Bernanke Admits He is a Lying Incompetent

In testimony before the Financial Crisis Inquiry Commission on September 2, Federal Reserve Chairman Ben Bernanke admitted that he is both incompetent and dishonest. In discussing the meltdown of the housing bubble, which took off in 2007, he said that he believed that the so-called subprime problems were "manageable," adding, "What I did not recognize was the extent to which the system had flaws and weaknesses in it that were going to amplify the initial shock from subprime and make it into a much bigger crisis."

Bernanke's explanation is actually worst than his admission, as it shows that he is still publicly arguing that it was primarily a "housing crisis," and not the breakdown of the system, which emerged that summer. This is in contrast with the precise reading given by Lyndon LaRouche, who told a webcast audience on July 25, 2007, that what was occurring is that "the world monetary financial system is actually now currently in the process of disintegrating....At what speed we don't know, but it will go on, and it will be unstoppable."

Compounding Bernanke's admission of ignorance, was his admission that he was not "more straightforward" a year later, when the disintegration, which LaRouche had identified as unstoppable, picked up steam in August-September 2008, and the whole U.S. banking system teetered on the edge of disintegration. Bernanke told the Commission that he might have unwittingly "supported this myth that we did have a way of saving Lehman....This is my own fault, in a sense. I regret not being more straightforward there."

In recent weeks, this self-admitted lying incompetent has set a course for a global 1923 Weimar-style hyperinflation, with his continued commitment to a funny-money bailout of banks which are Too Big to Fail. Once again, this insanity has been exposed and dissected by Lyndon LaRouche, in his latest paper, MONEY OR CREDIT? Isn't it time that a helicopter were used to remove Ben from his post, rather than to dump more worthless dollars on the disintegrating U.S. economy?