Ben Bernanke’s speech to the Council on Foreign Relations

A recent article found on Bloomberg.com titled Bernanke Urges Rules Overhaul to Stem Risk Build-Ups has many subtle points which I felt the need to comment upon after first reading the article. After beginning to write all of my comments related to this article, I soon realized that there was simply too much to comment upon and explain, so I decided to limit my comments to just two points and have tried to keep them brief without writing what could have been extensive background materials to the article.

The first sentence of the article reads:

Federal Reserve Chairman Ben S. Bernanke urged a sweeping overhaul of U.S. financial regulations in an effort to smooth out the boom-and-bust cycles in financial markets.

Isn’t it ironic that the head of the body responsible for exacerbating boom-and-bust cycles is calling for efforts to smooth out those cycles? Obviously Bernanke’s recommended overhaul does not include eliminating the Federal Reserve itself. See my review of The Creature from Jekyll Island for the details about why the Federal Reserve should be abolished.

The second comment comes from the second paragraph of the article, which cites “remarks prepared (by Bernanke) for an address to the Council on Foreign Relations.” The Council on Foreign Relations, also known as the CFR, is described by Wikipedia as a “foreign policy membership organization” whose “mission is promoting understanding of foreign policy and the United States’ role in the world.” That sounds benign enough, right? Did a little deeper into what the CFR is and you will find the reality is that not only is the CFR “the most powerful private organization to influence United States foreign policy” (again according to Wikipedia), but also the goal of the CFR is establish collectivism through a single world government led by a ruling elite. That ruling elite is the members of the CFR themselves.

Why is the Chairman of the Federal Reserve giving a speech to the Council on Foreign Relations unless the goals of each group are similar? Each are instruments of collectivism, which leads to totalitarianism.