Leslie Bates

Federal Reserve Chairman Ben S. Bernanke is no expert on the Depression because he missed the part where the federal government through the Federal Reserve created the Depression in the first place. The 1920s boom was created by the monetary policies of the Federal Reserve. The 1929 bust or crash, was also the result of Federal Reserve policy.

A real expert on the Depression is former Federal Reserve Chairman Alan Greenspan. He explains in his article “Gold and Economic Freedom” (available in my book “Why Gold?”), “When business in the United States underwent a mild contraction in 1927, the Federal Reserve created more paper reserves in the hope of forestalling any possible bank reserve shortage.” To lower interest rates the Fed “pumped excessive paper reserves into American banks.” The excess credit “spilled over into the stock market–triggering a fantastic speculative boom. Belatedly, the Federal Reserve officials attempted to sop up the excess reserves …but it was too late…the American economy collapsed.” Then it was necessary to go as far down the road of depression as they had advanced on that of credit expansion. “The Great Depression should have signaled that something was basically wrong with a system that permits such a catastrophe to occur at all.”

Bernanke is taking the reason for the Federal Reserve which was created in 1913 as accurate, i.e., if credit were non-stop there would be no depressions. Perhaps if Bernanke were also a student of Henry Hazlitt and Ludwig von Mises, he would understand sound economics. Today, Bernanke and the Fed are trying to keep the U.S. economy afloat on credit. Instead they are drowning everyone in U.S. dollars, forcing down interest rates instead of letting the marketplace adjust interest rates as necessary for a healthy economy, and causing all prices and costs to rise. If they continue their course, which Bernanke claims they will for another two years, prices will continue to rise, the dollar depreciate, and the inevitable bust will be deeper and longer than the Great Depression.

Bernanke is no expert on the Depression, on the way the Federal Reserve affects the economy, nor on the results of his current monetary policy. All one has to do is look at the price of gold. It is signalling much higher prices in the future. It is saying the Federal Reserve and the U.S. government are out of control. They are destroying the purchasing power of the dollar. Worldwide people are fleeing dollars for gold, irregardless of what Bernanke believes.  

 
There once was a Senator named Murray
Who spent taxpayers’ money without worry.
    The day finally came
    When she realized it was lame,
And stopped doing her constituents the dirty.
 
She was appointed to the debt-reduction committee
To push the Democratic line to a Tee.
    When it came time to raise taxes,
    She instead axed it,
To her constituents’ everlasting glee.
 
Senator Murray finally realized the hurry,
And voted to cut spending without worry.
    She stopped funding a bloated government
    Realizing that’s what liberty & freedom meant,
At last her constituents were proud of Senator Murray.
 
But the saga doesn’t stop here
As she held her liberty-loving principles dear.
    She left Social Security & Medicare alone as they weren’t the mess
    And allowed the marketplace to clean up the economy & mortgages worthless.
With government out of the way, the country had nothing to fear.
 
The Washington Senator named Murray
Witnessed the strength in the economy in a hurry.
    The stock market and interest rates rose
    While government spending froze
She saved the country from depression and much worry.
Hurray for Senator Murray!

I’m tired to reading about Mitt Romney who sounds like all other politicans, empty promises, changing positions, boring, boring stuff. I want to read about Ron Paul who knows what he’s doing. He understands the Constitution and how to get our freedoms back. I want the media to cover him, his fundraisers and his wisdom. The media could learn a lot from listening to Ron Paul. Please contact your local media ask them to stop ignoring Ron Paul. Ask them to play fair and cover his bid for the presidency. Thank you.

After the debt ceiling was raised, most of us thought the stock market would go up and gold down. It worked in reverse. So what are they trying to tell us? Perhaps raising the debt ceiling admitted defeat, or enough wasn’t done, or Congress is still ignoring the problem of too much money and credit, otherwise known as inflation. The drama of the debt ceiling debates became the trauma of the stock market because nothing of consequence happened. After Pres. Obama threatened stopping Social Security checks and cutting Medicare, he got the debt ceiling raised. Clever manipulation of Congress. However, the public saw through it all and judged nothing happened to stop inflation, to cut spending, to shrink government, to retrieve our freedoms. The stock market and gold are warning us that if we don’t force our representatives to put the country first and their agendas last, this country will cease to be free. Be on the lookout for government blaming the messengers, i.e., Tea Party, investors and those fleeing into gold for safety, for the problems government has created. Constantly contact your representatives to stop inflation and don’t take no for an answer. Also, support Downsize, DC to find out what you can do to protect your country. NOW is the time to act!

The election is over, but the fight for freedom is not. There is a battle brewing in Congress. All those new representatives and senators won’t be sworn in until January. Until then, President Obama and his socialist pals Pelosi and Reed will be free to use this “lame duck” session of Congress to RAM through the rest of their Big Government agenda.
The International Banksters, Big Labor, and Federal Reserve are going for a final payday before this new Congress is sworn in. That’s why, even after all the bailouts, the outrageous Health Care Nationalization Scheme, and another $900 billion spent by the Fed last week, they want more. I’m asking for your help to stop this unprecedented grab for power:
***The Cap and Tax scheme that would drive already sky-high energy costs through the roof, massively hike taxes on hardworking Americans and give the federal government unprecedented control over the economy;***Tax increases, new bailouts of pet industries, and the much-talked-about “second stimulus package,” all designed to siphon away every last bit of wealth from the American people;***Retirement Account Confiscation allowing the IRS to seize your IRA and 401(k) accounts — claiming the need to “protect” them from their owners;***The new DANGEROUS ID Bill that would allow the government to listen to phone calls and monitor internet accounts and would mandate Americans get a federally-approved ID card complete with an RFID tracking device;*** Congressman Brad Sherman’s scheme to take away EVERYstate’s ability to pass a Right to Work Law. It would repeal all 22 current state Rightto Work laws and bar passing them in the future.

Please check out www.campaignforliberty.com and www.downsizedc.org. They’ll keep you informed and connected to your Congressmen. They have been doing a fabulous job of protecting our freedom by stopping the above mentioned bills from being passed. Congress is out of control and it’s up to us to stop them.  

Leslie Bates

Welcome to the real world of gold, the gold standard and economics. I hope to have this site filled with valuable information to help you take back and secure your freedom and independence.  In the meantime, I direct you to my book Why Gold? which is sold at Amazon.com.  Let’s try FREEDOM for a change!