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Nomi Prins – Ten Reasons We’d Be Better off Without Ben Bernanke

From AlterNet:

Ten Reasons We’d Be Better off Without Ben Bernanke

By Nomi Prins

The Federal Reserve chief has recklessly bailed out our financial system — we shouldn’t wait the 10 years before his term expires to toss him overboard.
December 1, 2010

On Wednesday, the Fed disclosed its highly anticipated report about which banks got the most perks during the Great Bank Bailout and Subsidization period. Long story short, the report, spanning 21,000 transactions from December 2007 to July 2010, did not reveal which banks borrowed what from the Fed’s discount window (the part we wanted to know), but confirmed that the biggest banks got the most help from various facilities (the part we already knew). The report is parceled out through a maze of different pages and spreadsheets for inconvenient viewing. But hey – the future of the free world was at stake, the Fed did what it had to do, and things would have been much so worse without fearless Ben, Tim and the boys intervening with trillions of manufactured dollars. Now, Bernanke will breathe a sigh of relief.

Why? Because there will be nothing else for him to weather. That is, until the true ramifications of the reckless banking system subsidization and securities inflation manifests in a broader, scarier version than last time.

Here are ten reasons this dire economic fate is likely, and we’d be better off getting rid of Bernanke long before his term ends in 2020.

1) The Banks Bernanke Made Bigger are Still Bigger

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