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Dec 13, 2010

JB Campbell: Anti-American

Must read of the day, of the month, and maybe of the year too, from VeteransTodayDecember 13, 2010  
by J. Bruce Campbell


The leakers are being called “anti-American.”
What decent person, anywhere in the world today, is not anti-American? Is there anyone more dangerous than our typical ignorant, arrogant American “citizen,” who very likely couldn’t find America on a marked map of the world? Well, yes: the American military man, who is the most dangerous son of a bitch on the planet. And I don’t mean that in a good way.


I’m anti-American. I really wasn’t until I returned to Rhodesia in January, ’73 to join up and help in their struggle against Communist terrorists. I’d been down there in ’71 for discussions with the government on bringing Americans and others wanting to be part of a new country project based on a book by my boss, Michael Oliver, called A New Constitution for a New Country. The plan was to have a minimum of a hundred square miles with no taxes and no draft, replacing the former tax-haven in Freeport, Bahamas. Thousands of productive Americans and others were ready to relocate.


Mike’s real name was Olitsky and he was a Lithuanian Jew who’d fled into Germany to escape Stalin’s Red Army. He wound up in Dachau for four years. He introduced me to Holocaust Revisionism when I ventured to ask him about his experience. He shrugged and said, “It was a factory. We worked during the day and stayed in a dormitory at night.”
“But what about the, uh, the—“
“The what?”
“You know, the killings.”
“I never saw any of that.”
Four years in Dachau, never saw any of that. Okay. He did see the US Army “liberate” the camp in April, ’45. The SS and Alpine troops recuperating there had negotiated a surrender to the Americans, who entered the camp and started shooting the guys who thought they were surrendering. Then the Americans marched the surviving soldiers (all the prison guards had fled days earlier) up to a wall near the hospital and set up a machine gun. Three hundred forty-six German soldiers on R&R were slaughtered in a few minutes, five hundred twenty in all that morning. George Patton handled the cover-up and protected the war criminals. The army doctor on the scene, Col. Howard Buechner, described it in his book, Dachau: Hour of the Avenger. Of the 32,000 inmates freed, about 1,200 were Jews, including Mike.


My new country project discussions were with the Rhodesian minister of internal affairs, Jack Howman. He rather indignantly turned us down. Nevertheless, I did return and take part in their war against Communist terror. I suppose it was during those two years that I became reluctantly anti-American. Our country, the good old USA, supported the Communist war of terror against the Rhodesian people, black and white. Our country put Robert Mugabe in power, just as it put Nelson Mandela in power a few years later. Mandela was Member Number One of the South African Communist Party. America put every Communist party in power in every single Communist country since 1917. That includes Lenin & Trotsky, Mao Tse Tung, Kim Il-sung, Ho Chi Minh, Tito, Pol Pot and Fidel Castro. Our government kept Stalin in power from 1924 until his death in ’53. It went to war in ’41 to rescue Stalin from well-deserved German destruction. Billions (trillions in today’s worthless money) were given by America to save Soviet Communism.


An itinerant writer named Robert K. Brown came to Salisbury, Rhodesia in 1974 to interview me. He said he was freelancing for Esquire Magazine and Guns Magazine. He wanted to know what would make a Californian such as I come over to this little country in southern Africa and fight terrorism? The interview eventually appeared in the first issue (Summer ’75) of a strange magazine called “Soldier of Fortune.” I took Brown up to Mt. Darwin and introduced him to my farmer friends who were on the front lines of terrorism every day and night of their lives. I asked him not to quote me because I could be prosecuted for “mercenary activities” by the State Department. He quoted the hell out of me but changed my name to “Mitchell McNair.” But the point of this is that he told me what he did for the CIA back in the ‘50s… Brown was in the CIA’s Special Forces and was part of the assassination team that murdered Rafael Trujillo in ’61. But in ’58 and ’59, Brown ran guns to Fidel Castro to assist in his coup against Fulgencio Batista. Once Castro came to power, the CIA pretended to be against Castro to justify its gigantic power-grab of the government. But Castro, along with every other Communist leader in the world, was put in power by the US government. Then our government exploited the “threat” presented by Communism to justify “defense spending” and lucrative no-win wars. Today, the Chicoms, those ultimate Communists, are our business partners and we have arranged for the anti-Communist Moslems to be our new worst enemies.


