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Misleading Video Blames Obama for Bernanke’s Plan

Written by Gary North on September 28, 2012

I really get tired of misleading attacks on Obama, when Bernanke and the Federal Reserve System are the twin problems.

This is like the matador’s cape. He waves the bright red cape in front of the bull, but the sword — the FED — is hidden under the cape.

Here is an example. This video deliberately implies that Obama has power over the FED. This is nonsense. The FED runs the show economically. Obama is a potted plant. He says nothing for or against the FED. He is mute. He knows who is in control. He isn’t.

Then it blames him for the federal deficit. Haven’t these dunderheads ever read the Constitution? Spending bills originate in the House of Representatives. Then the Senate votes. Then the budget is either reconciled or delayed through a continuing resolution. The President can sign it or not. He cannot change a penny of it.

Then it says that the deficit is his fault. Nonsense. It’s the entire government’s fault, including the Republican-controlled House. The huge deficits began under Bush, not Obama. TARP was Bush’s bailout, not Obama’s.

This sort of nonsense reveals deliberate manipulation of naive Republican voters, who know nothing of the Federal Reserve or the Constitution. I don’t think anyone could produce such poppycock and not know what he is doing.

I hope you know enough to recognize when someone is deliberately trying to deceive you.

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10 thoughts on “Misleading Video Blames Obama for Bernanke’s Plan

  1. Have you ever spoken to the head of the fed. under Nixon? Arthur burns "the fed has to do what the president demands" or lose its independence.

  2. You must have missed the spectacle of Bernancke testifying before the US Senate, when the committee chairman asked Bernancke to disclose who received all the TARP money and he refused to say who got all that cash. What happened to Bernancke for his contempt of Congress? Was he placed under arrest and led away in handcuffs by the sergeant-at-arms? No. Nothing happened to Helicopter Ben. As long as we are yoked to a private central bank issuing the public's money as a loan at interest, the FED can thumb its nose at the president, Congress and the American people.

    Tommy Chong, the white courtesy phone.

  3. Doug in Brightn says:

    OK, the House refuses to raise the debt limit, the inflexible Obamao stonewalls for tax increases, government shuts down, media blames Republicans, Republicans get kicked out of office, history repeats itself or Repubs decide to raise the debt limit and try to throw the bum/idiot out.

  4. Close the damned government down!!!! At least then they wouldn't be screwing us on a daily basis.

  5. LIberatedCitizen says:

    Normally I like your articles Mr. North but I call bs on this one. O re-appointed Ben he is to blame and the dems told him to get to work . The Fed is doing a run around congress. The Fed is enabling obama's spending at the same time. The Fed bought 61% of our debt last year and more this year.

    Sneaking Past Congress

    Senator Schumer To Ben Bernanke: Get To Work Mr. Chairman

    The Monetary Elephant In The Room: Fed Debt Financing Charade

    Most mainstream commentators seem oblivious to the fact that the Fed purchased an unprecedented 61% of U.S. debt issued in 2011.

    Congress to Bernanke: Do less, not more

  6. "TARP was Bush’s bailout, not Obama’s."
    The choice was to bail out the banks at tax-payer expense which Bush was loathe to do, or risk having ALL the banks in America go under, and having a complete collapse of the stock market and the loss of people's investments, 401k's, retirement, pensions, etc. So faced with an impossible situation, I think he did the right thing. But who was it that wrote TARP? Wasn't it the Democrat controlled Congress? Didn't the Republicans vote it down once? Why excuse Obama from signing legislation "because he's ONLY the President" in one breathe, and then condemn Bush for the same thing in the next?

    Many Republicans have made heroic efforts to stop the madness. Why is it that the Democrat controlled Senate has not passed a budget in over 3 years? That's why we have deficits year after year, because without a new budget, it defaults to the previous year's sky high spending levels. It's not like Republicans are voting for the Democrat budget. There IS NO budget. Until the Republicans can gain a strong majority in the Senate, it is likely that this will continue.

  7. Senate hasn't passed a budget in three years. So I guess the deficit is actually no one's fault. Oh

  8. "I think he did the right thing."

    Then you're either mentally ill or an idiot.

  9. Who appointed Big Ben in the first place? Come on, man.

  10. You miss the point of Dr. North's argument. The House and Senate are to blame for the budget debacle… You are right that it is mostly the democrats, but this does not disprove the argument that it is misleading to blame only Obama. Also, look at the unprecedented spending that went on when the republicans were totally in charge. It is a disservice to the cause of liberty to misplace blame… The resources dedicated to the correction of misplaced blame are wasted.