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Time Magazine’s Big Blunder: The Ben Bernanke Travesty

By January 5, 2010No Comments
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Ben Bernanke is “Disaster of the Century”… NOT “Person of the Year”

Ron Paul Should be Time’s “Person of the Year”

By Wayne Allyn Root and Rick Williams

You can usually count on Time magazine to get things backwards, and they missed in a big way with their selection of Ben Bernanke as “Person of the Year” for 2009. Bankster Ben was wrong, wrong, and wrong again in his Federal Reserve policies and prognostications, with the result being runaway debt, endless deficits, and a financial industry scam machine that is rapidly reaching its proper status as laughingstock of the planet. Bernanke was not the first Fed Chairman to get a big boost from Time- Alan Greenspan once graced Time’s cover (flanked by Larry Summers and Robert Rubin) with the three of them touted as “The Committee to Save the World.” Well of course we know where that led- those three contributed to the destruction of the world’s economy. But that’s par for the course. The people writing the news love to predict and make the news. Unfortunately their predictions are almost always wrong. That could be why most mainstream media corporations in this country are now on the verge of bankruptcy. It appears that the same media”experts” that make terrible predictions, aren’t any better at running a business. One thing’s for sure: the dying Time magazine loves its bankers.

But just days ago, the Petersen/Pew Commission on Budget Reform warned in a new report that “over the past year alone, the public debt of the United States rose sharply from 41 to 53 percent of gross domestic product (GDP). Under reasonable assumptions, the debt is projected to grow steadily, reaching 85 percent of GDP by 2018, 100 percent by 2022, and 200 percent by 2038.”

And long before the debt reaches such staggering levels, the commission tells us: “Fears of inflation and a prospective decline in the value of the dollar would cause investors to demand higher interest rates, and shift out of U.S. Treasury securities. The excessive debt would also affect citizens in their everyday lives by harming the American standard of living through slower economic growth and dampening wages, and shrinking the government’s ability to reduce taxes, invest, or provide a safety net.”

All of this financial tragedy is the direct and highly predictable legacy of our Federal Reserve System and their bankster cronies on Wall Street. Ben Bernanke and Alan Greenspan were the men in charge- and these are the very people who failed us every step of the way. Under Fed leadership, the U.S. financial system has buried our hard working middle class under a mountain of debt for the benefit of Goldman Sachs and a handful of “too big to fail” banks. It seems more than a coincidence that virtually every government official in charge of making these decisions, both here in America and around the globe, are former Goldman Sachs executives (and usually partners).

Yet Time magazine singles out Bernanke as the man to be recognized for his good deeds. We’re sure Ben’s supporters would say “Give him more time.” Well we agree. We suggest 15 to 20 years…in prison. A warm spot in a jail cell would be more appropriate for worldwide king of counterfeiters. Every day that the Federal Reserve prints more money, it is robbing the American taxpayer- and future generations- of our wealth, property and financial stability.

On the other hand, one politician has been fighting to protect the American taxpayer for over 30 years…demanding accountability from the Fed…trying to save the American economy from the Bernankes of the world. For more than 30 years Congressman Paul has been looking out for the little guy. For more than 30 years, Congressman Paul has been trying to get Congress to think about our children’s financial future, not just today’s re-election campaign. For more than 30 years, Dr. Paul has been dogging the heels of our runaway Fed and calling them to account for their despicable practices.

Congressman Paul has been sponsoring bills to audit the Fed ever since he first entered Congress in 1976, and on six occasions Paul has introduced bills that would have ended the Fed entirely. Standing largely alone, yet seeing clearly into the future, Ron Paul has challenged a rotten to the core Fed over a period of decades, while Congressional colleagues and a mainstream media, asleep at the switch, were busily applauding people like Bernanke and Greenspan as masters of the universe and oracles of the modern world. So who was right all this time . . . and who was wrong? The answer, we’ll tell you, is crystal clear: It wasn’t the Ivy League bankers or Wall Street masters of the universe. It was a country baby doctor named Ron Paul, by a country mile. If Time magazine cared at all about the American taxpayer, its true “Person of the Year” in 2009 would certainly have been Texas Congressman Ron Paul.

When Paul ran for president in 2007 and 2008, he was genuinely surprised to find that his youthful audiences were responding powerfully to his message about ending the Federal Reserve. An audience of college students at the University of Michigan went so far as to burn “Federal Reserve Notes” (otherwise known as dollar bills) as Congressman Paul spoke about the Fed and its counterfeiting. These students figured out what the adults in charge were doing to their financial future- burning it.

