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A World Full of Super-Bubbles: Ben Bernanke

by Artur Schmidt Tuesday, Sep. 28, 2010 at 10:35 PM

In the last months, Ben Bernanke has emerged as a problem-intensifier, not a problem-solver. The man who flooded the world with cheap dollars faces the waste-heap of a sinking ship making the Titanic seem like a little rowing boat.


Fed Chairman Ben Bernanke, the man for black holes

By Artur P. Schmidt

[This article published in the German-English cyber journal Telepolis, 9/4/2010, is translated from the German on the Internet,]

In the last months, Ben Bernanke has emerged as a problem-intensifier, not a problem-solver. The man who flooded the world with cheap dollars faces the waste-heap of a sinking ship making the Titanic seem like a little rowing boat. Instead of tackling the causes of the crisis, an excessive indebtedness and escalating balance of trade deficit, the American economy is like a black hole whose need for new debts becomes greater everyday.

The gravitational pull will come when this black hole cannot attract capital from abroad any more and the fictional AAA ratings of the country literally dissolve in thin air. Bernanke’s and castle games are nothing but the globalization of the American Ponzi scheme and its expansion to as many nation states as possible to make them also incapable of action. Ludwig von Mises already described this very clearly.


Indebtedness fetishists like Krugman may still look innocent. But they are the accomplices of the greatest economic crime ever seen by the world, the complete expropriation of the middle class for the well-being of banks, oligopolists and monopolists who have long owned most assets in the US.

The dreamer Bernanke constantly tries to make the world happy with the illusion he can fight the deflationary debt bubble of the US by only printing money. He repeats this again and again like a resilient person who has learned nothing from his past mistakes. He alone can determine who worthless the dollar will be. The wealth of ideas of this bankrupt seems unlimited – whether selling more state bonds or giving away money through negative interests.

America would do well in dismissing this man from his office. President Obama should begin printing United States Notes as banknotes as John F. Kennedy once did to avoid the dictates of the American bank mafia.

Helicopter Ben may not be able to escape the gravitational pull of the debt hole which he expanded again and again. The pull of this hole becomes greater and greater with every further contracted debt until the debts are so mammoth that trust in American bonds completely erodes and all the assets that Americans built in the last decades are destroyed. Woe when the mother of all bubbles bursts, the super-bubble of government bonds!


A sustainable economic recovery can only occur through innovations, not through prolonging the status quo. Not recognizing this problem is the real failure of the king of all Ponzi schemes, Ben Bernanke. That the rating agencies did not stop his Ponzi activities by downgrading American government bonds to the junk-bond status is the second greatest crime on the American people. That these manipulation cartels survived one of the greatest worldwide economic crises is a scandal.

The brainwashings of the rating agencies and the media that speak of an upswing have the economic understanding of an Ivan Boesky who found the elixir for heightened crises in greed and more greed. Moody’s, Standard and Poor’s and Fitch ratings are the henchmen of criminal banksters who became leading catalysors of super-bubbles with their obfuscation of risks. Mortgage-based securities, municipal bonds, state debts and CDOs were systematically judged all wrong by the rating agencies. Therefore it is time to regulate the rating agencies and close them if they cannot carry out independent assessments of risks. Welcome to Bubblemania!


“The Quiet Coup” by Simon Johnson:

“Attac’s Bank Tribunal: The Jury’s Verdict” by Friedhelm Hengsbach:

“Capitalism Recycling” by Artur Schmidt, 2009:

“Self-Abandonment of the System” by Artur Schmidt, 2009:


Bank lobbyists outnumber reform lobbyists 11 to 1 on derivatives legislation alone.

While many details are still to be ironed out around derivatives and consumer protection, it is clear that the legislation will not break up the massive banks that are blamed for the crisis. Until the banks influence on Capital Hill is broken up or countered, there is no way to guarantee an end to bailouts.

David Arkush, Public Citizen on


William Engdahl: US fights to maintain dollar hegemony at expense of economy

When did the gods of money ever care about their indigenous people? This is a dysfunctional pathological system. “We’re simply doing God’s work,” said Goldman Sach’s Lloyd Blankfein. “After us the flood” is not a viable system in the long run.

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