Should Bernanke be reappointed as Fed Chairman?
Tuesday, June 30, 2009 at 04:23PM
Gold Prices in Other
As well as dealing with near 10% unemployment, an economy in recession and severe inflationary pressures looming right around the corner, Ben Bernanke must also work to assure his reappointment, with his term ending this January.

In addition to this, Bernanke is attempting to convince Congress that the Federal Reserve should have a more leading and powerful role in a new restructured financial system.

Ben Bernanke Tony Soprano

Do you think Bernanke should be reappointed for another four years as head of the Federal Reserve?

We do not think he should, since we view his policies to be very damaging in the long term, with respect to the massive issues of inflation and a ever weakening currency that America will face in the not so distant future. Our preference would've been for a recession to be allowed to happen, severe though it may have been, but a sustainable, organic recovery would have followed, without the inflationary hangover.

As for giving the Federal Reserve more power, we feel this is absurd and wholeheartedly agree with Connecticut Senator Christopher Dodd who referred to the plan as “like having a parent giving his son a bigger, faster car, right after he crashed the family station wagon.”

Unfortunately however, we are in the minority. A Reuters poll showed economists give Bernanke 8 out of 10 for his handling of the crisis, and the wonderful President savior Obama has praised his work.

Therefore it is highly likely that Bernanke will be reappointed for another four years.

The trouble is, Bernanke is not the problem. Replacing Bernanke will not solve the problem. Another with near identical policies will replace him and so we will be stuck in the same situation. The entire Federal Reserve needs to be overhauled and replaced with officials that are dedicated to letting the free market run its course, and gradually reduce the Fed's power until it ceases to exist.

Until that happens we will be stuck with an unelected, interfering institution that holds more power that the President and constantly undermines free market principles – regardless of whether the head of the snake is Bernanke, Yellen or Tony Soprano!

What do you think?

Does Ben Bernanke deserve another four years?

Who should replace him?

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