The Federal Reserve is a broken institution predicated on inflationary, boom & bust principles, the intellectually and morally bankrupt concept of fractional reserve banking, and the concentration of the benefits of credit in the hands of government and a few privileged elites. The institution itself needs serious reform at the least, or else it needs to be disbanded altogether and replaced with a system of market-driven credit and interest rates. Ben Bernanke has by all accounts been a crafty Fed Chairman, though that is not necessarily a compliment. He is a dire inflationist, and spends too much time studying the wrong aspects of the Great Depression. I generally think he has engaged in and covered up massive and widespread fraud through the private Federal Reserve Bank of New York. But in spite all of this, I think he should be re-confirmed. Like everything in the politics of a democracy, we do not choose leaders in a vacuum; the choice is always between and amongst a variety of alternatives. So the real reason I support Ben Bernanke is that I am mortified of the alternative: The Elephantine Ego that is Larry Summers.
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