Ben Bernanke's Pathetic Failing Fed Promotion

Bernanke passes early media test, challenge to come ... Ben Bernanke used his second-ever news conference on Wednesday to teach the world's financial markets a lot more about the thinking at the Federal Reserve than they could glean from its usual statements. But the Fed chairman and former Princeton professor has yet to face one of the most important oral exams of his career: justifying and defending a change in the Fed's extraordinary monetary policy, when the time comes. – Reuters

Dominant Social Theme: Thank goodness the Federal Reserve is bouncing back with honesty, transparency and sincerity.

Free-Market Analysis: More than two years ago, we pointed out that the Federal Reserve was potentially finished as a credible entity. This is different than saying the Fed was finished as an EFFECTIVE entity. The Fed has accomplished much of what the power elite intended for it to do. It has, in stages, bankrupted the US middle class – as well as federal, state and local governments.

It has thus been the jewel in a studded, strangulating noose that the Anglosphere Power Elite has slipped over the neck of the body politic. The elites have tightened the noose slowly but inexorably in order to weaken this body politic in the process of imposing world government.

But the beginning of the end may be at hand. And for the Fed it may have come in early 2009 when those running this grandest of all central banks in their arrogance and disdain released the Fed's inspector general, Elizabeth Coleman, on an unsuspecting Congressional audience. After watching the video, we wrote an article that appeared on May 13, 2009, entitled, The Beginning of the End? Fed Cannot Account for $9 Trillion. Here's how it started:

We saw the interview with Elizabeth Coleman on TV and then again and again and again on youtube.com. It is entitled "Is Anyone Minding the Store at the Federal Reserve?" and it is one of the single most astonishing moments (or minutes) ever manifested or preserved in this already-amazing digital era. A century ago, when the powers-that-be pushed through the act that set up the American Federal Reserve – which basically kicked off the central banking era in America and abroad – the kind of technological ubiquity offered by the Internet would certainly have been seen as a major and alarming challenge. Well, it is.

The Grayson/Coleman confrontation has to be seen to be believed, and even then it may not seem quite believable. How could the Fed, in all its monied majesty, offer up someone so unprepared to answer the questions of a single quiet and persevering congressman. ... During the questioning of Coleman, [Congressman Alan] Grayson asks her over and over if there is a formal accounting available for the trillions in off-book balance sheet activity for the Fed.

He asks patiently, and he repeats the question many times. Coleman stutters, makes statements that are obviously evasive and finally all-but-admits that she actually has no authority even to examine the Fed's off-balance sheet activities. She admits this in a frazzled manner, but only after losing her way so badly that she has to ask Grayson to repeat the question (which he has already asked about ten times.)

What the scenario seems to shows us – and this has already been suggested by the increasingly querulous appearances of Ben Bernanke – is that the huge monetary and organizational powers of the Fed are a thousand miles wide and an inch deep ...

Here is a link to the Coleman video in the DB video vault: Is Anyone Minding the Store at the Federal Reserve?

More