'Ben Bernanke .. Clueless About Trade, Debt, History, and Gold'<blockquote>All of the problems allegedly caused by the gold standard are in fact properly attributed to one of the following four things: <br/>
<br/>
<ol><li>Central banks and their inept Soviet-style central planning</li>
<li>Fractional reserve lending</li>
<li>Fed manipulation of interest rates</li>
<li>Government sponsored monetary printing, frequently but not always to fight absurd wars that have no justified explanation. The War in Vietnam and the War in Iraq are recent examples.</li>
</ol>
The biggest housing bubble in history happened because the Greenspan Fed held interest rates too low too long..
..
Certainly the Greenspan Fed ignored (cheerleaded is a better word), the housing bubble every step of the way. Bernanke defended the housing bubble and failed to see its consequences.
The most amazing, and galling thing, is Bernanke has the nerve to preach about "price stability" in the wake of that collapse.
..
Those on fixed income and those in the middle class have been hammered by Fed policies. If you are looking for a reason for the shrinking middle class, then look at the Fed.'
- Mike Shedlock,
Ben Bernanke: Inflationist Jackass, Devoid of Common Sense, and Clueless About Trade, Debt, History, and Gold, March 22, 2012</blockquote>
Context<blockquote>
'..the current monetary system, based on credit expansion .. “manic-depressive” behavior..'(Banking Reform - English/Dutch) '..a truly stable financial and monetary system for the twenty-first century..''..ethics in particular .. absolute principle of ethics..' - '..deze fundamentele ethiek..''..At its heart it is a crisis of the fractionally reserved banking system..''..fiat inflation is a powerhouse of social, economic, cultural, and spiritual destruction.' - Jörg Guido HülsmannMalaysian Province Moves To Gold And Silver-Based Currency..'..Mises-Hayek theory of business cycles.' - Underrated Classics - By D. W. MacKenzie</blockquote>