Brown’s magazine was funded by the CIA and was immediately put to use in recruiting mercenaries for their ludicrous operation in Angola. I called Brown in Boulder at one point to ask why the hell he was recruiting for the foul Angolan terrorist, Holden Roberto? He said lamely, “Well, the CIA likes him.” Any questions so far?


The more I studied US history over the next few years, the more I came to hate everything this country stands for, or pretends to stand for. American history turns out to be one gigantic lie, as phony as a Hollywood movie. In fact, all we have come to believe about ourselves has pretty much come from Hollywood. This is no exaggeration. The American myth was created by a few Russian Jews who ripped off Tom Edison’s film process in New Jersey and split for the coast to avoid prosecution. Neal Gabler wrote a book entitled An Empire of Their Own, How the Jews Invented Hollywood. The inescapable fact is that not only did they invent Hollywood, but the entire myth of America as the promised land.


For Russian Jews, it was. America was the land of milk, honey and suckers by the millions. Our self-image as Americans is a Jewish image. The slaughter and rip-off and exile of American Indians to Bantustans we call “reservations” was glamorized (authorized) by Hollywood Jews. The reality of this genocide makes American condemnation of Zionist genocide of Palestinians meaningless. That is, it would be meaningless if any American politician condemned Israel, which hasn’t happened yet. If we had some bacon we could have bacon and eggs, if we had some eggs.


The whole American experience is based on mass murder and land-grabs and lies (broken treaties). Not one treaty made by the US Army with the Indians was left unbroken. Maybe the one with the Yakimas, but I’m not sure about that. Up in this country where we live, you see the slogan once in a while, “Custer Had It Coming.” When you investigate what all he did to the Lakota, Cheyenne and others, such as mass murdering women and children, for no reason other than ethnic cleansing, you have to conclude that he and his war criminals definitely had it coming.


Custer worked for Phil Sheridan and Bill Sherman, both of whom are in the War Crimes Hall of Fame. Their crimes against the Southern people and the Indian people will turn your hair white with shock. American (Yankee) war of aggression and genocide are the bases of all modern total war. The buffalo were exterminated just to cripple the Plains Indians. To punish the Nez Perce for resisting another broken treaty, the army slaughtered thousands of their Appaloosa horses. The army put the Nez Perce in boxcars in the winter of ’77 and shipped them to Ft. Leavenworth. This is the actual American way.


I’ll skip over our genocidal adventures in the Philippines and our Jewish-engineered role in the Great War and go right to the World War, or rather its aftermath in Europe. Our mopping-up method is described above with the Dachau massacre of surrendered troops. Such sadistic butchery was encouraged by a 1941 book “highly recommended” to the troops by Franklin Roosevelt, a book by an obscure Jew in advertising named Theodore Kaufman, entitled “Germany Must Perish!” It was the basis for what became known as the Morgenthau Plan for Germany, which called for the extermination of a large percentage of Germans, the forced sterilization of the rest and the destruction of all industry or its removal to the Soviet Union, flooding all mines and turning Germany into a goat pasture. Henry Morgenthau was FDR’s Jewish treasury secretary. George Patton writes in his memoirs that Eisenhower gave Morgenthau his plan, which was eventually drafted by another Jew named Weiss (Harry Dexter “White”). Upon war’s end, Eisenhower put the plan into effect with his order to starve to death all captured German PoWs. This is documented in James Bacque’s Other Losses. Over a million German prisoners died eating grass and bugs out in open fields in the American starvation program from May to December, 1945.


Then, Ike starved millions more German civilians throughout that period ‘til 1947, when the Cold War started and America needed Germany to pretend to fight our erstwhile ally, Stalin. This merciless starvation program is documented also by Bacque in his Crimes & Mercies. Naïve people have doubted this crime against humanity and asked, “Why didn’t the Germans complain, if what you say is true?” Answer: For one thing, the Germans are not a complaining people, the way Jews are. This is not a good thing, but it’s the way they are. They shut up and take it. But the real point is, to whom could they complain if they were complaining people? The Americans? The British, the Soviets, the French, all of whom were participants in the American genocide program? Bacque estimates that between nine and thirteen million Germans were slaughtered in Eisenhower’s starvation and forced exposure operation in two years.


