The man Time Magazine named the Person of the Year in 2009, just stood in front of America and said that there realistically won’t be jobs growth during his era as the nation’s Chief Central Banker. What he didn’t highlight is that total jobs in America during his 10 year tour as Chairman of the Federal Reserve, is expected to be negative.
When he took the gavel to be Chairman of the Federal Reserve, there was 135 million employed Americans out of a population of 297 million Americans. The latest data available as of Dec 1st 2010, was 130 million Americans employed out of a population of 311 million.
There are 4.6 million fewer employed Americans since Ben started.
So today we have 14 million more people looking for 4.6 million fewer jobs. That’s not good. In fact, it should be his number one worry. Ultimately, the US Government is of the people. The US Government has torn up the national charter of two prior central Banks historically.
If Ben keeps buying up the US national debt, it will be in the US Governments best interest to tear up the charter, and declare all holdings of the Federal Reserve property of the US Government. That would clean up a bunch of debt issues down the road.
If Ben keeps running these QE programs, with MBS run downs poured into US Treasury’s. He is going to be the bank that gets rob by a sovereign.
In the 6 years he has been in charge of our monetary system, it has suffered a heart attack and the FED has seized more rights from the people, via the acknowledge manipulation of markets, than in any time period in modern history.
The people of this nation are growing tired of the Belt way politics. The Tea Party is an example of this frustration. It doesn’t matter if you are left, right or centralist frustration in status quo is still rising.
Ben may have directed this nation through the disaster of 2008, but he has overstayed his welcome. Today was what synched it. He has very clear that he does not expect his future actions to generate the jobs his prior actions killed during his tenure as Chairman.
Ok, I accept that. We don’t stand a chance of organic growth as long as he is in charge of the Federal Reserve. There has not been organic growth during his tenure, nor will there by the time he leaves.
My only question is why this is considered acceptable? It’s ok to send trillions of liquidity to foreign banks, but it is not ok to invest in job creation here. Maybe it’s time we found a new central banker to run things.