You may have thought that only Congress has the power under the Constitution to “borrow money on the credit of the United States,” or “to coin money, regulate the Value thereof,” or have, “all legislative powers.” (US Constitution, Article 1) But you would be deceived. The Fed under Bernanke borrows and spends (electronically prints) trillions of dollars, gives it to its crony banks and regulates the value of our dollar.
We have a Government Central Committee and its Mastermind, Bernanke, spending and regulating our money without our input or the Control of Congress.
The benevolent Bernanke saved the under-capitalized European Banks and helped bailout Greece and Spain with $1.033 trillion of our dollars without an act of Congress. This electronic printing hasn’t yet caused inflation, because the money is not turning over yet (called velocity of money), but instead is propping up US and foreign banks who retain the money as capital and/or buy stocks pushing up the stock market.
There is no free lunch, ever. The cost must be paid. Why do we allow Bernanke and his FOMC (Federal Open Market Committee) to regulate the value of our money, spend trillions of our dollars and enrich his Bank Cronies? When the party’s over, we will pay, not Bernanke. The Mastermind Bernanke failed earlier, when he was in charge before the mortgage crisis began. Trust in our Great Leader? Trust in our Prodigal Banker and his printer? It’s time for Congress to take away Prodigal Bernanke’s charge and debit cards.