Even Bernanke Admits this Could be Worse than the Great Depression → Washingtons Blog
Even Bernanke Admits this Could be Worse than the Great Depression - Washingtons Blog

Wednesday, July 29, 2009

Even Bernanke Admits this Could be Worse than the Great Depression

As I have previously pointed out, the current economic crisis could be worse than the Great Depression. See this and this.

I have also pointed out that two economists said as recently as June that the global economic downturn was worse than the Great Depression.

But if you don't believe them, here it is from the horse's mouth . . .

Ben Bernanke said 3 days ago:

A lot of things happened, a lot came together, [and] created probably the worst financial crisis, certainly since the Great Depression and possibly even including the Great Depression.

Even Bernanke admits this could be worse than the Great Depression.

If this could be worse than the Depression, why are Bernanke, Summers and Geithner taking the status quo approach to the economy, and letting the financial giants do whatever they want?


  1. Bernanke works for the Rothschilds. The Rothschilds want to bankrupt the nation and destroy this country from the inside.

    why would anyone believe a fucking word that comes out of Ben Bernanke's face, or Timothy "goldman sachs" Geithner, either?

    matter of fact, why should we trust anything the FED (oligarch bankers who enslaved the new U.S. from 1913 onwards) bastards have said or will say in the future?

    Why is it that nobody is talking about the fact that every penny of INCOME TAX that is ILLEGALLY STOLEN BY THE I.R.S. GOES TO PAY THESE SAME RICH ROTHSCHILDS ZIONIST BANKERS?

    why is that?? can anyone tell me why that is???


  3. The idea is to bankrupt the country and get you so hopping mad that you'll do something even more stupid than believing these thieves wrapped in flags. The questions you have are so far downstream from the root causes of this catastrophe that you will waste your time fighting the wrong enemy. Until you finally wake up, eh?

  4. Well said, Anon ;)
    Yes, I agree that they want a great depression and are working to have one. Perhaps there are a million of us in the know. As a teacher of economics and government, I'm now framing the issue that EVERYONE in politics is against the Fed: all third parties, the Dems with Kucinich, the Reps with Ron Paul, everyone except the Dem and Rep "leaderhsip" with their sychophant mainstream media.

    But what will most effectively end these crimes and our enslavement? Can we cause treason within their ranks by offering Truth and Reconciliation to turn those wanting a "Scrooge Conversion" against the really big fuckers? Is this our best policy response? For those who refuse to admit their vicious and crimianl behavior in a limited time frame, we then prosecute.

  5. I'm already hopping mad. Actually, 'hopping mad' was two or three speeds on the dial below this setting, called 'seething hot rage' on this end.

    the root causes of the catastrophy lie in the ignorance and acquiescence of the sheeple. more people in this country thing the FED is a FEDERAL entity. It's not and it never was. Not that being FEDERAL makes them any more legitimate, because virtually everything federal is a scam as well. Scams just are worse than others, and there should be a "lemming index" that on a scale of '0 to 9' you get an index number for any one of the scams you identify, and pin the tag on it appropriately, the '9' level of scam means that all elements of the illegitimate government are on board with it and actively protecting it. a '0' level scam is something that almost accidentally happened by a typo in a store advertisement.

    most of everything in this country is a huge, '9+' scale scam. Unfortunately, the lemmings just keep marching towards the precipice, seemingly uncaring and or unaware they are doomed.

    so, as to 'hopping mad', that's a long time ago for me. I'm in the 'wild eyed and pissed off to beat the band' gang now. many notches beyond the 'hopping madders' would be.

    the rubber band is going to snap for the nation, I do believe. It's about to give it up.

  6. And the problem is, some keep banging the Federal Reserve, not 1 in 100,000 have any idea what the fed is or does and they are not about to learn. Truth is it wouldn't do you any good to study your ass off you will only find out what they want you to find out. Since 1980 it has been pretty easy to see what was taking place and where it was headed. From Regan's deregulate and privatize everything in sight to Clinton's Nafta, Gatt and WTO that we were going down the tubes. Everybody thought Ross Perot was nuts, but most would agree now he had what would happen to the economy down pat.

    On top of all the above who among you thought the Dot Com bubble was real. God Lord there were plenty of clues out there the biggest being when the talking head stock touters start telling you the old rules don't apply you should know to grab your ass. Then there is of course the Housing Bubble. Who amongst you believed house prices could go up 20% per year with no downside is sight. Knowing everything there is to know about the Federal Reserve would not have helped you understand you were being Ponzied by the biggest bunch of criminals in history.

    There is a cure for all this and it's as un American as can be. Your already seeing folks walk away from their houses, some even before foreclosure. I am suggesting that all those whose houses are underwater just walk, and throw in your credit cards as you go out the front door. Let the banks Ponzi that. All you folks with credit card debt way more than you can ever pay back, walk away , they can't do a thing to you. I know you cringe at such a program , but it's the only way you will ever get an economy that is sustainable.