Then there was the Eisenhower program officially called by the army, Operation Keelhaul. If you still think that being an American is a good thing, consider this one… During the war, millions of Russians, Ukrainians, Cossacks and others escaped from Soviet slave-terror into Italy, Austria, Yugoslavia and other countries. Many of them were Red Army soldiers captured by the German army at Stalingrad, Leningrad, Kursk and countless other battles and sent to PoW camps in Germany and Poland and Italy. The hysterical beast, Josef Stalin, who fled Moscow at the approach of the German army, gave the order that any Red Army soldier who surrendered was to be shot when the war was over. This was well-known. Nevertheless, Dwight Eisenhower broke all international laws regarding treatment of captured enemy forces and ordered the rounding up and handing over of these men and their families. Approximately five million of them were forced into boxcars by US Army soldiers at bayonet point and sent east to Hungary, where they were taken off the trains and either shot by the tracks or sent to the Gulag Archipelago to be worked to death over the next year. This was documented also by Aleksandr Solzhenitsyn in his monumental record of Soviet/American bestiality. I have interviewed veterans who participated in this unimaginable betrayal of humanity.


Reportedly, the only photo on Ike’s Oval Office desk was one of Josef Stalin—autographed.
In 1956, our President Eisenhower encouraged the Hungarians to rise up and kick the Soviets out of Budapest, promising them American help if they showed they deserved it. So the Hungarians rose up and seized all the Jews that Khrushchev and Stalin had installed over them, hanging and shooting many hundreds, and forced the Soviets out of Budapest. Khrushchev wrote in his memoirs that he waited a couple of weeks for Eisenhower to follow through on his promise of aid, but it never came. So he ordered the tanks back in and the wiping out of the freedom fighters.
This is the actual American way, administered by respectable political pukes such as Dwight David Eisenhower, nicknamed in the 1915 West Point yearbook as “The Terrible Swedish Jew.”


We are just now learning what the army and air force did to the Koreans during the Korean War. Millions were slaughtered. We Americans wonder why the crazy North Koreans are so paranoid and ready to fight? We wonder because we don’t know what the hell our government did to those people in the 1950s. We have no idea that our government approved the Soviet occupation of North Korea in 1945, making it Communist in ‘48. Then we drew an arbitrary line across the 38th parallel and created “South Korea” and prepared to go to war against “North Korea” when everyone was ready in 1950. War made to order with unbelievable profits to the bankers and “defense contractors.” 34,000 Americans killed – for what?


Viet Nam. Did you know that Ho Chi Minh was a US intelligence agent during World War II? He made his reports to the OSS at the Texaco office in Hanoi. Did you know that the American OSS installed Ho Chi Minh in power in the northern half of Indochina in 1945? An arbitrary line was drawn across the 17th parallel in ’54 and our northern puppet started the war against our southern puppet in ’59, which we of course lost in ’75. Another war made to order with unbelievable profits to the bankers and “defense contractors.” Millions of Vietnamese slaughtered by our wonderful boys, 58,000 of whom were also slaughtered – for what?


The United Nations is a US front. It was devised by American traitors in the Council on Foreign Relations in 1945 and has always been housed in New York. John D. Rockefeller, Jr. donated the sixteen acres in Manhattan and built the edifice in 1951. Its first crime against humanity was the creation of the Israeli nation of parasites in 1948, while the UN was still headquartered on Long Island. The UN waged war against Rhodesia and South Africa throughout the ‘60s and ‘70s, always subsidized by American taxpayers. Most Americans don’t know or remember that the Korean War was fought by American soldiers under the blue and white flag of the United Nations.


And now, our wonderful boys are fighting for Israel against Moslems in Iraq and Afghanistan and secretly killing thousands in Pakistan and Yemen. These wars are based on Israeli lies stemming from their massacre of 9/11. Even though the American FBI director, Mueller, admitted there was no evidence of Moslem hijackers, we invaded Afghanistan. Americans don’t know that the Taliban were our guys until they objected to a Unocal pipeline being constructed across their country. Richard Armitage told them they could either have a carpet of gold (if they went along with the pipeline) or a carpet of bombs if they didn’t cooperate. They didn’t cooperate and virtually overnight, the Americans categorized them as the enemy, showering our gold on a rival group, the Northern Alliance. Our former friends, the Taliban, are kicking our butts, which is only fair. You invade someone’s country based on your own lies, you deserve to have your butt kicked.