By 2009 these students were no longer alone. Everyone, it seems, was catching on, and even our palace courtier “mainstream” economists began to notice that the Federal Reserve was responsible for inflating the housing bubble and otherwise dumping our once great country into the throes of imminent bankruptcy. Even Barack Obama seems to be catching on- speaking just days ago about the imminent financial disaster of the costs of Medicare and Medicaid. Even a big spending, big taxing leftist like Obama agrees that unless we act fast America faces insolvency and bankruptcy due to a tsunami of debt. Unfortunately, Obama’s solution to “government-gone-wild” and government-run healthcare programs bankrupting the country…is bigger government and expanding government-run healthcare to everyone.

Unlike a real doctor like Dr. Paul, President Obama’s prescription will kill the sick patient. Obama believes that if a patient suffers from obesity, diabetes and a mouth full of rotting teeth, the prescription is ice cream for breakfast, lunch, dinner and dessert. Not just any ice cream, but triple orders of Ice Cream Sundaes covered in chocolate syrup for EVERYONE! And it’s all free to eat as much as we want, as many times a day as we’d like. How will we afford it? The Fed will print all the money we need. That may be how a corrupt politician bribes the public to get re-elected, but it’s also the exact economic model of the Roman Empire…or the Greek Empire…or Argentina at the turn of the 20th century…or the Weimar Republic before World War II…or Zimbabwe today. All of those countries and empires ended badly. Unfortunately America is on the same path to economic ruin.

More and more “respectable” voices are picking up Ron Paul’s “End the Fed” mantra every day, and you ain’t seen nothing yet. The truth is that our criminal Fed is already a dead man walking, and Ron Paul, more than any other single American, killed it. What an achievement for a lonely Congressman, armed with nothing more than common-sense, courage and honor. Perhaps Don Quixote isn’t so helpless or hapless afterall. Perhaps one lonely man tilting at windmills is exactly what is necessary to save our great country (and economy).

Ron Paul introduced two bills in the House during 2009, which will one day finish the job and end the Fed’s misery (and ours) forever. House Resolution 1207 generated more than 317 co-sponsors reflecting widespread bipartisan support for a Fed audit which would go far beyond the narrowly defined scope of Government Accountability Office reviews presently allowed. Specifically, H.R. 1207 would allow auditors to report on Fed dealings with foreign banks and nations, actions on monetary policy matters, and operations of the Federal Open Market Committee. For the first time, the Fed in 2009 faced a very real prospect that the American people will find out what it’s been up to, and while the bill has been temporarily stifled by bankster cronies and Goldman Sachs alumni, there can be no doubt that a line in the sand has finally been drawn.

Dr. Paul’s second bill, the “Free Competition in Currency Act of 2009” is even more far-reaching than H.R. 1207. Dr. Paul’s new bill proposes that the money monopoly of the banksters be ended forever and competing currencies be established to bring financial sanity back to the marketplace. America became the greatest nation in world history because of our economic freedom. Free markets worked. Here Congressman Paul is proposing free markets in money! It’s not a radical idea at all, and ending the money monopoly is an idea whose time has come. The “Free Competition in Currency Act of 2009” stands as the starting point for a new era of financial freedom and prosperity for America. A big thank you, Ron Paul- you’re far and away our “Person of the Year.”

Yes, the Fed needs to be ended. Until that happens, there are many other important steps that can be taken to restore fiscal sanity and encourage economic recovery for this great country. Let’s start with limiting the power of government; dramatically reducing government spending; cutting, instead of expanding entitlements; drastically cutting taxes, so that the people who earn the money get to keep more of it and will be encouraged to invest it in homes, stocks and opening small businesses (thereby creating jobs); restore the gold standard, so we limit the money that politicians can spend and waste; and perhaps most importantly, holding the politicians and bankers who caused this mess accountable. Let’s start limiting the politicians to two terms: one term in office…and one term in prison. Then we can start to put America back on track, and Americans back to work.

Wayne Allyn Root is a small businessman, home-school father, and citizen politician. He was the 2008 Libertarian Party Vice Presidential candidate, and is a frequent guest on FOX News, FOX Business, CNBC and media across the country. His newest book is, “The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gambling & Tax Cuts.”

Rick Williams is a lawyer in Los Angeles, and is Chairman/CEO of Basic Media, Inc. and