One Broke Nation

Fed Head

“The citizenry should fear Yellen simply because she wanted to run the Fed. She wanted to run an entity that’s always been wrong.” John Tammy

In 2010, Yellen told Financial Crisis Inquiry Commission that she had not seen any of the risks in the financial system until after the recession. On October 9, 2013, Barack Obama nominated her as the first woman chair of the Federal Reserve, saying, “She had sounded the alarm bell early about the housing market bubble and excesses in the financial markets before the recession.” (Wikipedia)

“A classic ’60s liberal.” Charles Saydah

If Barack Obama appointed carrier pigeons, they’d have two left wings.  Janet Yellen, the Big Red One’s pick to to replace Ben Bernanke as the head of the Federal Reserve, that misnamed consortium of banksters which isn’t federal and has no known reserves, was plucked from — where else? — the well traveled homing corridor that connects Harvard and Berkeley, a route that’s seen its fair share of pink plumed pigeons over the years.

Besides displaying a fondness for homely progressives named Janet, Obama’s choice ensures that the fiat money mills enriching global usurers and supplying statists with their drug of choice will continue to produce mountains of previously unimaginable debt into the foreseeable future. Network television might have its Two Broke Girls; Barack Obama and the Democrats have given us One Broke Nation.

Feds and Heads

Janet Yellen: What You Should Know about the Next Fed Head

Yellen has for decades been a left-leaning academic economist … she taught at Berkeley’s Haas School of Business (1980–1994), while publishing articles that never materially questioned Keynesian dogmas — such as that a free economy is prone to “failures” or “imbalances” (where aggregate demand runs short of aggregate supply); that government spending can add to output; that inflation (a decline in money’s purchasing power) results not from excessive money creation but from excessive economic growth; that money-printing can lower unemployment; that savings “leak” from spending flows and cause recessions; and that a central bank should keep interest rates as low as possible in order to provide a profligate, deficit-spending, debt-accumulating government with low-cost funding … Yellen unabashedly imports these myths into the political realm, instead of leaving them in the ivory tower. In the words of Allen Sinai, long-time Keynesian and president of Decision Economics Inc., “the philosophy of Janet Yellen is activism of government policy to achieve [Fed] objectives.

Since 1994, Yellen has contributed to the deleterious shift away from bullish, supply-side policies, towards bearish, demand-side (Keynesian) policies, first as a Federal Reserve Board member (1994–1997); then as an advisor to president Clinton (1997–1999), pushing for more sub-prime mortgages; then as president of the San Francisco Fed (2004–2010); and, most recently, as vice chairman of the Fed (2010–2013). At every step Yellen has helped Bernanke impose money-printing, vast purchases of U.S. federal debt, and near-zero interest rates. She’ll likely continue those destructive policies for even longer than Bernanke might have. Consequently, we may see a prolonged period of artificially low interest rates, huge national debt purchases, and economic stagnation.

About Bob Mack

Retired since 2003. Military Service: U.S. Army, 36th Artillery Group, Babenhausen, Germany 1966-67; 1st Signal Brigade, Republic of Vietnam, 1967-68 Attended University of Miami, 1969-73
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2 Responses to One Broke Nation

  1. Remember how FDR packed the SCOTUS so as to get his agenda through? Obama is following a similar model: he’s packing the federal agencies with Leftists heads of those agencies.

    Wake up, America!

  2. Pingback: One Broke Nation | Grumpy Opinions

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