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'''Ben Bernanke'''  (b. 1953) is a [[Jewish]]-American [[Keynesian]] [[liberal]]  

'''Ben Bernanke'''  (born 1953) is a [[Jewish]]-American [[Keynesian]] [[liberal]]  

[[economist]] who from 2006 to 2014 was Chairman of the [[Federal Reserve]], one of the most powerful positions in the country. He was replace by [[Janet Yellen]].  A Republican, he was appointed by President [[George W. Bush]] to succeed [[Alan Greenspan]]. He has been nominated by President Obama for a second four-year term as chairman beginning in 2010.  Bernanke took control in early 2006 when the economy seemed to be booming, but it was in the last stages of a [[housing bubble]]&#8212;and the bubble burst in 2007-8. He has been praised by [[liberals]] and moderates widely for his aggressive efforts to combat the [[Financial Crisis of 2008]] and the resulting [[Recession of 2008]]. However, proponents of [[free market]] capitalism said Bernanke should not have bailed out failing firms and instead should have allowed free market capitalism to quickly recover as it did in the depression of 1920 without government intervention (free market capitalists assert that government intervention drags out economic recessions and depressions).<ref>http://www.youtube.com/watch?v=zzTXaAXusiI</ref><ref>http://www.youtube.com/watch?v=czcUmnsprQI</ref>  A 2005 study found that government corporate bailouts are often done for mere political considerations and the economic resources allocated exhibit significantly worse economic performance than resources allocated using purely business considerations.<ref>http://papers.ssrn.com/sol3/papers.cfm?abstract_id=676905</ref>  In addition, he has also been blamed for regulatory failures that helped cause the crisis, and he helped engineer the wildly unpopular financial bailouts of giant banks and insurance companies. Wall Street reacted with near panic on rumors that he would not be reconfirmed in Jan. 2010, fearful that Obama might appoint someone much worse. In February of 2010, concerning the [[Obama administration]]'s [[monetary policy]], the world renowned investor Jim Rogers said that the [[European Union]], [[China|Chinese]], and [[Australia|Australian]] central bankers are more competent and honest than the [[Federal Reserve]] and that Federal Reserve Chairman Ben Bernanke is "throwing gasoline on a fire" via his [[inflation|inflationary]] policies which are debasing the United States dollar.<ref>http://www.youtube.com/watch?v=zzTXaAXusiI</ref>

[[economist]] who from 2006 to 2014 was Chairman of the [[Federal Reserve]], one of the most powerful positions in the country. He was replace by [[Janet Yellen]].  A Republican, he was appointed by President [[George W. Bush]] to succeed [[Alan Greenspan]]. He has been nominated by President Obama for a second four-year term as chairman beginning in 2010.  Bernanke took control in early 2006 when the economy seemed to be booming, but it was in the last stages of a [[housing bubble]]&#8212;and the bubble burst in 2007-8. He has been praised by [[liberals]] and moderates widely for his aggressive efforts to combat the [[Financial Crisis of 2008]] and the resulting [[Recession of 2008]]. However, proponents of [[free market]] capitalism said Bernanke should not have bailed out failing firms and instead should have allowed free market capitalism to quickly recover as it did in the depression of 1920 without government intervention (free market capitalists assert that government intervention drags out economic recessions and depressions).<ref>http://www.youtube.com/watch?v=zzTXaAXusiI</ref><ref>http://www.youtube.com/watch?v=czcUmnsprQI</ref>  A 2005 study found that government corporate bailouts are often done for mere political considerations and the economic resources allocated exhibit significantly worse economic performance than resources allocated using purely business considerations.<ref>http://papers.ssrn.com/sol3/papers.cfm?abstract_id=676905</ref>  In addition, he has also been blamed for regulatory failures that helped cause the crisis, and he helped engineer the wildly unpopular financial bailouts of giant banks and insurance companies. Wall Street reacted with near panic on rumors that he would not be reconfirmed in Jan. 2010, fearful that Obama might appoint someone much worse. In February 2010, concerning the [[Obama administration]]'s [[monetary policy]], the world renowned investor Jim Rogers said that the [[European Union]], [[China|Chinese]], and [[Australia]]n central bankers are more competent and honest than the [[Federal Reserve]] and that Federal Reserve Chairman Ben Bernanke is "throwing gasoline on a fire" via his [[inflation]]ary policies which are debasing the United States dollar.<ref>http://www.youtube.com/watch?v=zzTXaAXusiI</ref>

Bernanke played a major role, along with Treasury Secretary [[Henry Paulson]] in forging a vast, extremely expensive response to the [[Financial Crisis of 2008]]. The Fed and Treasury commitments exceeded $1 trillion in direct aid and over $6 trillion in loan guarantees as stock prices returned to 2003 levels.   

