Thursday, December 17, 2009

TIME Magazine Insults Our Intelligence by Naming Bernanke Person of The Year

In an amateurishly written prose, TIME magazine eulogized Bernanke's term as Fed Chairman, and named him Person of the Year. Their piece is so badly written that we wondered, if perhaps a bunch of drunken interns got together and decided on Bernanke. In any case, TIME magazine is no more relevant today that the Nobel Peace prize. Both have permanently relegated themselves to the dustbin, due to their poor choices and bad judgement.
We post below a well-written rebuttal to TIME magazine by the National Inflation Association titled " NIA Names Bernanke Villain of the Year 2009".
The National Inflation Association today named Federal Reserve Chairman Ben Bernanke 'Villain of the Year 2009'. Although the mainstream media is widely praising Bernanke for preventing the next Great Depression, all Bernanke has done is create unprecedented amounts of inflation in unprecedented ways. When it costs $20 for a gallon of milk in a few years, Americans will have nobody to thank more than Bernanke.
While Bernanke believes the artificial excesses of the past decade to be normality, NIA believes normality would be going through a much needed recession in order to correct the imbalances that Bernanke made worse in 2009. The U.S. economy is riding high on its last dose of stimulus before the entire financial system overdoses and collapses. Bernanke has pushed the inevitable recession down the road while setting up the upcoming currency crisis.
The Great Depression of the 1930s came as a direct result of the Federal Reserve's creation in 1913 and their rapid increase in the money supply during the 1920s that led to an unsustainable credit-driven boom known as the "roaring twenties". This artificial boom needed to be corrected with a recession, but by the government interfering in the free-market, they increased the duration of the recession and turned it into the Great Depression.
Read more here.

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