By Scott Lanman
Bernanke, whose term expires Jan. 31, faces lawmakers at a hearing this week on steps to aid Bank of America Corp.’s takeover of Merrill Lynch & Co. as Congress increasingly questions the Fed’s interventions. The session comes after a two-day meeting on monetary policy that began today.
President Barack Obama said today that while he wasn’t “going to make news” on a reappointment, the Fed chief has done a “fine job.” Treasury Secretary Timothy Geithner, in reference to a possible candidacy for Obama economic official Lawrence Summers, told a lawmaker last week it wasn’t “appropriate” to pledge that top advisers weren’t in the running for the job.
“The vultures are circling,” said David M. Jones, a former Fed economist who is president of DMJ Advisors LLC in Denver. Bernanke is “going to be on the defensive,” even after “turning confidence around” since the depths of the crisis, he predicted.
Continue reading Bernanke Set to Defend Record Amid Debate on New Term (Update2)
yes, i’ve thought taht the fed is actually being sacrificed to further globalism. so many in the alternative political movts think that this would be a major victory. for me, victory can only be determined by its successor. if it’s a more global version of the fed, “things is gonna get bad.”
if people were to start using alternative currencies to the FR’s currency (like gold and silver coin, local currencies), if they were to stop supporting the major corporations and watching their commercials, buying their food, banking w/them etc, we could help end this tyranny instead of funding more of it.
Look what Summers and Rubin did to Russia.
http://www.russians.org/williamson_testimony.htm
“It shows how the historic opportunity given the U.S. to help transform Russia into a free, peaceful, pro-Western country was squandered in the form of a bruising economic rape carried out by corrupt Russian politicians and businessmen, assisted by Bush and (especially) Clinton administrations engaged in political payoffs to Wall Street bankers and others, and by ineptitude and greed on the part of the U.S. Treasury and the Harvard Institute for International Development, assisted by fellow travelers and manipulators at Nordex, the IMF, the World Bank, and the Federal Reserve. “
Larry the destroyer is always brought in to manage the final stages of the targets demise. First the USSR, now the USA and the Federal Reserve Banking System, which is to be superseded by an international system.