In an interview from the AP, Federal Reserve Chairman Bernanke cites jobs and hiring as the way to climb out of this “economic recession”. What Bernanke doesn’t mention in the very same interview is how he and his bankster friends are the reason jobs and hiring are in the toilet and can’t grow.
Bernanke exclaimed:
“Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established.”
Typical One Lesson fallacy. Bernanke’s comments were made with QE2 looming large in the background. Keynesian rhetoric at its finest. Artificial credit creation, deficit spending, and corporatism. $600 billion dollars in bond buyback which will certainly cripple the bond market. More artificial credit in the system means lower standard of living. This means a lack of savings, meaning no new jobs. Boom and bust cycle again.
Bernanke calls for job creation but never once mentions disgraceful pieces of legislation that makes job creation nearly impossible. Things like minimum wage, Sarbanes, the financial reforms brought under the patriot act, etc. All of these items greatly hinder job creation! How? They make it nearly impossible for entrepreneurs to function. How can jobs be created if bureaucrats constantly get in the way of business being started. Is it a wonder outsourcing is booming? Is it a wonder companies move offshores daily?
Minimum wage destroys jobs, it does not create jobs. It makes it illegal for people to work. It holds the entrepreneur hostage. It completely shuts down free market forces in gauging the job market. If someone is willing to do a job for $5.00/hr that is their choice. Forcing a business to employ at a set wage may push them over budget and thus eliminate the potential job completely. Beyond that and on the flip side it allows businesses to exploit workers. So long as the wage meets the “legal minimum” the crooked company is safe. No market forces determining wage. Employee A should be getting $14.00/hr but because of sick legislation as such, they are working for $8.00/hr. Choices? Quit or complain to the labor department.
Lastly, what good is a call for job creation if unemployment pay is so prevalent? Why would anyone work when they are paid to stay home? There is no incentive! People on unemployment can sit back, relax, and make money at the expense of everyone else. Who would choose to work when it might actually be more beneficial to stay home? In some cases (especially for younger people) they can make more money by staying home!
Bernanke probably read this dribble from a pretty little speech prepared for him. He is so far along on the road to serfdom that he can’t pull back the monster that is the US economy. The best thing to do is roll back all of this market interventionism and let the free market sort it out. Allow competition in the market through true capitalism, something we have never had, and watch in awe as our economy repairs itself.



