Powder Blue Report

News, finance, politics, sports, and fun from the west coast

Monday, October 24, 2005

We Have a New Maestro At The Federal Reserve...

His name is Ben Bernanke and he will be the new Chairman of the Federal Reserve Board when Alan Greenspan's term expires in January. He has some big shoes to fill to be sure. Greenspan sold out a long time ago. He used to be a strict devotee of a gold-backed monetary system, but then he became Chairman of the Fed. If I had my way, there would be no Federal Reserve Bank. It is unconstitutional in my opinion. There is a great history of national banks ruining countries economies because of their inherit knack for inflating the currency and adding choas to the monetary system. There has been some great books written on this subject over the years as well. One of the best ones on the history of federal reserve banks was written by G. Edward Griffin titled "The Creature From Jekyll Island". Take a look at it if you get a chance.


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