Should we just assume that Barack Obama is going to do everything wrong? Today he renominated “Helicopter” Ben Bernanke for another term as chairman of the Federal Reserve. By doing so, Obama has put his big, fat stamp of approval on incredibly stupid monetary policies that are pulverizing the once powerful U.S. economy into oblivion.

Not that Barack Obama or anyone else in the U.S. government has much control over the Federal Reserve at all. You see, the “Federal Reserve” is about as “federal” as Federal Express is. It is a private central bank owned and operated for profit by the international central bankers that own or control most of the other central banks around the world.

If you do not know this yet, here is a shocker for you…..the currency and the money supply of the United States is not controlled by the U.S. government. It is managed and manipulated by a cabal of elite international bankers in order to make themselves as much money as possible.

Not that Obama ever even pretended that he was going to stand up to these bankers. The instant that he nominated Timothy Geithner (the head of the New York Fed – the most important branch) to be the treasury secretary, it was apparent that Obama was in bed with the international bankers.

But what most Americans do not realize is that the reckless and runaway expansion of the U.S. money supply by the Federal Reserve is absolutely destroying the wealth of all Americans. Take a minute to examine the chart below…..

This chart shows the growth in the U.S. money supply in fifteen year intervals. Since about 1985 you will notice that the money supply has been radically expanding, but the real shocker is at the end of the chart. Due to the Fed recklessly pumping money into the economy, the graph is basically going almost straight up now.

Now, if you do not understand the implications of this, let us explain them for you. What this is going to do is cause nasty, hair-raising inflation like the United States has never, ever seen. The buying power of all bank accounts is going to fall like a rock. The accumulated wealth of the American people is going to diminish dramatically.

You see, rapid inflation is like a hidden tax on everyone and everything. All of those seniors who carefully budgeted for retirement are going to be in for a nasty surprise. The value of everyone’s dollars is going to rapidly go down the toilet.

Fortunately, there are some conservative members of Congress that are trying to do something about this.

For example, U.S. Representative Ron Paul has introduced a bill to perform a real audit of the Federal Reserve for the first time ever. Dozens upon dozens of conservative Republican members of Congress have co-sponsored this legislation to audit the Fed (H.R. 1207).

Ron Paul has been extremely critical of the Fed for many years, but during this past year he has really ramped up his criticism. The following is one example:

“The Federal Reserve in collaboration with the giant banks has created the greatest financial crisis the world has ever seen. The foolish notion that unlimited amounts of money and credit created out of thin air can provide sustainable economic growth has delivered this crisis to us. Instead of economic growth and stable prices, (The Fed) has given us a system of government and finance that now threatens the world financial and political institutions. Pursuing the same policy of excessive spending, debt expansion and monetary inflation can only compound the problems that prevent the required corrections. Doubling the money supply didn’t work, quadrupling it won’t work either. Buying up the bad debt of privileged institutions and dumping worthless assets on the American people is morally wrong and economically futile.”

-Republican Congressman Ron Paul from Texas to Federal Reserve Chairman Ben Bernanke (as quoted by Lew Rockwell)

But the Federal Reserve is not about to roll over and let the U.S. Congress look inside of their books so easily. In fact, they are fighting it tooth and nail and they have most of the key Democrats on their side at this point.

Since the bill to audit the Fed was introduced, both Bernanke and Geithner have strongly denounced it in interviews, and they have even go so far as to issue veiled threats through the media.

For example, in an interview released by Digg and the Wall Street Journal, Treasury Secretary Timothy Geithner said that auditing the Fed is a “line that we don’t want to cross” and that such a move would be “problematic for the country”.

Problematic for the country?

Just to look at the books of the Fed?

What would happen if we cross that line? Would the Fed cut off the flow of credit and crash the U.S. economy?

You can see video of Geithner making these comments below:

For the U.S. Treasury Secretary to be making comments of this nature is beyond shocking. He is supposed to be representing the American people – not his old bosses at the Federal Reserve.

The reality is that the Federal Reserve does not want what they are doing to us and how much money they are making off of it exposed to the American people. Unfortunately, as long as their friend Obama is in office it is quite likely that they will be able to keep their dirty tricks secret.