Yellen Nomination.
On October 9, 2013, President Obama nominated Janet Yellen to succeed Ben Bernanke as chair of the Federal Reserve. Having served as vice-chair of the Fed since October 2010, Yellen is closely associated with Bernanke\’s decision to proceed with \”QE (Quantitative Easing) unlimited,\” the Fed\’s unlimited purchasing of bonds until the market \”substantially\” improves. Yellen\’s promotion to chair is a clear indication that the Fed will continue to recklessly pump trillions of newly created fiat (unbacked) dollars into the economy, in turn radically expanding the money supply and further diminishing the purchasing power of the dollar to buy goods and services, which is especially burdensome to the poor and elderly. Furthermore, Yellen\’s policy of keeping interest rates artificially low will encourage additional irresponsible and excessive borrowing, as well as malinvestments.
The Senate confirmed the nomination on January 6, 2014 by a vote of 56 to 26 (Roll Call 1). We have assigned pluses to the nays because of the economic havoc, caused by inflation, that Yellen contributed to as vice-chair and that she intends to continue as the new chair of the Fed. Furthermore, a central bank, such as the Fed, that creates money out of thin air is not authorized by the Constitution.
