As Federal Reserve Chairman Ben Bernanke prepares to leave his post in January after eight tumultuous years, Steve Forbes offers a pithy two-word assessment of his reign: epic failure.
In Newsmax magazine's October cover story "Bernanke's Epic Failure," Forbes pulls no punches as he lays out how the U.S. economy was brought to its knees by an overzealous Fed chairman whose destructive practices ruined the dollar.
Forbes is chairman and editor-in-chief of Forbes Media, and publisher of Forbes, the nation's leading businesses magazine. He sought the Republican presidential nomination in 1996 and 2000.
He charges that in response to the economic crisis of late 2008 and early 2009, the Fed under Bernanke began one of the greatest power grabs in U.S. history. In effect, Forbes observes, the Fed made itself into a fourth branch of government.
"Clearly, Chairman Bernanke believes printing money creates prosperity," Forbes writes. But it was the weak dollar that brought on the economic meltdown, and "Bernanke was a key architect of that policy," he adds.
"He didn't understand what central banking was. He didn't understand money. He didn't understand the Great Depression."
Forbes reveals what he believes the next Fed chairman should do, and cites his surprising personal choice for the post.
Newsmax magazine's October issue also features a timeline of Federal Reserve chairmen since 1951, and raises the question: Should the United States return to the gold standard? Steve Forbes says it's just a matter of time.
And there is a look ahead at what's in store when the Fed pulls back from quantitative easing.
Forbes concludes: "Bernanke's policies have done immense harm to the economy, both in terms of bringing on the crisis and prolonging it. He would need a lot of grade inflation just to get a passing grade."
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In addition to our in-depth cover stories and hard-hitting investigative reports, we entertain a constant stream of notable guests, including, Jeb Bush, Donald Trump, Dr. Ben Carson, Grover Norquist, Newt Gingrich, Mike Huckabee, and many others.
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This edition of Newsmax magazine also includes:
- A compelling Newsfront article discloses how the sequester, which is scheduled to carve nearly $1 trillion from the Defense Department budget over the next decade, has left Pentagon leaders with grim choices as global threats are growing.
- "Obamacare War on Marriage" reveals that President Barack Obama's healthcare plan has a startling provision that penalizes married couples in terms of insurance premiums and subsidies. It could discourage marriage, increase divorces, and contribute to chronic poverty.
- Douglas Schoen's "Unconventional Wisdom" column looks ahead at the 2016 presidential race and the GOP's slate of potential candidates, concluding that the election "is one Republicans are poised to win."
- "Football Tackles a Silent Epidemic" chronicles the alarming rise in the number of concussions suffered by football players, and tells of a legendary NFL quarterback who has no memories of playing one of the most important games of his career.
- And "Slim Down or Pay Up" explores how companies are increasingly telling workers they will pay higher healthcare premiums if they are overweight or don't take actions to improve their health.
Again, there is so much more in Newsmax magazine, which won a Gold Eddie Award in the News/Commentary category of Folio magazine’s prestigious journalism awards, the Eddies, and has now received a Charlie Award, the highest honor from the Florida Magazine Association, in each of five categories including Best In-Depth Reporting.
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