Sunday, February 19, 2012

Forbes: Bernanke 'Supreme Socialist'

Federal Reserve Chairman Ben Bernanke is running the economy in such a heavy-handed manner that he more resembles a socialist strongman reminiscent of the Soviet Union than the head of the world's largest and most iconic of capitalist economies, former GOP presidential hopeful and publisher Steve Forbes writes.

By swelling the Fed's balance sheets via massive purchases of Treasurys and mortgage-backed securities from banks and by controlling interest rates and money supply with various monetary policy tools, Bernanke has become a "supreme socialist" who dictates how Americans manage their money.

"Our central bank tries to manipulate our economy in ways befitting a Soviet commissar. Take interest rates. Fixing the price of money is a form of price control, pure and simple," Forbes writes in a column in the magazine that bears his name.

Read more: Forbes: Bernanke 'Supreme Socialist'