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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 ==
A video of Ben Bernanke's failed economic predictions can be found [http://www.youtube.com/watch?v=GbOWiJ94Xvg HERE].
A list of [[Austrian economics|Austrian economists]] who predicted the 2008 housing bubble can be found [http://www.lewrockwell.com/block/block168.html HERE]
In 2009, Business Insider reported:
{{cquote|Let's revist what the Fed's top guy, Ben Bernanke, said about the housing crisis back in May 2007. He was reviewing the pain the subprime mortgage market was suffering, which as then at a delinquency rate at somewhere around 11 percent (it's closing in on 40% now). As you might expect from a trained economic historian, he does a great job of explaining what has happened. But when he tries to get predictive, things go haywire.
"All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system," Bernanke said.
How'd that turn out? According to the government's own measures we were in a recession just about six months later and less than a year later, the financial system started to burn down. As you know, subprime delinqencies lept from 12% to 38%. Prime mortgage delinqencies increased something like 500%.
Do we have any reason to believe that Bernanke and his buddies at the Fed have suddenly become a lot smarter about the troubles we are facing.<ref>http://www.businessinsider.com/why-you-probably-shouldnt-trust-ben-bernankes-rosy-forecast-2009-2</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.
=== Ben Bernanke's monetary policy and excessive money printing ===
[[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>
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:
{{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.
To ensure the quality of America's money, three coins were taken from every major batch minted. Each year on the last Monday in July, the chief justice of the Supreme Court, the secretary of the Treasury, the secretary of State, and the attorney general witnessed these coins being assayed.
If the sample coins did not meet legal standards, the officers of the mint would be dismissed and the $10,000 surety bonds they posted would be seized. Further, if any officer of the mint was found guilty of embezzlement or of debasing the coins, the penalty was death.
Compare that system – where the most senior members of the federal government are in charge of maintaining the soundness of our money – with today's system. Under the current system, the federal government has become the biggest counterfeiter in the world.
Fed Chairman Ben Bernanke has tripled the monetary base of the United States in only two years. The Dollar lost 50% of its purchasing power under Alan Greenspan. And since the Dollar was taken off of the gold standard in 1971, it's lost 90% of its purchasing power.
Fed Chairman Ben Bernanke has tripled the monetary base of the United States in only two years. The Dollar lost 50% of its purchasing power under Alan Greenspan. And since the Dollar was taken off of the gold standard in 1971, it's lost 90% of its purchasing power.<ref>http://goldnews.bullionvault.com/deficit_silver_041920115</ref>}}
== Renowned investor and billionaire Jim Rogers' commentary on Ben Bernanke ==
Wall Street Pit wrote concerning renowned investor and billionaire Jim Rogers:
{{cquote|Billionaire investor Jim Rogers, chairman of Rogers Holdings, says he doesn’t understand how monetizing even more debt can solve a problem caused by too much debt. According to Rogers, Fed Chairman Ben Bernanke has failed in spuring economic growth as a result of the massive increase in the money supply brought about by the Federal Reserve’s loose monetary policy. Rogers suggests the U.S. must stop printing money and take on austerity measures like the Europeans did to let the economy recover.<ref>http://wallstreetpit.com/42754-jim-rogers-to-bernanke-stop-the-printing-press</ref>}}
An excellent video of Jim Rogers talking about the gross economic incompetence of Ben Bernanke can be found [http://wallstreetpit.com/42754-jim-rogers-to-bernanke-stop-the-printing-press HERE].
== See also ==
== See also ==