The Bernank, Frankie Pentangeli and a Ponzi Scheme
by J. Saluzzi
Originally posted Feb 09, 2011
But if he was, we have a feeling the hearing would be like a scene right out of “The Godfather II” with Bernanke playing the part of Frankie Pentangeli. In fact, we just happen to have a transcript of how that hearing would have sounded:
CHAIRMAN: State your name, please.
BERNANKE: Ben Bernanke
CHAIRMAN: And where were you born?
BERNANKE: Augusta, Georgia
CHAIRMAN: And where do you live now?
BERNANKE: I live — uh — in Capitol Hill with the Fed guys.
CHAIRMAN: We have here finally a witness that will further testify to the fact that the Federal Reserve has been manipulating the currency of the United States. This witness will confirm that the Federal Reserve, for the past two years, has been operating a Ponzi Scheme known as Quantitative Easing or QE. This QE has effectively stolen billions of dollars from the savers of this country and transferred that money to the big banks. Only the Federal Reserve can inflate the currency, creating new money and credit out of thin air, in secrecy, without oversight or supervision. Inflation facilitates deficits, needless wars and excessive welfare spending.
CHAIRMAN: Mr. Bernanke — Mr. Bernanke, are you the boss of the Board of Governors of the Federal Reserve?
CHAIRMAN: There is something fishy about the head of the world’s most powerful government bureaucracy, one that is involved in a full-time counterfeiting operation to sustain monopolistic financial cartels, and the world’s most powerful central planner, who sets the price of money worldwide, proclaiming the glories of capitalism. Has the Fed been actively engaged in so called “quantitative easing” which essentially means you are just “printing” money?
BERNANKE: I-I-I never know no money printing. I’m just an academic, Mr. Chairman.
CHAIRMAN: Mr. Bernanke, you are contradicting a sworn statement that you previously made to “60 Minutes” and signed. I ask you again sir, you are now under oath – are you engaged in money printing?
BERNANKE: I don’t know nothin’ about that… Oh — I was a professor at Princeton but that was a long time ago, that’s all.
CHAIRMAN: We have a sworn affidavit — we have it, your sworn affidavit, that you printed money because you couldn’t lower interest rates any further. Do you deny that confession, and do you realize what will happen as a result of your denial?
BERNANKE: Look, the bankers promised me a deal. So I made up a lot of stuff about the money printing ’cause that’s what they wanted — but it was all lies — uh, everything. And I kept saying the Federal Reserve did this and the Federal Reserve did that — uh, so I said yeah, sure, why not?
SENATOR #2: Mr. Corleone, would you kindly identify for the committee the gentleman sitting to your left?
TOM: I can answer that. His name is Timothy Geithner.
SENATOR #2: Is he related to the witness?
TOM: I believe he was the President of the New York Federal Reserve when the financial crisis hit in 2008.
SENATOR #2: Will he come forward and be sworn sir?
TOM: Senator, this man does not understand economics. He has been a lifelong bureaucrat. He came here at his own expense to aid his partner in his time of trouble. He’s not under subpoena. And due to his past tax cheating problems, he is afraid of incriminating himself if he speaks.
SENATOR: Are you saying that he knows nothing about these matters?
TOM: To my knowledge, nothing. This man is clueless on the workings of an economy. All he knows how to do is to orchestrate large government bailouts for his banker friends. His only strategy now is to just hope things get better.
CHAIRMAN: I’m gonna find out what the hell happened here! Alright, this committee is now adjourned. The witness is now excused.
TOM: Senator! Senator! This committee owes an apology, this committee owes an apology — an apology, Senator!