Football star and millionaire Pat Tillman fell for the 9/11 legend and joined the Army Rangers to hunt down Osama bin Laden in Afghanistan. But then he and his brother were sent to Iraq, which puzzled them both. Why Iraq? Iraq had nothing to do with 9/11 (but neither did Osama or Afghanistan). Pat Tillman signed his own death warrant with his questions and complaints about invading Iraq. So he was sent back to Afghanistan to be silenced. In one of the dumbest excuses for a skirmish I’ve ever heard of, he was sent forward to engage with some non-existent enemy fighters. Then he was shot at by his own guys behind him. The odd thing is that his forehead had three .22 caliber bullet holes in it. The M-4 rifle shoots a .22, of course, but it’s a high-power, high-velocity .223 that does serious damage. The fact that his forehead had three .22 holes and wasn’t obliterated means he was executed with three low-powered .22LR bullets from a pistol. The general in charge of the official heroic lies about enemy action and then “friendly fire” was Stanley McChrystal, an infamous black ops leader of The Secret Team and organizer of many, many assassinations.


And so, I’m anti-American. I suspect that if Pat Tillman were alive he’d be just as anti-American. Real patriots can get that way quickly when they realize they’ve been hustled.


Don’t start about the Constitution. Don’t tell me that if we just stuck to the Constitution we’d be in good shape. I’ve found that people who go on about the Constitution have never read it. They don’t understand that it’s just a seven-part plan for running the government. They don’t understand that it was crafted by Freemasons using Masonic lodge rules of order as a template. They don’t know or forgot that the founders sneaked the Constitution on us when they were supposed to modify the Articles of Confederation and Perpetual Union between the States.


The Bill of Rights was our friend and it was added by Patrick Henry and truly patriotic friends to protect us from the Constitutional government. But George Bush and his PATRIOT Act destroyed the Bill of Rights. Obama is a foreign-born CIA asset so he has no understanding of the Bill of Rights. Apparently both he and his strange wife lost their law licenses several years ago anyway and I suspect they missed Bill of Rights day in law school.


I’m not sure what it is about America that we’re expected to love. The government? The Federal Reserve? The IRS? Our banking system? Wall Street? How about our schools? The way we conduct our foreign policy? How about the CIA and sanctioned kidnapping, torture and false imprisonment and killing Israel’s enemies with our cowardly Predator flying death machines? Maybe the FBI, America’s number one terrorist organization?


Tell me, what is there to love? Our farms and Monsanto suicide seeds and all our fake food? Our labor unions that don’t try to protect American jobs? How about NAFTA that was jammed down our throats by Bill Clinton and Rush Limbaugh? You don’t remember that 1994 tag-team?
Maybe we should love Wal-Mart and all the Chinese junk inside. How about our great industries? Wait a minute—we don’t have any industries. They’re all in China.


Should we love our cities? How about the War on Drugs and the War on Terror. We really need a War on Warmongers and Profiteers. I won’t even ask if we’re supposed to love our politicians, our judges and our news media. Our ranches are nice, except the cattle are full of growth hormones and antibiotics.
Nope. Sorry. Nothing here to love, if we’re honest. Maybe if we brought our occupation forces home from the 120 countries they’re occupying, this country wouldn’t be so hateful. But there’s a gene in us that makes us extremely dangerous and destructive. We have been conditioned to view ourselves as exceptional—better than other people—and deserving of whatever other people have, such as land, gold, oil, water, whatever. You can see this gene metastasizing in the leaked videos of Americans slaughtering Iraqi civilians from our multi-million dollar attack helicopters. I say they’re ours because we’re on the hook for them.


Somebody is going to say, Well partner, you better love your right to shoot your mouth off and you can thank a veteran for that right. Uh, huh. You mean the guy over in Iraq, blowing away a family that misunderstood orders in a foreign language to stop at this goddamned roadblock (that wasn’t here yesterday)? You think I owe my free-speech right to a guy who spent the war spraying Agent Orange on foreign civilians? Do you think any of the ten amendments in the Bill of Rights was reinforced by the crew of the Enola Gay? My old man was a marine in the first World War. I said to him, Man, you made the world safe for Democracy! He just looked at me, like, very funny.
It is not safe to shoot your mouth off these days and hasn’t been for a long time. The military is not making it any safer, in fact, just the opposite. The US military is breaking the law wholesale by acting as “law enforcement,” in complete violation of the law (Posse Comitatus). But shut my mouth, because there is no law anymore. We’re under the law of the gun, or Deuteronomy, which is the same thing.


