2020: You Reap What You Sow🌱. 🔥🔥🔥🔥"its still burning"🔥🔥🔥🔥

@razielthagreat2109

3 жыл бұрын

more like morons in this country never learn from history.. we have amnesia and short term memory loss and also trump derrangement syndrome... Russia gate conspiracy Q anon bullshit.. its divided this country as the CIA inteded.... The fed system is not structured to do anything other than serve the whims and feelings of the wealthy elites... but the fed does not dictate where to send the money.... only congress can do that. so being mad at the fed is silly like most people do.. BE MAD AT CONGRESS

notice how he hasn't lied at all, despite not being honest about anything.

@weebgrinder

2 жыл бұрын

Masterful speaking. Bernanke is a boss.

The dollar amounts sound so quaint now compared to what we're hearing about every day in 2020.

Anyone here in 2020 watching this s#!% happen again, now without Congressional approval?

@TheLoyalOfficer

3 жыл бұрын

Exactly. Covid was a miracle for Wall St. Another trillion(s)+ of bad trades washed away with taxpayer bailouts.

@tjakkobosma5872

Жыл бұрын

Any sources? I haven’t seen anything about this

Ben, you avoided a major financial meltdown.

@belalshiny1513

3 жыл бұрын

He inflated the bubble into a gigantic One. Other word- he gave ait to the bubble.with cheap fiat money .

@weebgrinder

2 жыл бұрын

Truth. QE saved our butts.

"We simply use the computer to mark up the size of the account."

@forcadesignllc5611

4 жыл бұрын

truth is in plain sight..he told them the crux of the game and no one batted an eye.

@dilbin97

4 жыл бұрын

7:57

@modernfinance785

3 жыл бұрын

cant do that with bitcoin

@herbertspencer8293

3 жыл бұрын

At the year 2013 was discovered The Progressive Growth of Money Supply Principle, which shows us how the Money Supply must growth, i.e., the quantity of money that market needs: kzread.info/dash/bejne/m51_1I-iYJWYnbw.html If we increase the money supply by an amount equal to the sum of interest generated by the financial system during the preceding period, the market interest rate will be the natural interest (Wicksell) Thanks to the Progressive Growth of the Money Supply Principle we know today that it is impossible to return to the Gold Standard.

@AdamHammel

3 жыл бұрын

8:10

"How did you go bankrupt? Two ways. Gradually, then suddenly." - Ernest Hemingway, The Sun Also Rises

Move to the @8:00 mark and you'll hear how money is created (in a nutshell).

@luckylui3282

7 жыл бұрын

He laid it out, plain and simple, but how many really got it? As the onion layers come off I am beginning to think he is fairly honest but had harsh political pressure to frame what he says combined with the fact that the great majority of people don't understand (even most of those that think they do) or can't believe how things really work. Still learning myself so the jury is still out on Ben from my perspective.

@weebgrinder

2 жыл бұрын

It's created largely by the initiation of loans.

I think it will take maybe 2 decades at most before people actually appreciate what Bernanke did for the economy and the magnitude of the crisis he was facing. Milton Friedman would have commended Bernanke for the emergency measures he took.

You can hear the uneasy breaths he takes every time he speaks. Criminal.

The world is lucky that a person who is an expert on Great Depression was the Fed chair in 2008.

@Achrononmaster

4 жыл бұрын

Except Bernanke has a flawed understanding of the Great Depression. It was a Minsky crisis. If Bernanke had known this he would have seen 2003--2007 as a build up of a similar Minsky private debt crisis dynamics, and would have stopped it. The FBI warned of massive endemic bank fraud, and the Bush administration, including Bernanke, dropped the ball on the alerts in favour of war spending and propping up fraudulent shadow banking. Read Bill Blacks account of a similar dynamic in the 1980's/90's: "The Best Way to Rob a Bank is to Own One". books.google.co.nz/books?id=SI3F8wEuT24C

To really understand the Federal Reserve System, watch WHY WE ARE IN SO MUCH DEBT. Clear, simple, powerful.

he sounds nervous and it’s important to realize that every word that comes out of his mouth effects the stock market so he has to dance around a lot of words to keep hopes up.

