Business

Deus Omnipotent
by Milota Sidorova

As I got through the daily newspapers today I have seen the latest issue of the Times magazine with Ben Bernanke on the front. The graphic design sent one clear message – you’re looking on the God. Actually he was depicted like an ancient Greek God, sitting on his chair on the Olymp Mountain. Well, the Times magazine titled him the person of the year. Personally, let’s skip the honor and speak frankly. Ben Bernanke, the chairman of American Fed – the biggest and most powerful lending institution is one of the most influential key-person in the crisis. He (with the approval of the owners) decides whether it is the time to print more money or cut them! off. He (with the approval of the owners) decides whether to hold or raise loan rates for every financial institution and this way he is controlling the money flow of the whole country. Or let’s be even more frankly – it is Ben Bernanke (with the approval of the owners of the biggest private company) who is controlling the debt of the country. And the debt concept is the very core of the whole economy. Although many (mostly bankers and businessmen) praise him, he is the target of increasing public antipathy. The old accusations are awaking with still considerably high unemployment and more than careful consumers’ spending. The wave has reached the House where a strange coalition of liberal and conservative Senators are going to vote against Bernanke whose second term is finishing on Jan. 31st. It can be a lost fight however some of the Senators (Sens. Jim Bunning of Kentucky and Jim DeMint of South Carolina) are sitting on the Senate Banking Committee. ! According analyst Bernanke now has a power to “win”! ; the su pport of the whole Senate. Sen. Bernie Sanders, an independent liberal from Vermont wants the super-majority of 60 votes to confirm Bernanke to the third term in as the head of Fed. There has also been a legislation approved by the House „calling for a full of the bank“ and putting more limitations on its authority. The legislation is pending between the House and the Senate.

related story (sgx16148): http://news.yahoo.com/s/ap/us_fed_interest_rates...

by Milota Sidorova for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be k! ept up to date, PocketNews is everyone's way of keeping in touch with the World.

posted by Blog TechSource @ 12:37 PM