Federal Reserve Chairman Ben Bernanke (November 29th Washington Post) does not want us to know any of the details of the Fed’s secret operations. This position is not surprising and has been typical of all central bank chairmen.

Bernanke’s stated goal in his editorial is “To design a system of financial oversight…” that will “provide a robust framework for preventing future crises.”

During its 96 years of existence, the Federal Reserve has played havoc with our economy and brought great suffering to millions through unemployment and price escalation. In addition, it has achieved what only a central bank can: a steady depreciation of our currency. Today’s dollar is now worth four cents compared to the dollar entrusted to the Federal Reserve in 1913.

Ninety-six years should have been plenty of time for the Fed to come up with a plan for preventing economic crises. Since the Fed is the source of all economic downturns, it is impossible for any central banker to regulate in such a manner to prevent the problems that are predictable consequences of his own monetary mismanagement.

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