Bernanke to do Another Stupid Thing

Genuinely clueless idiots:

Federal Reserve officials decided to reinvest principal payments on mortgage holdings into long-term Treasury securities, making their first attempt to bolster growth since March 2009 to keep the slowing U.S. economy from relapsing into recession…

Because the first effort worked so well, right?

This is, of course, entirely expected – and one really can’t get too angry with Bernanke. He’s a product and defender of the system – it has brought him and his friends and family wealth and power, and he’s not about to chuck it all and build a new system where hard work, savings and careful investment would lead to the largest rewards – such a system would exclude him and the rest of the Ruling Class. Anger directed at the likes of Bernanke really isn’t going to get anywhere – and as long as he’s sitting on his pile of wealth, he simply won’t care what we say.

But this is, ultimately, a disastrous move. At best it will just delay the inevitable crash. We’re just moving part of th disaster from one set of books to another – though do keep in mind that he’s moving the disaster to the taxpayer’s books. The Fed might be considered some sort of independent agency of the United States government, but the fact remains that its full faith and credit is actually backed by the American people. Look in the mirror and you’ll see where Bernanke is getting the money to buy the bad debts.

A stupid, worthless economic model is dying and it is going to take down a corrupt ruling class with it. It will be painful to go through, but the good news is that we’ll be done with the Bernankes of the world once we’re finished.