Bernanke played a major role, along with Treasury Secretary [[Henry Paulson]] in forging a vast, extremely expensive response to the [[Financial Crisis of 2008]]. The Fed and Treasury commitments exceeded $1 trillion in direct aid and over $6 trillion in loan guarantees as stock prices returned to 2003 levels.   

In October Bernanke endorsed an eventual stimulus program that gave support to the the proposed spending plans of [[Barack Obama]]. <ref>http://online.wsj.com/article/SB122455027730552509.html</ref>   

In October Bernanke endorsed an eventual stimulus program that gave support to the proposed spending plans of [[Barack Obama]].<ref>http://online.wsj.com/article/SB122455027730552509.html</ref>   

[[File:Bernank2.jpg|thumb|290px|''Time'' Dec. 28, 2009. [http://www.time.com/time/specials/packages/article/0,28804,1946375_1947251,00.html read the cover story]]]

[[File:Bernank2.jpg|thumb|290px|''Time'' Dec. 28, 2009. [http://www.time.com/time/specials/packages/article/0,28804,1946375_1947251,00.html read the cover story]]]

In August 2009, economists on the ''Wall Street Journal'' panel  are nearly unanimous that Bernanke should be reappointed to another term as chairman. However, a majority of these same economists failed to predict the 2008 recession.  The economists of the conservative school of economics, called [[Austrian economics]], did predict the recession of 2008.<ref>http://www.thenewamerican.com/index.php/economy/economics-mainmenu-44/3323-austrian-economics-rising</ref>  Barack Obama, [[Obamunism|who has shown that he has little understanding of economics]], has nominated Ben Bernanke to a second term as chairman of the United States Federal Reserve. <ref>[http://www.bworld.com.ph/BW090109/content.php?id=146 One hand clapping for Ben Bernanke, Business World, August 31, 2009]</ref>

In August 2009, economists on the ''Wall Street Journal'' panel  are nearly unanimous that Bernanke should be reappointed to another term as chairman. However, a majority of these same economists failed to predict the 2008 recession.  The economists of the conservative school of economics, called [[Austrian economics]], did predict the recession of 2008.<ref>http://www.thenewamerican.com/index.php/economy/economics-mainmenu-44/3323-austrian-economics-rising</ref>  Barack Obama, [[Obamunism|who has shown that he has little understanding of economics]], has nominated Ben Bernanke to a second term as chairman of the United States Federal Reserve.<ref>[http://www.bworld.com.ph/BW090109/content.php?id=146 One hand clapping for Ben Bernanke, Business World, August 31, 2009]</ref>

On December 1, 2009, the ''Foreign Policy Magazine'' misguidedly named Ben Bernanke one of 2009’s “Greatest Thinkers".  He was also the [[liberal]] ''Time'' magazine's "Person of the Year" for 2009.

On December 1, 2009, the ''Foreign Policy Magazine'' misguidedly named Ben Bernanke one of 2009’s “Greatest Thinkers".  He was also the [[liberal]] ''Time'' magazine's "Person of the Year" for 2009.

==Career==

==Career==

Bernanke was born in [[Augusta, Georgia]], later moving to Dillon, South Carolina. He excelled academically, becoming class [[valedictorian]] at Dillon High School. His academic record and near perfect SAT scores led to his admission to [[Harvard]] as a member of the Class of 1975. After receiving his undergraduate degree, Bernanke chose to continue studying economics at [[MIT]] under the supervision of Professor Stanley Fischer. His PhD thesis, "Long-term Commitments, Dynamic Optimization, and the Business Cycle"<ref>Bernanke, Benjamin Shalom. [http://dspace.mit.edu/bitstream/handle/1721.1/29839/05915220.pdf;jsessionid=C904BA8087C31F4178A55E9428B84297?sequence=1 Long-term Commitments, Dynamic Optimization, and the Business Cycle]. MIT 1979.</ref>, was accepted in May 1979.  He has taught at [[Stanford]], New York University (NYU), and [[Princeton University|Princeton]].  Dr. Bernanke joined the Federal Reserve Board of Governors in 2002.  Dr. Bernanke and his wife, Anna, have two children.<ref>http://www.csmonitor.com/2005/1026/p01s01-usec.html</ref>

