Thursday, September 1, 2011

James Grant's Call for Life Behind Bars for Bernanke

James Grant at WSJ in 2009 called for life behind bars for Fed Chairman Bernanke. Nothing since then has changed Grant's case. In fact, as we head to a possible QE3 of some sort, the case is stronger. Here's a part of what Grant wrote :

Ben S. Bernanke doesn't know how lucky he is.  Tongue-lashings from Bernie Sanders, the populist senator from Vermont, are one thing.  The hangman's noose is another.  Section 19 of this country's founding monetary legislation, the Coinage Act of 1792, prescribed the death penalty for any official who fraudulently debased the people's money...
You get the strong impression that Mr. Bernanke fails to appreciate the tenuousness of the situation—fails to understand that the pure paper dollar is a contrivance only 38 years old, brand new, really, and that the experiment may yet come to naught. Indeed, history and mathematics agree that it will certainly come to naught. Paper currencies are wasting assets. In time, they lose all their value. Persistent inflation at even seemingly trifling amounts adds up over the course of half a century. Before you know it, that bill in your wallet won't buy a pack of gum...

 Get the Fed out of the price-fixing business...There's one more thing: Return to the statute books Section 19 of the 1792 Coinage Act, but substitute life behind bars for the death penalty.
(Via the Daily Bail)


  1. People will be quite surprised at the eventual whipping boy.

  2. Why stop at Bernanke when the rest of the FED (governors and employees, both government and private) are also complicit? Not to mention Geithner and the rest of Treasury.

  3. so,rick perry wasnt demagogueing ,then?