You're doing a heck of a job Bernanke!

With the news that President Obama plans to reappoint Ben Bernanke as chairman of the Federal Reserve, it is appropriate to reflect on all the damage the Federal Reserve has done to the American Republic in its 96 year history. Since 1913, the Federal Reserve has brought us 2075.3% inflation (as of today). An item that cost $20 in 1913, now would cost $435. Americans no longer have the option of accumulating savings in cash. If history is our guide, Federal Reserve notes will almost certainly loose their value faster than one's bank account will accrue interest. When money was precious metals, or backed by precious metals, it was possible to save money and be confident it would retain or increase its value. Today Americans are forced to invest in risky markets they may not understand in order for their savings to match or outpace inflation. When these markets tank, years of savings can be wiped out almost overnight.

The Federal Reserve can create money out of thin air and give it to their well connected friends as they see fit. These well connected few can spend this new money before the inflation it causes hits the market. By the time the new money trickles down to the general public, prices will have already increased such that any benefit it provides will be offset by inflation. When the Federal Reserve declares a company "too big to fail", that company can then take on an artificial level of risk its competitors cannot match, knowing that if things turn south, the losses will be born by the tax payer. The Federal Reserve can create credit from nothing, artificially manipulate interest rates, and help build unsustainable bubbles. When their policies fail, the Federal Reserve apologists in the media, academia, and on Capitol Hill let them off the hook time and time again. In the minds of many, the monetary policy debate has long since been settled and is no longer open to discussion. Until the public wakes up, and demands our leaders hold the Federal Reserve accountable for the devastation their policies have wrought on our country, we can all look forward to more inflation, more economic bubbles, more bailouts, and less freedom.