Two-and-half years ago, Ben Bernanke gave what I call his “Historic China Speech” where he got in the faces of the mercantilist blood-suckers that pass for our trading partners. And after brilliantly laying bare the fundamental problem with our foreign trade relationships? What happened next? Crickets, that’s what. Nothing was done.
Now, if you want to understand why “they” did nothing, you will have to read my book. The short answer is that nations like China are merely vehicles for “them” to carpetbag the USA.
I might also add that since the speech, about 2.5 million legal immigrants have been brought into the USA. Did anybody ask Bernanke if the economy could create jobs for them? Nope.
Bernanke is charged with achieving full employment for American workers. And yet, he has zero power over the tidal wave of jobs leaving the country, or the tidal wave of new workers coming in. So, if he is powerless, why shouldn’t he start to “taper” and circle the wagons around his balance sheet? After all, the fix is in, and this might be as good as it gets. Bernanke has done all he can do. Now it is up to “them” to explain exactly how their carpetbagging is good for America.
Note: This also debunks the conspiracy theories of the libertarian/anarchist “Fed Stalker” crowd led by “Tyler Durden” and Ron Paul. As globalization has grown, the Fed’s power over the economy has declined in proportion. The idea that the Federal Reserve Bank is the root cause of all that is wrong with the nation couldn’t be more absurd. After all, if you send a man’s job to China, he can’t buy a house no matter how low Ben Bernanke takes mortgage rates. The Fed is responsible for the plumbing of the banking system. Aside from that, it barely matters any more.