Bernanke Lessons of First Great Depression, Survival of Casino Capitalism

CSPAN Mar 10 2009, Bernanke reviews the the mistakes made in the First Great Depression, and takes a question from Arnaud de Borchgrave about whether capitalism has failed in that it has become a casino, divorced from productive activity with social utility. Bernanke analyzes the Great Depression, but doesnt criticize the casino aspects of Credit Default Swaps that led to the current situation. It seems obvious that the financial sector is a large machine with nothing real to invest in, as the real economy has been destroyed or offshored so the financial class are left to invent artificial 'innovations' aka derivatives that sucker in investors to invst in things of no real productive value, aka financial weapons of mass destruction.

Category:

News & Politics

Tags:

• Bernanke
• Bush
• Great
• Depression
• Recession
• Global
• Meltdown
• CSPAN
• Casino
• Capitalism

[CodyJStockton]

Bernanke is extremely intelligent. He is amazingly eloquent at arguing for the dollar.

Unfortunately most people have difficulty thinking outside of the dollar.

The only sustainable economic system is one that has no interest. With interest comes inflation. With inflation comes a monetary system that is mathematically guaranteed to come to an end.

Our current monetary system is debt (interest/inflation) based.

Dollars have no intrinsic value, and right now there are too many dollars.

It will end

[aviomaster]

Ben Bernanke is dumb as a tree ,

Serbia has better central bank chairman

[ibelucky1]

Bernanke is greenspans fall guy.

[pn2543]

@cunnidvd, why is Bernanke stupid or a liar?