| feb 24 2009 | | Is Bernanke the new Gen. Haig? | Has anyone noticed the similarities between Bungle Bernanke and Butcher Haig?
Haig caused ranks of men to walk slowly towards machine guns because they made a neat formation. I bet that terrified the Germans. Bernanke walks billions of stacks of dollars bill into the certain destruction of the banks liabilities where they disappear.
Both men are fighting the last war. (See blog. Fighting the Last War. Oct 04 2008)
Bernanke is the expert on the depression and is reacting to events of 1929. Of course there are some similarities to 1929 but there are far more differences that have and will continue to make each plan fail. In 1929 America was a strong economy with a vast manufacturing base. It was at peace. In fact it was receiving payments from Europe for the war loans from WWI. It's people had savings. The treasury had foreign reserves and gold reserves. The most important difference was America was on the gold standard. Something no one in the Fed or Treasury want to talk about. What about now? Well, no one has saving they have debt. The country has very little foreign reserves it has enormous liabilities. The manufacturing base has been sacrificed on the altar of free-trade. America has two wars going on and is trying to start a third.
Both Haig and Bernanke do what they are told to do by their masters. They are not fools, although they appear to be, they are merely allowing their intellect to be confined to only consider a course of action that will please their superiors expectations. OK, yes they are fools. But they these fools are very well rewarded.
Having failed to make any impression on this Great Depression so far, I notice in his latest testimony he says they are going to try some other measures and see how they work. I have got news for him. They will fail. Bungles says that if they hadn't taken the actions they did then things would be a lot worse. Would they? How do they know? As things are not getting better why don't they stop meddling and let things work themselves out? But that is not going to happen, so the very people, politicians, bankers, presidents, government, talking heads, that lobbied for and dismantled all the old regulations put in place after the last depression to protect the public from greed and crooks are now lecturing us on how we must put strong regulations in place. We need regulations put in place to protect us from politicians. That's not going to happen.
After the war Hiag still believed that the horse would be the deciding factor in future conflicts. Bernanke still believes that the dollar will be the world's reserve currency. Both men so full of hubris and have fulfilled their roles but destroyed lives. People in positions of leadership lose all conscience, except in a few very rare cases.
Do not trust your leaders, buy gold.
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