Nice to see how the counterfeiters do their work.

Nice how he described the banks as WOODEN houses

10 years later the *Everything Bubble* is about to burst and we get the GFC part 2

@nateisawesome766

2 жыл бұрын

Now it will in 2022. The fed used up all its tools. It's time

The best thing to do is learn MMT. Once you’re in the know, you will hear many idiots come at you with the dumbest comments. The establishment must just piss themselves that the masses are clueless (and poor)

@Jesus-kt5dc

4 жыл бұрын

*7:58*

He said at the beginning that he believes we're at the end of the crisis yet he says later on that the fire is still burning...

That man looks scared. He knows that we know who caused all this mess.

The latest Fed and Treasury combined gambit make this look like child's play!

"We've been playing god with the economy and screwed it up really bad but we're trying the same tricks that screwed it up in the first place, but we're confident that the same old tricks that screwed things up will fix things." -Ben Bernanke (paraphrased)

@petekdemircioglu

Жыл бұрын

Somebody always has to play God in these things: considering the level of complexity of that job there are a handful of people who can really play God. And they have to trust their OWN decisions while doing it or else horrendous things you’ve never seen happening could have happened.

"Mr Chairman, when does this end?" "It depends a lot on the financial system." So, 12 years later, the balance sheet is north of $7trn. I guess the answer is never because the financial system is irreparable

@nateisawesome766

2 жыл бұрын

9 Trillion now

Good video very informal to help me pass my marco economics class....

What a softball news piece on a dodgy skirter of the truth. I expected a more hard hitting interview from CBS News.

@freddykrueger5503

8 жыл бұрын

You can't expect that. The parent company that owns CBS itself got a bailout along with its share holders. So much for "freedom of the press".

Rock-on jetmanrun, great posting....

Although the economy still remains very fragile, things would have been much worse without those bailouts. Ben Bernanke averted a crisis more severe than the great depression. He did his job and did it well in spite of vitriolic rhetoric from both politicians and the public.

@amadeus3846

7 жыл бұрын

It pisses me off how people who know nothing about economics bitch about his actions. Economics should be taken more seriously in school

@30seven4

7 жыл бұрын

Bernanke did not avert a crisis - he merely delayed it; and in doing so compounded it. Hopefully rich, generous aliens will show up in their saucers some time soon since - in exchange for 8 years of reprieve - geniuses like Bernanke have made fragility a feature not just of the economy and Wall Street, but of the government itself.

@amadeus3846

7 жыл бұрын

30 Seven Hopefully, those aliens also wipe out any libertarians they see >:^)

@30seven4

7 жыл бұрын

Kristian Not an argument. ...but congratulations about having the heart of a criminal.

@amadeus3846

7 жыл бұрын

30 Seven It's a joke you dolt, it's not supposed to be an argument. Maybe next time you speak, the invisible hand of the free market will come down from its Ayn Rand themed throne and cover your mouth before you embarrass yourself again.

Only interesting thing in this video - they have the exact same clothes on!!!

Damn, I've got to get me one of those money printing machines.

he's right about "Not back to full employment " he hasn't screw'd us fully!

Good interview Bernanke ;)

The all too critical moment occurs 07:57 where Fed Chairman Ben Bernanke reveals how the Federal Bank and the Treasury truly operate in every nation with its own, sovereign currency. This has never been revealed before in mainstream media. Subsequently, Bernanke was heavily criticized from within the Fed and by deficit hawks in Congress and had to do a volte face. In his next interview, some months later (and on the same show!), he said the Fed "does not print money". But that cat was out.

11 years later and interest rates still haven’t gone up and money is still being printed.

Once the govt spends, the banks make duplicate credits in their own bank accounts and then those govt dollars are swapped for bonds “called borrowing” The govt spends first and then borrows. All via computer keystrokes. The govt can’t ever run out of numbers.