Bernanke was born in [[Augusta, Georgia]], later moving to Dillon, South Carolina. He excelled academically, becoming class [[valedictorian]] at Dillon High School. His academic record and near perfect SAT scores led to his admission to [[Harvard]] as a member of the Class of 1975. After receiving his undergraduate degree, Bernanke chose to continue studying economics at [[MIT]] under the supervision of Professor Stanley Fischer. His PhD thesis, "Long-term Commitments, Dynamic Optimization, and the Business Cycle",<ref>Bernanke, Benjamin Shalom. [http://dspace.mit.edu/bitstream/handle/1721.1/29839/05915220.pdf;jsessionid=C904BA8087C31F4178A55E9428B84297?sequence=1 Long-term Commitments, Dynamic Optimization, and the Business Cycle]. MIT 1979.</ref> was accepted in May 1979.  He has taught at [[Stanford]], New York University (NYU), and [[Princeton University|Princeton]].  Dr. Bernanke joined the Federal Reserve Board of Governors in 2002.  Dr. Bernanke and his wife, Anna, have two children.<ref>http://www.csmonitor.com/2005/1026/p01s01-usec.html</ref>

Bernanke is a Republican and was appointed to the Federal Reserve Board, and elevated to Chairman, by  Republican President, [[George W. Bush]]; he was confirmed by the Senate in 2006.

Bernanke is a Republican and was appointed to the Federal Reserve Board, and elevated to Chairman, by  Republican President, [[George W. Bush]]; he was confirmed by the Senate in 2006.

In January 2009, hearings are underway regarding a second four-year term. Some in Congress--on both the left and right--are taking out on him their anger at the financial crisis. [[John McCain]] will vote against confirmation saying, ''"I believe that he must be held accountable for many of the decisions that contributed to our financial meltdown."'' <ref>[http://newsmax.com/InsideCover/bernanke-mccain-/2010/01/25/id/347946 McCain Will Vote Against Bernanke, NewsMax.com, January 25, 2010]</ref>

In January 2009, hearings are underway regarding a second four-year term. Some in Congress—on both the left and right—are taking out on him their anger at the financial crisis. [[John McCain]] will vote against confirmation saying, ''"I believe that he must be held accountable for many of the decisions that contributed to our financial meltdown."'' <ref>[http://newsmax.com/InsideCover/bernanke-mccain-/2010/01/25/id/347946 McCain Will Vote Against Bernanke, NewsMax.com, January 25, 2010]</ref>

== Failed economic predictions ==

== Failed economic predictions ==

== Ben Bernanke's monetary policy and excessive money printing ==

== Ben Bernanke's monetary policy and excessive money printing ==

[[Image:Ronpaul.jpg|right|200px|thumb|[[Ron Paul]] ]]

[[Image:Ronpaul.jpg|right|200px|thumb|[[Ron Paul]] ]]

The charge that Bernanke's excessive money printing is [[inflation|inflationary]] is a valid charge which debases the United States dollar is often made by individuals who hold to a more conservative economics such as [[Ron Paul]].<ref>http://www.ronpaul.com/2011-02-11/ron-paul-cpi-is-rigged-qe2-is-a-total-failure/</ref>

The charge that Bernanke's excessive money printing is [[inflation]]ary is a valid charge which debases the United States dollar is often made by individuals who hold to a more conservative economics such as [[Ron Paul]].<ref>http://www.ronpaul.com/2011-02-11/ron-paul-cpi-is-rigged-qe2-is-a-total-failure/</ref>

Gold is often used as a hedge against inflation and economic collapse. In April of 2011, the gold company Bullionvault reported about the falling value of the U.S. dollar:

Gold is often used as a hedge against inflation and economic collapse. In April 2011, the gold company Bullionvault reported about the falling value of the U.S. dollar:

{{cquote|The Second Congress of the United States passed the Coinage Act of 1792. The act established the Dollar as the currency of the United States and defined precisely what a Dollar was: 24.1 grams of pure silver.

{{cquote|The Second Congress of the United States passed the Coinage Act of 1792. The act established the Dollar as the currency of the United States and defined precisely what a Dollar was: 24.1 grams of pure silver.