An American monarchy

The Great Recession of 2008 reinforced the concept that the American economy is as fragile as a glass house. There were many excuses for the housing market collapse as well as the need for bailouts of financial institutions. Some place blame on banking institutions that intentionally misled clients and propagated suspect home mortgage loans. While this type of illegal activity did occur, the biggest culprit has been left unchecked and, ironically, has been given even more power since the Recession. This institution is the Federal Reserve (Fed).

Prior to the fiscal crisis, the Fed artificially inflated the dollar currency. The housing bubble was created because the Fed created money out of thin air, the credit would not have come from legitimate sources otherwise. With the creation of the money supply, the Fed also artificially kept the interest rates at historic lows, not allowing the free market to work. The Wall Street establishment has benefited greatly from the recent creation of faux money. It seems Main Street is left behind once again.

Ben Bernanke, the current Fed chairman is currently the monetary dictator and king of America. Ben Bernanke, a king among us ‘Main Street’ paupers. King Bernanke whom was appointed by George W. Bush and retained by Barack Obama, it seems republicans and democrats approve of King Bernanke’s work. King Bernanke, who bails out American big banks, foreign banks, governments, and giant corporations to the tune of trillions of dollars, has unparalleled power. Unfortunately, Americans who do not have political power get ‘stuck with the bill’; the little guy loses his house. The Banking-Wall Street establishment represents the clientele of King Bernanke. Sadly, we have been warned of this type of activity a couple of hundred years ago, and the warning has been left unheeded.

Thomas Jefferson said it best: “I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs”. It’s high time to take our wealth back from the American Monarchy.

Christopher Erdman

South Williamsport