Hey, don't blame me, it was all Ben's doing.
Hey, don't blame me, it was all Ben's doing.
You misunderstand if you think I'm trying to lay the blame for the current economic house of cards on Bernanke. As much as the Fed claims to be an independent corporation, they still take their role in trying to manage the unmanageable seriously. They have no control over the real villain, which is excessive deficit spending by government which requires the creation of more money when government issues bonds to pay for that spending. I seriously doubt that anyone at the Fed has done what they have done because they thought it would be fun or might personally enrich themselves; they did it because they had to in order to keep a fiat currency afloat. But just because they did so for what they probably felt were noble reasons does not make it any less sinister. Ultimately, what they are doing is counterfeiting.