"The words of any FED chairman cause fortunes to rise and fall"... first twenty seconds

Investopedia explains 'Federal Funds Rate' This is what news reports are referring to when they talk about the Fed changing interest rates. In fact, the FOMC sets a target for this rate, but not the actual rate itself (because it is determined by the open market).

This is the most powerful man in the world.

If one if their main goals is to keep prices stable, then they have been terribly unsuccessful. That is, unless they consider endless price increases since the Fed's creation stability.

No taxmoney,but inflation.

all we can do is make loans against collateral

I would love to be a member of either the Fed, Freemasons, or Skull and Bones. It would give me some valuable information, depending on my rank.

bernanke looks so much more confident in this interview than the one from december 2010....U.S. IS DOOMED!. btw its funny how he says he is printing money in this interview, yet in the last interview he says hes not printing money lol.

Working to save the economy!? ahaha

Who has more than 100,000 dollars deposited in any particular bank? Not me, and probably not you. All those bailouts bailed millionaires and taught them they can cheat the system with impunity.

He is wrong, you can let private institutions fail. They are not currency issuers, they only make loans. The US government is the monopoly money issuer. So to bail-out the real economy all the Fed needed to do (with authorization from Congress) was to credit all indebted home owner bank accounts, or even go further and run a full debt jubilee. This would mean the fraudulent shadow banks still could fail, but the debtors would be relieved, which would automatically restore bank balance sheets. Also, if you don't want the shadow banks to fail, you can QE them but then fire their executives, and/or nationalise them. That would've been proper justice.

I'm sure I will learn plenty of valuable things in the next few years but my point is that in college a soft science like economics will be biased towards Keynesian theory. The free market Austrian economists were the only ones who predicted our current predicament and even the great depression. In both cases they point out that the boom and bust cycle was not a result of capitalism but a result of government intervention in creating unsustainable artificial booms.Thats the housing bubble for ya

“When does this end?” 11 years later we’re still here.....

Did anyone else notice this was edited from the original version? It showed Benny boy explain the origin of the Fed. Rockefellers and their cronies setting it up.

The answer to all these problems is a resource based economy. See if you can grasp that.

what a shocker, the unemployment rate today 8.3%, at the time of this interview 8.1%

It's interesting to watch these people perform for the cameras like they're doing all of these things for real. Kind of a dry run I guess? A fire drill, basically? It's a good thing we have The Fed, so that things like 2008 don't actually happen in real life.

His voice makes him sound nervous to me...

@vexxevxevvex2622

5 жыл бұрын

That's because he knows he's an idiot who is destroying America's future.

@zes3813

5 жыл бұрын

wrr, no nervx for suchx, anyx

@CalexanderJ They are not printing money, it is reserve money. Central banks do have "reserves" because thats what a central bank does. Plus even right now inflation rate is low, there isnt enough money circulating to create economic growth. Putting more money into ciriculation is the logic thing to do during a reccession.

He is absolutely right on the last part. Without the banking system, the velocity of money will be dramatically decreased and the economy in a whole will feel like a stagnant lake.

Sovereign wealth funds also backed many large financial institutions such as Merrill Lynch, Barclays, UBS and Citigroup during the financial crisis.

@LibertySole I understand the the federal reserve, but the system still relies on constant growth-capitalism & this is at the root of the problem. It's a pattern of recession, depression, oppression & war. The system of central banking the merging of state & corporate power that you rightly call fascism, is also a military capitalism system. If you research you will see the $ connection. Thinning the population instead of population control is in their $ interest. It's time to change it all.

This man saved our economy....he deserves the Nobel Prize

@HitomiAyumu

5 жыл бұрын

Steve Davenport Lol.

@sotospeak415

5 жыл бұрын

He's a pathetic criminal

@Jmriccitelli

5 жыл бұрын

Steve the rube!