Most people today are afraid even to READ my material, let alone comment on it. Let alone write something along these lines. Why do you suppose there’s so much fear in this country since 9/11? Is the military relieving this fear or reinforcing it? What about the reports that the military will be rounding up dissidents? Don’t believe them? They’re already illegally working as cops. The military does not protect ANYONE’s rights. The military kills people and destroys property. No American is safer because our military is killing Moslems in Iraq or Afghanistan—just the opposite. Not only is the military killing the world with depleted uranium munitions, but it is causing a blinding hatred of us. Just imagine armed thugs breaking into your house or your relative’s house and what it would do to your mind, assuming they didn’t blow you away because of the look of resentment on your face.


I discovered myself, years ago, that the FEMA camps are staffed by the 300th Military Police POW Command headquartered in Inkster, Michigan.
An honest American has to admit that he hates this country, not just the government. The government is a reflection of the people who pay for it. This country isn’t what you thought it was and it never has been. We’ve been conditioned to pledge allegiance to the flag and to the nation for which it stands, but what it stands for isn’t what Hollywood has had us believing since we were little kids.


All leaks are good, as long as they’re the real deal, not redacted or altered to make us support Israel. The only way we can survive is to know the truth about what government and the corporations have been secretly doing to us and others. The truth may be anti-American, but that’s the way the cookie crumbles.




Sell Bernanke and the U.S. dollar; Buy gold and silver.


