August 28, 2009

Did Bernanke save the world?

Focus on the face at the top of Federal Reserve neglects questioning the institution and the system


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President Obama has re-nominated Ben Bernanke to sit as Chairman of the Federal Reserve for another four-year term. Most of the media has praised Bernanke for his handling of the current economic crisis, Obama himself suggests that Bernanke helped save the US from another Great Depression. Economist Robert Pollin points out that Bernanke, as the top bank regulator in the country, played a central role in the creation of the crisis. But more importantly, according to Pollin, is that we review the Fed as a whole, and not just the individual who heads it up.

Bio

Robert Pollin is Professor of Economics at the University of Massachusetts in Amherst. He is the founding co-director of the Political Economy Research Institute (PERI). His research centers on macroeconomics, conditions for low-wage workers in the U.S. and globally, the analysis of financial markets, and the economics of building a clean-energy economy in the U.S. His books include A Measure of Fairness: The Economics of Living Wages and Minimum Wages in the US and Contours of Descent: US Economic Fractures and the Landscape of Global Austerity.

Comments from Registered Members

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SeniorCitizen 2009-09-03

Why are you astounded? Haven't you heard, this is George W. Bush's third term. Just as Hank Paulsen, a scumbag from Goldman-Sachs, was Bush's treasury secretary during his second term, so Tim Geithner, a scumbag from Goldman-Sachs, is Obama's. See http://www.tomdispatch.com/post/175109/david_swanson_the_more_things_change

jamie jose 2009-09-02

I am absolutely astounded that obama has given another four year term to this man. this is truly insane. I'm not sure how the whistle will finally be blown on the globe's so obviously corrupt political and banking systems but i sure do look forward to it happening. absolute insanity. even to a 5 year old chimp with half a brain the whole obama/fed reserve scene makes absolutly no sense.

sunrise 2009-08-30

“The secret of Federal Reserve” by world renowned author Eustace Mullins in 1950th, every since Eustace was under assassination attempts, and his book blocked. Google his name. Eustace also wrote: “Rape of Justice”; and “Murder by Injection” after half century’s assault by the Federal Reserve, the Court Systems and the Medical and pharmaceutical industries as he warned us 50 years ago. That people yet to see the truth and the dire deadly path we are heading. Eustace is 86 in fragile health. last year he was kidnapped and can’t be found. Contact Dr. Spencer at “edspencer3000@mindspring.com, if anyone knows his whereabouts. Federal Reserve is bleeding us to death and needs to be abolished.

dart 2009-08-30

The way this is reported is all back to front.Financial circles refer to `government sachs.`Obama did not re-appoint BB there is a list drawn up by the fed from which he must choose and BB would have told him to re-appoint.Obama is a decision taker not maker.Democratise the FED-some joke!Why not start with democracy in both elected assemblies.Note the two Murdoch zionist media sources quoted ,Times and Fox Noise.See Democracy Now Friday for Wells Fargo subprime mortgage whistle- blower and Thursday for UBS offshore accounts whistleblower who is to serve jail time for his troubles.

chordchaser 2009-08-30

As far as TRNN, all journalism has a bias. You have to know the background of an issue regardless of who is reporting on it to know how to interpret what you hear. It's a lot better than most alternatives.

chordchaser 2009-08-30

If you want to affect real change, you have to work within the system. I have no doubt the Fed needs to be abolished, but that won't happen overnight. I'll accept transparency with the idea that by learning what the Fed's been doing more Americans will learn exactly who the Fed represents. As Carlin said: "It's a club, and you ain't in it." But transparency without relentless pressure by those who understand the real goal won't work. And "democratizing" it is not an intermediate step, it's a diversion.

Arby 2009-08-30

Laugh Out Loud! Gatekeepers warning us about gatekeepers. You've got to love them.

AJ Smith 2009-08-29

REYKOOL is correct about the workings of the Fed and our money supply. Most people are ignorant about this; it's one of the best kept "secrets" of the US money system. Unless the Fed is abolished, the economic situation will always be unfavorable to the average US citizen. BTW - the 200 word maximum here is too low.