@kubuhzz-lm2786

5 жыл бұрын

Sheeeeeepoo abbey you're master, give them you're children , they like young boys

@michaelhembd9871

5 жыл бұрын

People blaming the loose monetary policy on the current debt bubble now. I think you spoke too soon

@ready2roll Simply ensure a stable currency, backed by something of value, and let the rest sort itself out.

is that tax money that the fed is using? its not tax money, we simply use the computer to mark up the size of the account

What I don't understand is why Bernanke does not admit that the Federal Reserve's easy lending and low interest policy actually fueled a housing bubble, by giving signals to entrepreneurs that there was real savings to back loans... instead it was all artifical credit expansion.. This was the main engine for the housing bubble, financial crisis and risky bets from banks. In other words... Bernanke now attacks the symptoms without addressing the FED's own monetary policy and their errors.

Maybe, and this is just a suggestion mind you, maybe companies shouldn't be allowed to become so big that their failure threatens global markets. I don't know, it's just something that popped into my mind as I watched this.

Oh joy! a real live living bernanke! Ive heard storys about them but one in the wild!!! hot dog!!!

Keeping prices stable???Did he ever take a look at the purchasing power of money over the last 100 years? I'd say that if this is one of the 2 most important purposes of the not-so-Federal Reserve, they should be dismantled! If any working Joe ever failed so miserably at half their job duties, they'd be fired.

Well this was in March 2009. Recession ended in June 2009, 3 months later. The expansion would last almost 11 years when COVID struck and shut everything down.

They rarely explain WHY AIG is so important and couldn't be allowed to fail. They back pension plans for a lot of people.

Printing money to bail you out is social suicide. This dude is far from brilliant and superhuman, and he is one man in charge of our economy? WTF?!

They did take risky loans but without the government intervention the banks wouldn't want to. In a free market interest rates would be way higher than right now precisely because people don't have the savings to back up their investments. In a true free market banks only give out loans they expect to be paid back. With the Federal Funds rate low and the FDIC ensuring loans with teaser rates the expansion of credit is unsustainable.

The Market bottom was the week before this interview came out…

Ever noticed he sounds and looks nervous when he talks? Ahaha! Listen to this puppet!

For those saying the banks should have been let to fail. 7 Million. That's the number of people who died of starvation in the Great Depression. The population is 2.5 times bigger now. Assuming the death toll is linear, are you sure you won't be among the 17.5 Million people who die? You sure? Because 17.5 million people MUST and WILL, die.

It was a lie 9 years ago, and it's a lie today. -Phil

Talk about illegitimate authority

@UponInfinity he's an economist - he uses terms as they're defined. the US was not in a recession until 2008.

Public Relations expert for the corporate master's!!!

Bingo, he said it, they print money...wow

March 2009, "We got this shit. Calm Down." 2013 unemployment 7.8%

Forward now to 2021 the federal reserve is most powerful institution

Letting the banks fail will be painful but it's necessary.

@charlieo8020

7 жыл бұрын

This country has tried "letting the banks fail" before. It was kind of a big deal, we nicknamed it the Great Depression. Maybe you're right, we should get another one soon.

@carloalberto4132

7 жыл бұрын

Charlie Ocasek doubt it, they would not allow people to remove their money from the banks like what happened after the housing market crash.

@shaunsterling1470

7 жыл бұрын

Exactly...This time around we got it half right. Needed some tax relief and other things to better bolster the Economy once we got out of the initial crisis, but at least we didn't immediately pull back fiscally like the 1930s which made it worse, plus letting many banks fail...

@ronallan8680

5 жыл бұрын

7 Million. The number of people who died of starvation in the Great Depression. The population is 2.5 times bigger now. Assuming the death toll is linear, are you sure you wont be among the 17.5 Million people who die. Because 17.5 million people MUST dies.

This journalist should share the same jail cell with Bernanke. He knew all about this during his entire career and kept his mouth shut. The cast of 60 minutes and Charlie Rose should be arrested. Total propaganda.

please explain to me what you think they do, I'm sure you don't actually know.

the depression had nothing to do with the gold standard. it wasnt a pure free market.

