Taking Care Of Our Bankster Friends?

Let’s see if I get this right. Outgoing Federal Reserve Chairman Ben Bernanke blames Congress for federal spending cuts that cost the US economy up to 1½% growth. He says Congress cut 700,000 jobs (2) at a time when the nation’s central bank was dispensing money at low interest rates and Congress should have been on a spending spree to invest new money into growing the economy.

But, but, Ben, wasn’t Congress enacting spending cuts and reducing Federal employment rolls because our lenders (China, Japan, on the hook for about $3 trillion the US doesn’t look like it will ever pay back) were threatening to sell off their US IOUs (treasury bills) at a discount, which would have resulted in a massive collapse in the value of the US dollar in international trade? The US had to send a message to our foreign creditors that we intend to get Federal spending under control. There was really no choice, was there Ben? Or is the US economy supposed to be run just to make the Federal Reserve chairman look good?

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