Bernanke Says That Any Criticism Of The Federal Reserve Is Based On “Misconceptions”
Federal Reserve Chairman Ben Bernanke is taking his show on the road in at attempt to help Americans feel better about the Federal Reserve. During a visit to the Fort Bliss headquarters of the Army’s 1st Armored Division this week, Bernanke held a town hall meeting during which he took questions from some of the soldiers. Bernanke tried to sound as compassionate as possible as he assured the soldiers that the Federal Reserve is looking out for the American people and is doing everything that it can to help create jobs. At one point, Bernanke even made the following statement: “For a lot of people, I know, it doesn’t feel like the recession ever ended.” That probably helped a lot of people feel better. A few probably even had a good cry. But what Bernanke did not explain to the troops is that the Federal Reserve is very much responsible for the fact that unemployment is rampant, for the fact that the U.S. dollar is rapidly being devalued and for the fact that we have accumulated the largest national debt in the history of the world.
Ben Bernanke keeps insisting that the Federal Reserve has two main jobs (fighting inflation and keeping unemployment low) and that it is working incredibly hard to accomplish that dual mandate. During his visit with the soldiers he told them that the Fed is very determined to create more jobs for the American people….
“We at the Federal Reserve have been focusing intently on supporting job creation.”
Well, if we are to judge the Federal Reserve by how well it has accomplished its “dual mandate”, then the Federal Reserve has been an abysmal failure.