BY RONALD GLENN
As you may already know, Ben Bernanke has won Time Magazine’s Man of the Year award for 2009. Bernanke, it seems, is supposedly the calm captain our economic sinking ship. In the mortgage business, with which I have been associated directly and indirectly through working for law firms for the last twenty years, Ben Bernanke is regarded as the leading member of the world banking criminal cartel. Perhaps he should win the Criminal of the Decade award instead.
All of my associates blame the Federal Reserve, which created a pile of debt both public and private, for the economic mess we are in. In fact, the entire American economy is based on debt. The whole thing goes back in our time to the 1992 elections when Bernanke’s predecessor, Alan Greenspan, was blamed for the defeat of George Bush Sr. at the hands of Bill Clinton for the presidency in 1992. Greenspan was accused of withholding low interest rates and holding back the economy until after the election. From then on, the job of the Federal Reserve was to print money until there’s no ink left, making sure the government is never hurting for cash.
When Bernanke took over for Greenspan, my Wall Street buddies told me that he predicted the oncoming collapse in public speeches, but did nothing to stop it. In fact, they refer to him as a “criminal” because he never intended to stop it. The ensuing financial crisis may have been really bad for many Americans, but it has given the Federal Reserve and the largest banks more power than ever since they are the ones who will survive, eating up the small institutions as well as forging an interdependence between the government and the financial markets that makes them almost impossible to separate.
Ben Bernanke runs the largest, most secretive money-making machine in the world, and he has refused at every turn in the face of opposition by congress to give up any of the secrecy that surrounds his dealings. In you are as cynical as many of my associates have become, the world banking system has essentially become a colossal loan-sharking operation. The world banks print money, loan it to people who cannot pay it back, and then the banks confiscate the collateral used to back the loans. Right now, I am told twenty-five percent of the houses in America have more money owed on them than they are worth. In my business, this is called being “under water.”
Meanwhile, as news breaks that the national debt has broken through the debt ceiling, the American government is trying to keep from drowning in an ocean of debt. Mr Bernanke, however, will do what President Obama wants him to do, and President Obama needs him to keep on printing.
Now, Time Magazine wants us to send Mr. Bernanke a thank you card. I do not know about you, but I cannot afford the postage.
Ronald Glenn has worked in real estate and law for more than twenty years. He now works in Philadelphia, and lives outside the city with his wife. Ron has been writing for America’s Right since January 2009.