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ben-bernanke

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There is a tradeoff for all the loot Obama’s friends have been pilfering from working people, and that tradeoff is trust. Americans no longer have confidence in the government, the market or the justice system. And while the effects might not appear in the next month or two, there are sectors of the economy that are showing signs of weakness already.

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Giant bank holding companies now own airports, toll roads, and ports; control power plants; and store and hoard vast quantities of commodities of all sorts. They are systematically buying up or gaining control of the essential lifelines of the economy. How did they pull this off, and where did they get the money?

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Since taking office earlier this year, Sen. Elizabeth Warren, D-Mass, has been a staunch consumer advocate, a champion of the middle class and a thorn in Wall Street’s side, which is why we should pay close attention to whom she’s backing to replace Ben Bernanke as head of the Federal Reserve.

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Rather than expanding the money supply, quantitative easing has actually caused it to shrink by sucking up the collateral needed by the shadow banking system to create credit. This “failure” has prompted the Bank for International Settlements to urge the Fed to shirk its mandate to pursue full employment, though the sort of QE that could fulfill that mandate has not yet been tried.

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