By: Fred Sheehan | From SafeHaven, Mon, Dec 13, 2010
"I am a macroeconomist rather than an historian. My focus will be on broad economic issues rather than details."
Professor Ben S. Bernanke, "The Macroeconomics of the Great Depression: A Comparative Approach,"1995
"These days central banking is my line of work as well. Before that, I was an academic economist and economic historian."
Federal Reserve Chairman Ben S. Bernanke, "Economic Policy: Lessons from History,"April 8, 2008
60 MINUTES: "You've been printing money?"
BERNANKE: "Well, effectively, and we need to do that."
"60 Minutes" interview, March 15, 2009
CONGRESSMAN JEB HENSARLING, (R-TX.) "Will the Federal Reserve monetize the debt?"
CHAIRMAN BERNANKE: "The Federal Reserve will not monetize the debt...."
Federal Reserve Chairman Ben S. Bernanke, Testifying before Congress on June 3, 2009
BERNANKE: "One myth that's out there is that what we're doing is printing money. We're not printing money."
"60 Minutes," December 5, 2010
"New research shows that one of the first signs of impending dementia is an inability to understand money and credit, contracts and agreements."
New York Times, "Money Woes Can Be an Early Clue to Alzheimer's," October 31, 2010
"It would be fair to say that monetary and credit aggregates have not played a central role in the formulation of U.S. monetary policy since [1982], although policymakers continue to use monetary data as a source of information about the state of the economy."
Federal Reserve Chairman Ben Bernanke, Open Opportunity Economic Forum, Washington, D.C., November 1, 2006
Response to Federal Reserve Chairman Ben Bernanke:
"...Is it really possible for a policy described as 'monetary' to be formulated and implemented without money playing a central role in it? Indeed, the suggestion that monetary policy can be conducted without assigning a prominent role to money seems like an oxymoron - a statement containing apparently contradictory terms, if not worse: for the literal meaning of the Greek word 'oxymoron' is 'pointedly foolish.'"
Lucas Papademos, Vice President of the European Central Bank, Open Opportunity Economic Forum, Washington, D.C., November 1, 2006
"I don't fully understand movements in the gold price."
"Bernanke Puzzled by Gold Rally" Wall Street Journal blog, June 9, 2010
"[The rising gold price is] strictly a monetary phenomenon...an indication of a very early stage of an endeavor to move away from paper currencies.... What is fascinating is the extent to which gold still holds reign over the financial system as the ultimate source of payment."
Former Federal Reserve Chairman Alan Greenspan, Bloomberg, September 9, 2009
BERNANKE: "Well, this fear of inflation, I think is way overstated."
"60 Minutes," December 5, 2010
"The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so."
Federal Reserve Chairman Ben S. Bernanke, Bloomberg, June 9, 2008
"We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system."
Federal Reserve Chairman Ben S. Bernanke, speech at the Federal Reserve Bank of Chicago, May 17, 2007
"[T]he recent capital inflow [has shown up in] higher home prices. Higher home prices in turn have encouraged households to increase their consumption. Of course, increased rates of homeownership and household consumption are both good things."
Federal Reserve Governor Ben S. Bernanke, speech before the Virginia Association of Economics, March 10, 2005
"Today, most measures of underlying inflation are running somewhat below 2 percent, or a bit lower than the rate most Fed policymakers see as being most consistent with healthy economic growth in the long run."
Federal Reserve Chairman Ben S. Bernanke, Washington Post, November 4, 2010
60 MINUTES: "Is keeping inflation in check less of a priority for the Federal Reserve now?"
BERNANKE: "No, absolutely not. What we're trying to do is achieve a balance. We've been very, very clear that we will not allow inflation to rise above two percent or less."
"60 Minutes," December 5, 2010
"The unwarranted assumption that 'creeping' inflation is inevitable deserves comment. This term has been used by various writers to mean a gradual rise in prices which, they suggest, could be held to a moderate rate, averaging perhaps 2 percent a year....Such a prospect would work incalculable hardship....Even if it were possible to control it so that prices rose no more than 2 percent a year - the price level would double every 35 years and the value of the dollar would be cut each generation. Losses would thus be inflicted upon millions of people, pensioners, Government employees, all who have fixed incomes, including those who have their assets in savings and long-term bonds...."
Former Federal Reserve Chairman William McChesney Martin, Senate testimony, 1957
"If a policy of active or permissive inflation is to be a fact, then we can rescue the shreds of our self-respect only by announcing the policy. That is the least of the canons of decency that should prevail. We should have the decency to say to the money saver, 'Hold still, Little Fish! All we intend to do is gut you.'"
Malcolm Bryan, President of Atlanta Federal Reserve Bank, 1956
EXPLANATION OF THE FEDERAL RESERVE'S "QUANTITAVE EASING" OBJECTIVE:
"[T]here is a...prosaic way of obtaining negative interest rates: through inflation. Suppose that, looking ahead the government commits itself to producing significant inflation. In this case, while nominal interest rates could remain at zero, real interest rates - interest rates measured in purchasing power - could become negative.... Ben S. Bernanke, Fed chairman, is the perfect person to make the commitment to higher inflation.... [T]he goal could be to produce enough inflation to ensure that the real interest rate is significantly negative...."
Professor Greg Mankiw, "It May be Time for the Fed to Go Negative," Wall Street Journal, April 19, 2009
Mankiw is just the man to recommend such policies:
"[W]hen you look at the mistakes of the 1920s and 1930s, they were clearly amateurish. It is hard to imagine that happening again - we understand the business cycle much better."
Professor Greg Mankiw, Wall Street Journal, February 1, 2000
"If it were possible to take interest rates into negative territory I would be voting for that."
Federal Reserve Governor Janet Yellen, speech at the University of San Diego, then-President of San Francisco Federal Reserve Bank, February 22, 2010
60 MINUTES: "Do you anticipate a scenario in which you would commit to more than $600 billion?"
BERNANKE: "Oh, it's certainly possible"
"60 Minutes," December 5, 2010
