Senator DeMint questions Bernanke during confirmation process

Ben Bernanke our illustrious Federal Reserve chairman is going through the process of being reconfirmed for a second term.  Rumors have been circulating that several senators strongly object to Bernanke given the failures over the past several years.  Below is a video showing Jim DeMint and Bernanke, DeMint does more of the talking.

Most of the questions asked were poignant and really serve to illustrate the overall problem and deficiency of the Federal Reseve system.  We have in this country, a county that boasts the utilization of free market, a market whereby the supply and demand of money is controlled through a central authority.  This monetary policy coupled with a highly leveraged fractional reserve banking system can and had created violent gyrations in our economy.  Worse yet the soundness of our currency has also been significantly compromised by an institution that can at any given time create money out of thin air.

My only objection to DeMint's otherwise perfect questions is the neglect to mention the purchase of over 1 trillion dollars worth of MBS and FHA paper over the past year.  This is precisely why a full audit of the Fed is required, such that every single person in America is aware of the breach the Federal Reserve has committed in the name of economic stabilization.



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