Bernanke To Drop Moneybomb

by Lew Rockwell, LRC Blog
Lew Rockwell Blog
Oct. 16, 2010

I only heard part of Bernanke’s inflatomania speech this morning. At least he speaks intelligibly, unlike Greenspan (which may be the reason Ben is not quite the Buddha that Alan was), but he seems caught up in the worst of Keynesianism. Here is Robert Wenzel’s analysis. If Bob is right, and I think he is, we face hyperinflation worse than the 1970s, only ended under the last decent Fed chairman, Paul Volcker. In those days, the big banks, Wall Street, and the entire regime were terrified of hyperinflation. Now they seem to be mesmerized by the erasing of their debts through the crime of counterfeiting. Infinitely better is an honest default, as Murray Rothbard argued. And Gary North too. If Bernanke is telling the truth about what the Fed plans to do to us, we can also expect further tyranny in the form of capital and exchange controls, and price and wage controls, as under Nixon. What a time for Anarcho-Capitalists to tell our Rothbardian story, of how a free, peaceful, and prosperous commonwealth can actually be achieved, as againsts the bloody machete called the State.