|USA Edition||Today Is Monday December 9th, 2013|
|We know now that Government by organized money is just as dangerous as Government by organized mob - Franklin Delano Roosevelt|
|Browsing Honors Section||Organized In Date Order||[ 14 items ]|
|First Item||Earlier||Middle Item||Last Item|
A man who speaks clearly, is a lifelong student of history, willingly in service to his nation and intellectually curious is no ordinary man. When such a man stands his ground in times of confusion or danger — relying on his own knowledge in preference to political expediency he does so at considerable personal risk. When such a man asserts his own intellect in open defiance of pervasive ignorance among his people, or uncertainty among those around him, he does so at professional risk. Benjamin S. Bernanke has proved to be just such a man.
Here in Washington, where expediency is elevated to the equivalent of truth, Ben Bernanke stands for something beyond his own self-interest. This quality alone should warrant him a place in history.
But there is far more to the Bernanke story than good character.
Intellectual curiosity, independence, leadership, willingness to put his professional reputation on the line, grasping what matters most, and doing the right thing, led us to choose
Benjamin S. Bernanke
Newsroom Magazine’s First Person Of The Year
Who might qualify as a person of year in a publication that examines what matters most in a world seemingly drowning in what matters not at all?
For the last four years we avoided the issue by acknowledging that our opinion mattered not at all.
Besides, Conventional Wisdom argued that anyone who might be worthy when measured against such criteria was unlikely to be found in Washington.
Conventional Wisdom, as is so often the case, got it wrong.
If he is right, as many of his colleagues strongly believe, Benjamin Bernanke has begun to slay the dragon of deflation. If he is wrong, as conventional fear inflation advocates strongly argue, his massive liquidity injections into the long term bond market could overtly inflate the world money supply for a decade — maybe longer.
What few may know, or fully understand, is that inflation is largely reversible while deflation is all but impervious to external monetary influences. Runaway inflation has been described as a raging fever so bad you wish you were dead while deflation kills most everything in its path.
We chose Benjamin Bernanke as our Person Of The Year, not because the nation needed another such declaration, nor because anyone asked Newsroom Magazine to anoint such a person. To the contrary. Based on information obtained from the FED, and published in Newsroom Magazine, Chairman Bernanke’s assertion that the U.S. Economy is dangerously wedged on the edge of a financial precipice is unquestionably true.
While we do not know for certain that Quantitative Easing will keep us from falling into deflation, we do know for certain that no monetary or policy tool can be relied upon to reverse deflation once it has begun.
Thus, early on in 2010 the Federal Open Market Committee — and its Chairman — had to choose between doing nothing and hoping for the best, or taking assertive action to avoid falling into deflation.
Benjamin Bernanke, in his roles of chairman, historian, monetarist, economist and professor did not shrink from the challenge. He led the Board Of Governors and pressed the Federal Open Market Committee to take the strongest possible action to stave off deflation.
Whether Mr. Bernanke and his deflation fighters are right, or wrong, is yet to be decided.
What matters is that when it came to making perhaps the most difficult decision ever to come before the Federal Reserve, there was no posturing, no hiding behind inexplicable dialog, vague palliatives, politicizing or spinning of tales to make doing nothing appear to be the wizest course of action.
To the contrary, under Bernanke the FED spoke clearly and acted decisively even in the face of strong opposition at home and abroad.
What he did was save his nation.
Benjamin S. Bernanke deserves to be every American’s Man Of The Year.
|Governance & Privacy|
|International Monetary Fund||Federal Reserve||European Central Bank||United Nations|
|Justice Department||State Department||Defense Department||Treasury Department||Transportation Department||Homeland Security Department||Commerce Department||Energy Department||Interior Department||Securities & Exchange Commission||Federal Trade Commission||National Institutes Of Health|
Seeing Is Believing
Thinking & AnalysisCritical Thinking
U.S. MilitaryAir Force
Legal & CourtsFederal Courts
Judgments & Opinions
House Of Representatives
Library Of Congress
United States Senate
HumanitiesBusiness Of Life
The Human Condition
OpinionCivility & Values
Conversations With America
Food For Thought
Contact UsOffer A Comment
Letters To The Editor
About UsAsk Newsroom
Errors & Omissions
Standards & PracticesCode Of Ethics
Government, Institutional And Commercial News Standards
Newsroom Magazine Founding Contributors
Newsroom Magazine USA Edition | Copyright © 2006 - 2013 Newsroom Publishing, Inc. | All Rights Reserved
Newsroom Magazine Is Powered By YourColo Data Power Station Servers
Newsroom Publishing Content Access Monitored By Tracker CMS Metrics
Data Power Station Load When This Page Was Delivered Was 10.08 % Of Allocated Power Station Capacity
SQL Queries For This Page = 156
Page Generation Time = 4.8 seconds