Don't flatter yourself...
All Yellin can do now is dodge, evade, confuse and obsfucate when asked direct questions. The FED has nothing else left. Their credibility is completely shot.
Stockman's interview over at KWD on her testimony is actually pretty darn good.
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2013/11/17_...
Ron Paul has been pretty successful as a doctor too. has delivered over 4000 babies. he's been a pretty busy guy, hard to doubt he's genuine.
Thanksgiving 2022
"Winston, come into the dining room, it's time to eat," Julia yelled to her husband.
"In a minute, honey, it's a tie score," he answered.
Actually Winston wasn't very interested in the traditional holiday football game between Detroit and Washington. Ever since the government passed the Civility in Sports Statute of 2017, outlawing tackle football for its "unseemly violence" and the "bad" example it sets for the rest of the world", Winston was far less of a football fan than he used to be. Two-hand touch wasn't nearly as exciting.
Yet, it wasn't the game that Winston was uninterested in. It was more the thought of eating another Tofu Turkey. Even though it was the best type of VeggieMeat available after the government revised the American Anti-Obesity Act of 2018, adding fowl to the list of federally-forbidden foods, (which already included potatoes, cranberry sauce, and mincemeat pie), it wasn't anything like real turkey.
And ever since the government officially changed the name of "Thanksgiving Day" to "A National Day of Atonement" in 2020, to officially acknowledge the Pilgrims' historically brutal treatment of Native Americans, the holiday had lost a lot of its luster.
Eating
in the dining room was also a bit daunting. The unearthly gleam of government-mandated fluorescent light bulbs made the Tofu Turkey look even weirder than it actually was, and the room was always cold. Ever since Congress passed the Power Conservation Act of 2016, mandating all thermostats - which were monitored and controlled by the electric company - be kept at 68 degrees, every room on the north side of the house was barely tolerable throughout the entire winter.
Still, it was good getting together with family. Or at least most of the family.
Winston missed his mother, who passed on in October, when she had used up her legal allotment of life-saving medical treatment. He had had many heated conversations with the Regional Health Consortium, spawned when the private insurance market
finally went bankrupt, and everyone was forced into the government health care program. And though he demanded she be kept on her treatment, it was a futile effort. "The RHC's resources are limited," explained the government bureaucrat Winston spoke with on the phone. "Your mother received all the benefits to which she was entitled. I'm sorry for your loss."
Ed couldn't make it either. He had forgotten to plug in his electric car last night, the only kind available after the Anti-Fossil Fuel Bill of 2021 outlawed the use of the combustion engines - for everyone but government officials. The fifty mile round trip was about ten miles too far, and Ed didn't want to spend a frosty night on the road somewhere between here and there.
Thankfully, Winston's brother, John, and his wife were flying in.
Winston made sure that the dining room chairs had extra cushions for the occasion. No one complained more than John about the pain of sitting down so soon after the government-mandated cavity searches at airports, which severely aggravated his hemorrhoids. Ever since a terrorist successfully smuggled a cavity bomb onto a jetliner, the TSA told Americans the added "inconvenience" was an "absolute necessity" in order to stay "one step ahead of the terrorists."
Winston's own body had grown accustomed to such probing ever since the government expanded their scope to just about anywhere a crowd gathered, via Anti-Profiling Act of 2022. That law made it a crime to single out any group or individual for "unequal scrutiny," even when
probable cause was involved. Thus, cavity searches at malls, grocery stores, train stations, bus depots, etc., etc., had become almost routine. Almost.
The Supreme Court is reviewing the statute, but most Americans expect a Court composed of six progressives and three conservatives to leave the law intact. "A living Constitution is extremely flexible", said the Court's eldest member, Elena Kagan. "Europe has had laws like this one for years. We should learn from their example," she added.
Winston's thoughts turned to his own children. He got along fairly well with his 12-year-old daughter, Brittany, mostly because she ignored him. Winston had long ago surrendered to the idea that she could text anyone at any time, even during Atonement Dinner. Their only real confrontation had occurred when he limited her to 50,000 texts a month, explaining that was all he could afford. She whined for a week,
but got over it.
His 16-year-old son, Jason, was another matter altogether. Perhaps it was the constant bombarding he got in public school that global warming, the bird flu, terrorism, or any of a number of other calamities were "just around the corner", but Jason had developed a kind of nihilistic attitude that ranged between simmering surliness and outright hostility. It didn't help that Jason had reported his father to the police for smoking a cigarette in the house, an act made criminal by the Smoking Control Statute of 2018, which outlawed smoking anywhere within 500 feet of another human being. Winston paid the $5,000 fine, which might have been considered excessive before the American dollar became virtually worthless as a result of QE13.
The latest round of
quantitative easing the federal government initiated was, once again, to "spur economic growth." This time, they promised to push unemployment below its years-long rate of 18%, but Winston was not particularly hopeful.
Yet the family had a lot for which to be thankful, Winston thought, before remembering it was a Day of Atonement.
At least, he had his memories. He felt a twinge of sadness when he realized his children would never know what life was like in the Good Old Days, long before government promises to make life "fair for everyone" realized their full potential.
Winston, like so many of his fellow Americans, never realized how much things could change when they didn't happen all at once, but little by little, so people could get used to them. He wondered what might have happened if the public had stood up while there was still time, maybe back around 2009, when all the real nonsense began.
"Maybe we wouldn't be where we are today if we'd just said 'enough is enough' when we had the chance," he thought.
Maybe so, Winston. Maybe
so.
Thanks for the time, thought and effort.
Orwell never stopped mattering. I presume Winston is your 1984 literary reference.
Fuck -this just occurred to me...how did the Fed celebrate its 50th anniversary? They indirectly whacked JFK. I wonder what they'll do for the centenary?
The universe had to cool before electrons and nuetrons could bind so light could travel. Seems an easier process than auditing the Fed.
Bankrupt you Bernanke was the sole cause of the Great-Recession. He drained legal reserves for 29 consecutive months upon his appointment. Then in Dec 2007, the rate-of-change in money flows forecast that there would a recession in the 4th qtr of 2008 (due to a shortfall in the money stock). So just as gDp was contracting, Bankrupt you Bernanke introduced the payment of excess reserve balances (which induced dis-intermediation within the non-banks, but left the member banks unaffected). I.e., with the short-end segment of the yield curve inverted, the non-banks shrunk by 6.2 trillion dollars, which the FOMC tried to offset by expanding the commercial banking system by 3.6 trillion dollars. Totally perverse.