@maxscriptguru It appears if everyone took your financial advice, they would be broke. Talk about being in an imaginary bubble. You must adore the government believing every lie they tell you.

In a rare interview with a sitting Federal Reserve chairman the first in 20 years Ben Bernanke tells Scott Pelley what went wrong with America's financial system. YA! it's the way it is because he and his buddies "TANK'D" it! ........GOOD JOB HELICOPTER BEN!

You can get rid of the failed banks........the Fed, and back money with gold and the economy will still collapse..............why? You must get rid of fractional reserve banking...........as well.....

:@jetmanrun :dude you aint jim rogers living in china...you dont wanna go back to 1929,,trust me..nations cant handle that human horror twice..he is doing what he has been taught..and doing the right thing(at least oppurtunity cost wise)..

@jetmanrun I don't think you need to throw him in jail :) but at least he's going to have to find a real job!

@jetmanrun A deregulated economy is what got us here in teh first place. Without the Federal Reserve, the world economy would fall apart because our economy would fall apart. Federal Reserve is the Central bank and every country needs a central bank. GOld standards were dropped because there was too much wealth and the gold standards couldnt keep up. If we went back to the godl standard, there will be deflation.

March 15 2009 we are approaching March 15 2011 and he's still printing. A fire that has raged for 2Years. This fire isn't going out anytime soon lmao..

@nateisawesome766

2 жыл бұрын

And they just stopped printing now, the depression will *finally* begin

the guy has an iq of 180

I agree this kid needs to calm down since he hasn't done any research besides his econ class apparently. I'm 18 and going to be an econ major next year but at least I've researched enough on my own to understand all of this. The government is indeed very detrimental to our economy and there is truly no argument against the Fed exasperating the housing bubble.

You don’t “avoid” crisis. You simply put it off until the debt cycle can no longer hold. What happened in 2008 is coming back with a violent vengeance, and the flood of liquidity and pulling risk out of the market can be seen on the impoverished, sad faces all across the country. We have asset bubbles not seen since 1929... hold on, folks. This is going to hurt.

@nateisawesome766

2 жыл бұрын

*laughs in 2022* Oh you've seen nothing yet

did anyone buy his bs?

Our unelected hero

His analogy is flawed.

Hasn't anyone learn.. Ben is just a poster boy.

Poor performance Benny. Someone must have forgotten to change your batteries before sending you in.

Do you have any idea how subsidized the banking industry is?Through use of the federal funds rate, and private government influenced entities like Fanny May and Freddie Mac the push for lower lending standards succeeded and it resulted in loans that would not have been made in a free market. Your right the lower interest rates did spark a boom, but it was an artificial boom built on speculation. The resulting bust is primarily the fault of yours truly the Federal Reserve for market manipulation.

@cordrenkin When I say the dollar is worthless I mean exactly that...IT'S WORTHLESS. I don't mean by comparing it to other world currencies, or inflation. The "dollar" is nothing more than a piece of paper with ink on it, that's all. And it is only valuble because the government say's it's valuble. A monetary system like that is bound to fail miserably. And inevitably, all countries who's economies rely on a central banking system will crash aswell. It's all an illusion.

@cordrenkin You're right, gold in reality has no value. We decide what it's worth as a species. But gold has much more use in today's society than a sand dollar does. Gold is predomintly used in almost all jewlery as well as in alot of eletronic component's because of it's exellent conductivity. So basically it will alway's be in demand in our modern society. What do you think is better, having something or nothing? With the gold standard you get gold, with our system you get nothing!

I like their suits it shows they are one in the same even their ties with the same patterns shows that one is the left hand and the right hand of the same body of the devil. I have to wonder how many people have been coned by these guys.

I wrote my dissertation on his paper(s), man is a genius ! His academic papers are literally the goto papers with respect to financial economics, brilliant! The Financial crisis was a factor from previous years, the deregulation of the financial sector 80's and 90's, a lack of regulation of "vanilla" derivatives CDO's, CDS, etc, things could have been much much worse... I feel we are still not out of it as yet...