The Social Marginal

I normally don’t do this type of thing (”Round ups” or just linking to other articles alone), but ‘Seb’ over at Pinching Copper wrote a wonderful open letter to Ben Bernanke that I thought was great and I thought that I should bring some more attention to it, a particular excerpt;

“Ben, I know you might not have realized this, but you’ve cut interest rates so far that they’ve fallen below the rate of inflation. This is very, very bad for all the other little boys in girls in America that are trying to save money and keep their heads above water. I know your “friends” are telling you that lower interest rates mean that it is easier for their banker buddies to lend money to each other, but it’s not going to happen. Everyone is very scared for their money right now, Ben. Banks don’t want to lend any more money, because a lot of broke and dishonest people aren’t paying back their loans. You might have heard about this, since you and your buddy Al Greenspan helped create the situation. You could drop interest rates to 0%, and it won’t change a thing.”

You can read the entire letter here.

I’m not one of those Ron Paul zealots (though he does have a lot of great ideas, I just don’t believe he’d ever be a viable President), nor am I a Bernanke “hater”, but in this address to the Fed Chairman, Ron Paul really summed up what’s been bugging me about his current actions.  Sorry for the YouTube link, I’m not a big fan of video links in blogs either.

I try to keep everything here on a lighter and more personal mood (though this is very personal and directly affects your finances), but I am known to be a closet economist at times. So ok, I’m done now, I’ll go back to my normal blogging topics, heh. Well, at least once I can think of something to write about that are ON topic.