And as you can see from the next graphic, our
assets are worth less, too.
The “S&P in Gold” is the change in the
value of one share of the S&P 500, if you measured the stock
index in gold ounces rather than dollars. We believe this is a
better measure of the actual value of U.S. corporate assets because
it measures their value in a sound currency (gold) rather than in
And we included the share price of Citigroup.
As head of the Federal Reserve, Bernanke’s primary regulatory duty
was to police the large banks and to protect their depositors. We
think the near total destruction in equity value of what was the
largest U.S. bank when he took over at the Fed speaks volumes about
how well Bernanke did his job.
Bernanke gutted the dollar. He gutted the
middle class. He gutted the savings of millions. And he greatly
impoverished our country.
And yet, despite it all, Ben Bernanke is still
being proclaimed a hero of the republic.