REYKOOL 2009-08-29

THE MAJORITY OF AMERICANS HAVE NO IDEA ON HOW THE FEDERAL RESERVE SYSTEM (A CARTEL OF PRIVATE BANKS ACTING LIKE A GOVERNMENT AGENCY) WORKS. THE "FEDS" EXCLUSIVELY PRINT OUR CURRENCY FOR THE COST OF 4 CENTS ($100,$20,$1) AND SELL IT TO OUR GOVERNMENT FOR ITS FULL FACE AMOUNT PLUS INTEREST. SINCE OUR GOVERNMENT DOESN'T HAVE ANY MONEY OF ITS OWN, IT PAYS THESE "FEDERAL RESERVE NOTES" (OUR DOLLAR BILLS) WITH DEBT: TREASURY BONDS,NOTES AND TREASURY BILLS. THIS IS THE TRUE SOURCE OF OUR NATIONAL DEBT AND IT WILL NEVER GO AWAY NO MATTER WHO IS IN THE WHITE HOUSE THE GRACE COMMISSION REPORT (CREATED BY RONALD RAEGAN) PROVES THAT NONE OF THE PERSONAL FEDERAL INCOME TAX GOES TO PAY FOR ANY GOVERNMENT SERVICES AND IS USED TO PAY ONLY THE INTEREST ON THE NATIONAL DEBT (CREATED BY THE FEDERAL RESERVE SYTEM). IN FACT BOTH INCOME TAX AND FEDERAL RESERVE WERE CREATED IN THE SAME YEAR 1913 . THE INCOME TAX WAS CREATED TO FINANCE THE FEDERAL RESERVE . IT IS TIME TO REALIZE THAT OUR CE

TyR. 2009-08-29

Did we watch the same video? I don't see how this video can be mistaken as pro-federal reserve as some of you seem to interpret it based on your comments. The title of the video seems to be satirical based on what the MSM is saying about Bernanke. The video clearly shows how incompetent Bernanke was leading up to the meltdown, and how much he is fighting the bill for transparency. The video goes further to remind us the debate about Bernanke is a distraction to the issue of how corrupt the Federal Reserve (and other central banks) is, and the need for drastic changes in the whole system. I think the majority of TRNN audience are already fully aware of the history of the Federal Reserve, and does not need TRNN to give a history lesson. Although complete abolishment of the Federal Reserve is ideal imo, at least transparency and democratizing it is a step in the right direction. My only gripe with TRNN is they are at times too subtle in the course of presenting the issues to us, b

phoenix 2009-08-29

I TOO AGREE WITH THE COMMENTS THUS FAR. TRNN is not what it claims to be and that has been evident for quite some time. Robert Pollin? Check his full background, his father is Abe Pollin. TRNN IS manipulating and providing their line up of GATEKEEPERS as usual. Hence Pollin in to protect Bernanke the major criminal. Bernanke's job is to take America down.

mandula 2009-08-29

I agree with all the comments to date --- genefire, dude08, Saturn_ls1, gegenwarst --- and like to add that this kind of reporting proves blatant ignorance of well documented historical facts on the part of TRNN. I can no longer support such an organisation… An other false ray of hope fades away on a very dark horizon… mandula

genefire 2009-08-29

It seems everytime TRNN tries to sell these myths about the "Privately Owned" Non federal...Federal Reserve Bank the feed back is always impressive to me. More and more people are waking up to this charade. Most people who are looking for truth come here and it's disappointing when Real News continually misleads people in this particular area. Almost makes one wonder are you guys/gals really looking for the truth or just misleading us? I'm sure if anyone here had the money they would pursue the real truth instead of misleading as I would.

dude08 2009-08-29

The idea of democratizing The Fed (aka printing press) sounds like an absolute disaster, not much better than being in bankster hands, just end it!

dude08 2009-08-29

Pollin has no understanding of economics. He claims the Fed has an obsession with low inflation while ignoring full employment, this statement is absurd. Low inflation, just wait until their shell game is exposed, Who do you think inflation hurts the most? The working poor! Would highly recommend Chris Martenson's recent blog post about the bankers shell game: http://www.chrismartenson.com/blog/shell-game-how-federal-reserve-monetizing-debt/25806

Saturn_ls1 2009-08-28

How is decision making by a private group. the Fed, democracy? The US constitution establishes the government's jurisdiction on monetary policy. How can democracy prevail without control of the economy? The Fed must be abolished. During the era of the greenback, America’s economy flourished. Then private bankers snatched back control by supporting war. By the people and for the people not the private bankers!

gegenwarst 2009-08-28

TRNN airs pure nonsense info about the Fed. If you really want to educate the brute and ignorant American populace about the Fed, then advise these mules to watch "The Money Masters - How International Bankers Gained Control of America" (http://video.google.com/videoplay?docid=-515319560256183936)

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