Economy

Bernanke Wants President to Declare “Economic Emergencies” in Future Crises

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by Michael Krieger, via Liberty BlitzKrieg.com:

Presidents should get the power to declare economic emergencies along the lines to declare war, said former Federal Reserve Chairman Ben Bernanke on Monday.

It might make sense to give “the president some ability to declare emergencies or take extraordinary actions and not put that all on the Fed,” Bernanke said at a conference. “The constitution gives the president significant flexibility to respond to military situations,” in part because they are chaotic, he noted.

“I am sure it is not politically possible, but it would be worth thinking about,” the former Fed chairman said.

– From the MarketWatch article: Presidents Should Be Able to Declare Economic Emergencies: Bernanke

For those of us who remain horrified and disgusted by the 2008-09 Federal Reserve and U.S. government bailout of the kleptocratic oligarchs who created the crisis, the above comments by the mastermind of this historic theft should be extremely concerning.

Although bankers and oligarchs got everything they wanted and more from the post crisis panic, what seems to bother Bernanke is that some of the response measures had to be pursued publicly. By calling for the U.S. President to declare economic emergencies in future crises, he is explicitly saying he doesn’t want Congress involved at all, even if just ceremonially. This man is a dyed in the wool fascist.

MarketWatch reports that:

WASHINGTON (MarketWatch) — Presidents should get the power to declare economic emergencies along the lines to declare war, said former Federal Reserve Chairman Ben Bernanke on Monday.

While the Fed retains the authority it needs to respond to another financial crisis, financial crises “tend to have a certain chaotic element to them,” that no one can predict, Bernanke said during a panel discussion sponsored by The Hutchins Center on Fiscal and Monetary Policy.

In light of this, it might make sense to give “the president some ability to declare emergencies or take extraordinary actions and not put that all on the Fed,” Bernanke said at a conference. “The constitution gives the president significant flexibility to respond to military situations,” in part because they are chaotic, he noted.

“I am sure it is not politically possible, but it would be worth thinking about,” the former Fed chairman said.

After the House initially rejected the proposal and stock markets tumbled, Congress reconsidered and the measure was signed into law and became the $700 billion Troubled Asset Relief Program, or TARP.

After coming across the above, I got to thinking about the process for declaring national emergencies. I performed a quick search and read a little bit about the National Emergencies Act of 1976. It was passed in response to a spate of national emergencies initiated by President Richard Nixon, and was intended to ensure Congress exerted more oversight on such declarations for obvious reasons.

Read More @ Liberty BlitzKrieg.com

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