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Bernanke May Step Down From Fed

October 25, 2012 by  

Bernanke May Step Down From Fed
UPI FILE
Ben Bernanke

Federal Reserve Chairman Ben Bernanke will likely resign from his position in January 2014, regardless of whether President Barack Obama is re-elected.

Though Bernanke has declined to comment publicly about the possibility of giving up the position he has held since the George W. Bush Presidency, it is reported that sources close to him say he will likely step down.

“I am very focused on my work, I don’t have any decision or any information to give you on my personal plans,” he said at a news conference last month.

Republican Presidential nominee Mitt Romney has already vowed to replace the Fed chairman if he is elected, most likely with Glenn Hubbard, former Bush Administration head of the Council of Economic Advisers and current economic adviser to the candidate’s campaign.

If Obama is re-elected, a possible replacement for the Fed chairman could be Lawrence Summers, who served as Treasury Secretary from 1999 to 2001 and Director of the White House United States National Economic Council until November 2010.

Whoever replaces the current Fed chair, Bernanke’s Keynesian legacy will likely impact American economics for decades to come. The Fed in recent years has given banks about $16 trillion in undisclosed funds, including $3 trillion to foreign banks. It also announced with its most recent round of quantitative easing that inflationary fiat money printing could continue indefinitely.

Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • eddie47d

    We obviously need new blood at the Federal Reserves and anyone else in charge of our top banks. Greenspan,Geithner and Bernanke have only shuffled the deck chairs and in some cases made matters worse. Some will say abolish the Fed but until that is done we need to correct these past banking mistakes with smarter people. I believe this problem has been with us a long time yet more noticeable under Clinton/Bush and Obama.

    • momo

      Where’s Andrew Jackson when you need him?

    • Steve E

      Fiat money started when Nixon was President to pay for the Viet Nam war. Then, things went down hill from there. Inflation started.

    • Toy

      We need the blood of the Federal Reserve!
      A. Jackson. Esq.

  • paul

    ala Dodd & Frank,why don’t this surprise me ? They made their pile while sending the economy into the toilet..now go run & hide boys while the gettin’s good.Take Krugman with you please

  • rb

    Demand a full and complete audit of the fed and prosecute these guys no matter where they try to hide. Oh wait…that would affect too many politicians….guess they won’t vote for that then. Hmm. Maybe it’s passed time to clean House….and Senate.

    • rb

      oops…. PAST time. Not passed time.

  • Toy

    Eisenhower’s famous farewell speech of warning was, in draft form, the “Congressional/Military/Industrial complex.” He was advised to tone it down a little!

  • http://gillysrooms.blogspot.com GILLY FROM AUSTRALIA

    Many of you good people appear to missunderstand the role of your Federal Reserve and it wont matter who is in top job…the same policies will continue even if Mitt Romney where to be appointed.

    The Federal Reserve plays an important role in the U.S. payments system. The twelve Federal Reserve Banks provide banking services to depository institutions and to the federal government. For depository institutions, they maintain accounts and provide various payment services, including collecting checks, electronically transferring funds, and distributing and receiving currency and coin. For the federal government, the Reserve Banks act as fiscal agents, paying Treasury checks; processing electronic payments; and issuing, transferring, and redeeming U.S. government securities.
    By creating the Federal Reserve System, Congress intended to eliminate the severe financial crises that had periodically swept the nation, especially the sort of financial panic that occurred in 1907. During that episode, payments were disrupted throughout the country because many banks and clearinghouses refused to clear checks drawn on certain other banks, a practice that contributed to the failure of otherwise solvent banks. To address these problems, Congress gave the Federal Reserve System the authority to establish a nationwide check-clearing system. The System, then, was to provide not only an elastic currency—that is, a currency that would expand or shrink in amount as economic conditions warranted— but also an efficient and equitable check-collection system. ….another 18 pages follow on in the story of its role..

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