Back in June of 2005, Ben Bernanke was appointed by President George W. Bush as Chairman of the Council of Economic Advisors. (i.e., the head guy for giving the President the worst economic ideas).
Well, just as Patrick Henry in 1787 when he “smelt a rat” with the centralization of power in the U.S. Constitution, so did Lew Rockwell smell a rat climbing up the ladder of power.
Here’s Lew’s prescient take on Bernanke:
“The Bernanke appointment is certainly a wake up call for anyone who has a benign view of the Bush administration’s economic priorities. Indeed, we might as well say that, long term, this could be the most egregious decision that the Bush administration has made.
An inflationist Keynesian and an aggressive advocate of printing-press economics, Bernanke is the sort of crank who becomes famous in history for having destroyed whole countries. He is utterly and completely dedicated to the idea that paper money will save the world, with no downside. I shudder for our future if he becomes head of the Fed. Yet this appointment is probably a pathway to Greenspan’s job, as it was for Greenspan himself.”
The future is here, and Rockwell was right.
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