Wednesday, December 16, 2009
Under normal circumstances, the very notion that a third-rate flack like Ben Bernanke should make the cover of Time Magazine as the "Person of the Year" is just insane.
But as a salvo in the war to keep the operation of the Fed secret, the choice makes perfect sense. There is a bill to audit the Fed working its way through congress. The Fed cannot allow this to happen. They suspect, with good reason, that if the American public actually found out what they have been doing, there could be violent revolution.
So now when Bernanke smiles at congress and says that auditing the Fed would be a bad idea, he can now imply that it would be bad manners to question the honesty of the "person of the year."