Fed’s Bernanke Should Be Criminally Charged, Says Watchdog

Reported in the Examiner:

By Jim Kouri

“Today, the entire Western financial world holds its breath every time the Fed chairman [Ben Bernanke] speaks, so influential are the central bank’s decisions on markets, interest rates and the economy in general. Yet the Fed, supposedly created to smooth out business cycles and prevent disruptive economic downswings like the Great Depression, has actually done the opposite.”
— Glenn Beck

While there is an abundant amount of news coverage regarding the activities of Wikileaks’ Julian Assange, with government, military, intelligence and law enforcement officials calling for his punishment for publishing classified documents, if there is one American who deserves to be charged with treason, it is Federal Reserve Chairman Ben Bernanke, according to Gerard Adams of the National Inflation Association.

Adams states that Bernanke, this past Sunday on ’60 Minutes,’ outright lied to the American public when he said that the Federal Reserve isn’t printing money.

Less than two years earlier on the same television program, Bernanke admitted that the Federal Reserve is printing money. However, back then, nobody was questioning the Federal Reserve’s actions.

“Thanks to alternative media organizations that have worked tirelessly to help expose the Federal Reserve’s dangerous and destructive actions, Americans are starting to finally question the Federal Reserve and Bernanke is now clearly on the defensive,” said Adams.

{snip}

“The truth is, quantitative easing is causing interest rates to rise because all of the money being printed is about to cause an outbreak of massive price inflation. The yield on the 10-year bond has risen by 38 points during the past three days alone and is now up to 3.26%. NIA continues to believe that interest rates have seen their lows and yields on the 10-year bond will likely rise above 4% in the first half of 2011,” said Adams.

When the 10-year bond yield rises to above 4%, instead of Bernanke admitting that he lied to the American public and his money printing actually caused interest rates to rise, Bernanke will likely claim that his “quantitative easing” just wasn’t large enough. Bernanke will use rising interest rates as an excuse to expand the size of QE2 and/or possibly launch QE3. Remember, every 1% rise in interest rates means an extra $100 billion that will need to be spent each year on interest payments on our national debt. Rising interest payments on our national debt can only be paid by Bernanke printing even more money, according to an NIA analysis.

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