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To Fill His Shoes, Mr. Bernanke, Learn to Dance
Key Excerpts from Article on Website of Washington Post
Posted: March 18th, 2007
http://www.washingtonpost.com/wp-dyn/content/article/2005/10...
In his 18 years as chairman of the Federal Reserve, Greenspan has occasionally drawn criticism, but no one disputes his technical prowess or sniffs at his track record of low inflation and steady, almost uninterrupted growth. Enter Ben S. Bernanke, President Bush's nominee to take Greenspan's place. The former Princeton economics professor is currently the chairman of the president's Council of Economic Advisers. The following are excerpts from [a speech] by Ben S. Bernanke. "On Milton Friedman's Ninetieth Birthday," Nov. 8, 2002: "I first read 'A Monetary History of the United States' early in my graduate school years at M.I.T. I was hooked, and I have been a student of monetary economics and economic history ever since. Friedman and [his co-author Anna J.] Schwartz made the case that the economic collapse of 1929-33 was the product of the nation's monetary mechanism gone wrong. What I take from their work is the idea that monetary forces, particularly if unleashed in a destabilizing direction, can be extremely powerful. "I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again."
Note: The chairman of the Federal Reserve Board admits here that the Federal Reserve caused the Great Depression. The Federal Reserve is owned by powerful private banks. It was created in 1913 largely in secrecy and fought by many who understood the dangers involved. For more reliable information on this, click here.
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