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December 13, 2010
Federal Reserve Chairman, Ben Bernanke, did a 15 minute interview on 60 Minutes recently. I avoided watching it for a few days because I just can't take hearing so much wrong information in such a short period of time.
But I decided to view the interview today on Youtube (below).
I was shocked about one thing in particular. I was really shocked that the Federal Reserve allowed this interview to be released to the public.
Ben Bernanke's voice is shaking throughout the entire 15 minute interview. He looks as though he has just seen a ghost. He is pale, glassy-eyed, his top lip keeps quivering and his voice shakes so bad in parts it looks as though he is about to cry.
On top of that, most of his answers to the questions were incredibly weak and more like babble than anything.
The interview itself, conducted by Scott Pelley, was also weak. It was one softball question after another. Which is what makes Bernanke's performance so bizarre. Why does Bernanke look like he is scared to death for the entire 15 minutes?
There are only a few realistic scenarios.
1. He was high on cocaine. This would explain the quivering, glassy-eyes, shaky voice and rushed, bumbling answers. But Ben doesn't seem like "the type". I give this a low probability.
2. He understands everything that is going on and knows he was hired for the job to be a patsy and knows that the US dollar system is on the verge of collapse. He knows that virtually everything he is saying are lies or misinformation and he also knows that it won't be too long before people are calling for him to be imprisoned or executed for treason. He probably has some sort of deal done with the powers that be where-in he will be able to escape imprisonment or execution but, nonetheless, he is very scared about what might happen when TEOTMSAWKI (The End Of The Monetary System As We Know It) comes down. I'd give this scenario a reasonable level of probability.
or,
3. If I had to bet, I'd say this is the most likely scenario: Ben believes most of what he is saying and actually believes that what he is doing is going to 'help' the US economy. However, he has lived an incredibly sheltered life and has literally no real world experience. He finds himself now in a position where he has never even had a regular job, other than waiting tables when he was in college, and now, all of a sudden, after being coddled and sheltered inside Ivy league schools, much of the world is watching his every move and expecting him to actually know how to fix the current problems. Sitting there, on 60 Minutes, he realized the ludicrosity of him being in charge of the US economy (and world economy indirectly). As he is talking and answering the questions it dawns on him, more and more, that he really has no idea what to do.
In fact, Bernanke looked to me as though he was on the verge of having a nervous breakdown. It was actually hard to watch because the man is obviously in some sort of serious distress.
It's also clear that Ben is a "book learner". He is very good at reading books and memorizing the information and understanding it. But it is also very clear, from this interview, that he is unable to actually form his own theories or have any sort of clear, solid intellectual structure from which he can solve any problem that is not explicitly solved by others in his textbooks.
As example, fast forward to the last minute of the interview. It's obvious Ben did not have a prepared answer for this question: "What are your thoughts on the growing gap between the rich and the poor in this country?" (paraphrased).
Here was his response:
"Well, it's a very bad development. Uh, its creating two societies. And its based, very much, i think, on educational differences. The unemployment rate, we've been talking about, if you're a college graduate, unemployment is 5%. If you're a high school graduate, it's 10% or more. It's a very big difference. It leads to an unequal society and a society that doesn't have the cohesion that we'd like to see."
Please don't use so many big words and theories Ben! Obviously he isn't going to point out that all of the activities of the Federal Reserve are designed with the explicit intent of keeping poor people poor and transferring their wealth to the super rich. But he could have come up with something a little better than, "It's a very bad development. It leads to an unequal society and a society that doesn't have the cohesion that we'd like to see"!
What level of cohesion exactly would you like to see, Ben? And what in the world are you talking about?
In any case, I think the world took one thing from the interview. It became very clear that the man behind the curtain at the Federal Reserve is scared to death and doesn't even have the smallest idea how anything works except for what he memorized on rote from his incorrect, Keynesian school textbooks.
But the pièce de résistance of the interview came at the 7:30 mark. In regards to Ben's ability to ensure that inflation does not get out of control with all of his activities, the interviewer asks, "You have what degree of confidence in your ability to control this?"
Ben's answer? "Hundred percent"! 100%?? 100%?? Every other time in human history when a central bank presided over a fiat currency and began printing massive amounts of money and injecting it into the system, the currency always goes into hyperinflation and is destroyed. Every single time in history!
Never before has an unbacked fiat currency been the reserve currency of the world. This has just been a grand experiment and only existed since 1971 when Nixon took the dollar off the gold standard. Yet, Ben Bernanke has the nerve to suggest he has 0% doubt that all of these things he is doing will work even though many of the things he is doing have never been done before - and all the other things he is doing, when tried previously in history, always ended up destroying the currency. 100%??
There sat a man who has, almost without fail, gotten nearly every important thing wrong for years on end. Just look at this video below which shows how we was painfully, embarrassingly wrong, on nearly everything.
There is possibly nothing scarier than a man who is almost constantly wrong looking into the camera and saying he is 100% sure he's not wrong this time!
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