Note: $600 billion is the amount of money Bernanke has stated he will to print to buy Treasury securities during "QE2" - Quantitative Easing, Part 2.
The Fed "could theoretically buy anything to pump money into the system" including "state and local debt, real estate and gold mines - any asset."
Unnamed Federal Reserve official to the Financial Times, 2002
"Hello, young man. I'm with the Federal Reserve. Today, we're buying baseball cards."
Cartoon in Grant's Interest Rate Observer, 2010; Federal Reserve official is speaking to a boy at his front door.
"The truth is the current Fed governors, together with their crack staff of Ph.D. economists and market analysts, are as close to an economic dream team, as we are ever likely to see.... The best Congress can do now is to let the Bernanke bunch do its job."
Professor Greg Mankiw, Harvard University, New York Times, December 23, 2007. Mankiw was chairman of President George W. Bush's Counsel of Economic Advisers
60 MINUTES: "Can you act quickly enough to prevent inflation from getting out of control?"
BERNANKE: "We could raise interest rates in 15 minutes if we have to. So, there really is no problem with raising rates, tightening monetary policy, slowing the economy, reducing inflation, at the appropriate time. Now, that time is not now."
"60 Minutes," December 5, 2010
"There is no validity whatever in the idea that any inflation, once accepted, can be confined to moderate proportions."
Former Federal Reserve Chairman William McChesney Martin, Senate testimony, 1957
60 MINUTES: "You have what degree of confidence in your ability to control this?"
BERNANKE: "One hundred percent."
"60 Minutes," December 5, 2010
"Mr. Bernanke has used the analogy of a golfer with a new putter: Unsure how it will work, he finds the best strategy is to tap lightly at first and keep tapping until the golfer figures out how best to use the putter. [Quoting Bernanke]: 'When policymakers are unsure of the impact that their policy actions will have on the economy, it may be appropriate for them to adjust policy more cautiously and in smaller steps than they would if they had precise knowledge of the effects of their actions.'"
Wall Street Journal, October 27, 2010
"We have been living in a fool's paradise.... [If] the central bank creates money or if you like the phrase better, prints money, I think it can only do one thing, depreciate the currency."
Former Federal Reserve Chairman William McChesney Martin, before the American Association of Newspaper Editors, 1968
"We are in the wildest inflation since the Civil War."
Former Federal Reserve Chairman William McChesney Martin, from his farewell speech, 1970
"Inflation is a means by which the strong can more effectively exploit the weak. The strategically positioned and well-organized can gain at the expense of the unorganized and aged."
Federal Reserve Governor Henry C. Wallich, Commencement address at Fordham University, 1978
Note: Wallich was born in Germany in 1914. He was nine years old, living in Berlin, during the 1923 German inflation.
"[T]he increasing uncertainty in providing privately for the future pushes people who are seeking security toward the government."
Federal Reserve Governor Henry C. Wallich, same address, 1978
"[L]ower mortgage rates will make housing more affordable and allow more homeowners to refinance. Lower corporate bond rates will encourage investment."
Federal Reserve Chairman Ben S. Bernanke, Washington Post, November 4, 2010
Note: Bernanke simply assumed his QE2 operation would drive down interest rates (the bold will). Just the opposite has happened. Federal Reserve Chairman Martin understood the foolhardiness of such a quest when professors prodded him to do the same:
"It has been suggested, from time to time, that the Federal Reserve System could relieve current pressures in money and capital markets without, at the same time, contributing to inflationary pressures. These suggestions usually involve Federal Reserve support of the Unites States Government securities market through one form or another of pegging operations. There is no way for the Federal Reserve System to peg the price of Government bonds at any given level unless it stands ready to buy all of the bonds offered to it at that price. This process inevitably provides additional funds for the banking system, permits the expansion of loans and investments and a comparable increase in the money supply - a process sometimes referred to as monetization of the public debt. This amount of inflationary force generated by such a policy depends to some extent upon the demand pressures in the market at the time. It would be dangerously inflationary under conditions that prevail today. In the present circumstances the Reserve System could not peg the government securities without, at the same time, igniting explosive inflationary fuel."
Former Federal Reserve Chairman William McChesney Martin, 1957
60 MINUTES: "If you had a message for the American people in this interview what would it be?"
BERNANKE: "...I'd say first of all the Federal Reserve is here and is going to do everything possible to support the economy."
"60 Minutes" March 15, 2009
"Think of all these people, decent, educated, the story of the past laid out before them - What to avoid - what to do, etc.... - trying their utmost - What a ghastly muddle they made of it! Unteachable from infancy to tomb - There is the first and main characteristic of mankind."
Winston S. Churchill, Discussing World War I, 1928
Conclusion: Sell Bernanke and the U.S. dollar; Buy gold and silver.


Frederick Sheehan writes a blog at www.aucontrarian.com

Author: Fred Sheehan

Frederick J. Sheehan Jr.
www.aucontrarian.com
70 Holbrook Avenue
Braintree, MA 02184
617-875-8150
Frederick Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession (McGraw-Hill, November 2009). Mr. Sheehan was Director of Asset Allocation Services at John Hancock Financial Services in Boston. In this capacity, he set investment policy and asset allocation for institutional pension plans. For more than a decade, Mr. Sheehan wrote the monthly "Market Outlook" and quarterly "Market Review" for clients. He is a frequent contributor to Marc Faber's "Gloom, Boom & Doom Report." He also has written articles for "Whiskey & Gunpowder" and the Prudent Bear website, among others. He currently serves as an advisor to an investment firm and a non-profit foundation. A Chartered Financial Analyst, Mr. Sheehan is a graduate of Columbia Business School.
Copyright © 2007-2010 Frederick J. Sheehan Jr.

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