Wednesday, June 19, 2013

Memo to President Obama: My Short List of Qualified Candidates to Replace Ben Bernanke

Dear President Obama,

I note your recent comment that Fed chairman Ben Bernanke has served as chairman long beyond the period he had desired to serve. Given the erratic monetary policy that has gone on during the period he has been Fed chair, including periods of massive monetary inflation, I would argue that the ideal number of days for him to have served as Fed chair would have been zero. But that is water under the bridge or, more accurately, trillions of newly printed dollars ago.

The Bernanke era has truly set the economy up for dangerous times. If another Keynesian economist is named as Fed chair, the likelihood is that a massive price inflation may ultimately result, as they are likely to add even more fiat dollars to the trillions already outstanding. What is needed is a Fed chair of sterner stuff, a Fed chair who will say "Stop" to the printing presses and throw away the key. Having studied monetary policy through out my career, I am impressed by the work of the following and consider them among the very few who have the courage and understanding to do what is necessary and stop the current monetary policy printing madness. It is my short list of individuals I view as qualified to handle the Fed chairmanship and who I am confident would work to ultimately leave the Fed buildings to the four-legged rats.

1. Ron Paul

2. Joe Salerno

3. Lew Rockwell

4. Walter Block

5. Richard Ebeling

6. Gary North

7. Peter Klein

8. Doug Casey

9. Mark Thornton

10. Bill Anderson

11. Tom Woods

12. Karen De Coster

13. Chris Rossini

14. Bob English

15. Danny Sanchez


  1. 16. David Gordon

    17. Robert Wenzel

    18. Me, or anyone who understands the damage being done.

  2. No David Gordon?? Imagine the press conferences!

    1. I am saving David for an opening at the FBI or NSA.

  3. You could move me and you up the list by saving Dr. North for Dept. of Education.

  4. You left off Ron Paul's choice-Jim Grant. He is imminently qualified

    1. Eminently, my dear fellow. Eminently qualified.

  5. Or we could just end the Fed and not have a chairman. Allow the market to determine the price of money.

  6. Karen DeCoster for Fed chair! Excuse me while I dwell in that alternate reality.

  7. Condolences to you, Mr. Robert Wenzel, and all others on the list as its unlikely that any of you will be appointed. You know we could have a sound money system with an Austrian Economist on board at the US Federal Reserve, but that simply is not going to happen.

    Fate, yes Destiny is intervening.

    Greg Robb of Market Watch reports "7 Candidates to Succeed Bernanke at Fed". President Obama gave the clearest indication yet that Fed Chairman Ben Bernanke won’t serve again after his term ends in January. In an interview this week, Obama said Bernanke had already served longer than he wanted, which it least one informed observer, at least initially, called tantamount to a firing. One of the few members of the shortlist who has never held a position at the Fed, Larry Summers, 58, joined the Clinton administration and rose to become Treasury secretary.

    Personally I doubt it will be Mr. Summers.

    Sovereignty begets seigniorage, that is moneyness. Where the moneyness is, there is the sovereignty.

    The moneyness of The US Federal Reserve, as well as all the moneyness of all the other world central banks was decimated at the Ben Bernanke News Conference of June 19, 2013, as the Interest Rate on the US Ten Year Note, ^TNX, rose to 2.31%. The rise of interest rates globally, as is seen in Aggregate Credit, AGG, plummeting, communicates that the world central banks have lost their monetary authority. The US Federal Reserve, the ECB, and all the other world central bank leaders and their nation state governments are no longer sovereign.

    The Milton Friedman Free To Banker regime perished on May 24, 2013, when the benchmark interest rate rose to 2.01%, and was put in the coffin, and buried on June 19, 2013, when that rate rose to 2.31%.

    New sovereign authority and new seigniorage, was born, yes birthed, out of the rise of the Interest Rate on the US Ten Year Note, ^TNX.

    Christ’s Apostle John provides the details of the world’s new sovereign authority, that is the Beast regime, in Revelation Chapter 13 Verses 2, which relates that ”the beast which I saw was like unto a leopard, and his feet were as the feet of a bear, and his mouth as the mouth of a lion: and the dragon gave him his power, and his seat, and great authority.”

    A leopard is camouflaged, and as such blends in with the background so it can not be seen by its prey. It operates furtively and prefers the darkness, and then at dusk, or at night, strikes to ensnare, enslave, destroy and consume.

    The feet of a bear are padded for comfort to run at great speed and the feet have claws for climbing to reach its victims or alternatively to root them out of what seems to be secure places.

    The mouth of a lion makes roars with great preeminence, opens wide to devour its opponents, and then rips them apart, gulping them in delightfully huge segments.

    So no more traditional Federal Reserve; its head will not be a namby pamby, generous sort of chap at all.

    The New Federal Reserve will have features of the most terrifying predators know to mankind; its mission is to utterly destroy all existing credit, currencies, and wealth; as well as to eliminate the fiat money system; and replace it with the diktat money system, where diktat serves as trust, medium of exchange, wealth and power.