    It's going to happen anyway, with real unemployment over 20% and more jobs disappearing daily, manufacturing gone, wages and benefits gone. The big banks are going to fail , you know that, when they go the Fed will go with them, they are the Fed. Then we start over with the working troops with a little wiggle room. Oh , I forgot to add at the end of all this there will be mostly new names in the Congress.

  7. The article: Ben "Systemic Risk" Bernanke proves that Bernanke knowingly maintained a strict monetary policy long after he knew of the sub prime problem as he knew it would cause of the "Depression".

    It shows that he probably engineered it on purpose!

    If you want to sleep tonight, Don't Read It!

    "In contradiction to the prevalent view of the time, that money and monetary policy played at most a purely passive role in the Depression, Friedman and Schwartz argued that "the [economic] contraction is in fact a tragic testimonial to the importance of monetary forces" (Friedman and Schwartz, 1963, p. 300).

    The slowdown in economic activity, together with high interest rates, was in all likelihood the most important source of the stock market crash that followed in October.

    In other words, the market crash, rather than being the cause of the Depression, as popular legend has it, was in fact largely the result of an economic slowdown and the inappropriate monetary policies that preceded it.

    Of course, the stock market crash only worsened the economic situation, hurting consumer and business confidence and contributing to a still deeper downturn in 1930."

    Governor Ben S. Bernanke
    Money, Gold, and the Great Depression.
    At the H. Parker Willis Lecture in Economic Policy, Washington and Lee University,
    Lexington, Virginia.
    March 2nd, 2004

    You can read also: Preparing for the Crash, The Age of Turbulence Update: 30/07/09., which tries to accomplish Greenspan Mission Impossible:

    "That is mission impossible. Indeed, the international financial community has made numerous efforts in recent years to establish such oversight, but none prevented or ameliorated the crisis that began last summer.

    Much as we might wish otherwise, policy makers cannot reliably anticipate financial or economic shocks or the consequences of economic imbalances.

    Financial crises are characterised by discontinuous breaks in market pricing the timing of which by definition must be unanticipated - if people see them coming, then the markets arbitrage them away.


    The clear evidence of underpricing of risk did not prod private sector risk management to tighten the reins.

    In retrospect, it appears that the most market-savvy managers, although conscious that they were taking extraordinary risks, succumbed to the concern that unless they continued to "get up and dance", as ex-Citigroup CEO Chuck Prince memorably put it, they would irretrievably lose market share.

    Instead, they gambled that they could keep adding to their risky positions and still sell them out before the deluge. Most were wrong."

    Alan Greenspan
    The Age of Turbulence: Adventures in a New World [Economic Order?].

    The Age of Turbulence: Plea for a New World Economic Order. explains the nature and causes of economic depressions and proposes a plausible alternative solution.

  8. Age of Turbulence is another bullshit story. Alan Greenspan helped engineer this cluster fuck, and it's unfortunate the miserable bastard is still alive and breathing while so many americans and iraqi's are dead for his pipedreams about empire for oil.

    had Greenspan never existed, then we would have had to watch out for the rest of the Keynseyan assholes who fucked us all in the ass without using either a condom or lube.

    sorry about the profanity, but hawking this jackass' book is a crock of motherfucking shit!

  9. In 1930 as he flew from Los Angeles to Dallas, the philosopher/historian Will Durant noted, "Even in a depression, this is a fantastically rich nation."

    Don't fool yourself about what is transpiring as this Second Great Depression takes hold of events leading to our own SURE future.

    The ranks of the poor are growing by leaps and bounds, -EFFECTIVELY MAKING THE RICH -EVEN MORE FANTASTICALLY RICH.

    These people who sit back pontificating what is transpiring (read that -mindlessly mutherfucking THE SPIRIT GHOUL of every public figure-) without ever bothering to examine the likelihood of their own frustrated and wishful predications, -THESE PEOPLE- will be soon enough joining the ranks of the massively impoverished -permanent-underclass-.

    Louis the XVI and Marie Antionette are an anomaly. The normal course of revolutionary fervor is to destroy the futures of the feeble and shiftless proponents of it.

    Pointing directly at the intrinsic value of education by academia we should all note -proposing and expounding revolution is the status quo on campuses everywhere.

    There in mind-numbing-academia, -we find all the fools that were ever born -rubbing shoulders with each other -reading science fiction -and giving each other nothing much more than drug addictions, head lice and venereal diseases.

    I'm talking to you, JACKASS!

  10. Hey Don,
    I agree revolution is the answer. Regarding strategy, are you in agreement in the wisdom of Truth and Reconciliation to split those wanting a "Scrooge Conversion" to help us with their information to open all the Black areas keeping us enslaved? I see this as the fastest way, and the least costly in money and blood. GW wrote about this: http://georgewashington.blogspot.com/2006/05/truth-and-reconciliation.html


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