Heads up, conspiracy buffs.
There is a group of 18 bankers, including our very own Federal Reserve Chairman Ben Bernanke and other MIT alumni, who meet several times a year to discuss their ongoing experiments with the world economy.
The Wall Street Journal this week printed a piece about the group, called the Economic Consultative Committee, that meets in Basel, Switzerland, six times a year.
The meetings themselves are highly secretive, according to the Journal. There are no minutes kept, and even staff members are forbidden to attend.
Of the 18 central bankers, five are MIT grads. The countries represented by the bankers produce $51 trillion in GDP annually.
Since 2007, the committee has pumped $11 trillion into the world economy as part of what the Journal calls a “high-stakes experiment” based on theories produced by economics professors at MIT.
Bernanke himself has relentlessly followed a course of “stimulating” the U.S. economy by pumping in more dollars into the system. On Wednesday, Bernanke announced the Fed will effectively print even more money so it can buy $85 billion in bonds each month until the unemployment rate falls to 6.5 percent.
So far, none of the Fed’s stimulus programs have worked, but this new increase in bond buying is an effort to stave off an anticipated plunge in economic activity in the next quarter.
Common sense says that printing more money will just lower the value of a dollar further, resulting in higher prices for consumers all around.
According to college professors who are now in positions where they can manipulate entire economies with a phone call, however, repeating the same monetary actions over and over will eventually have the effect of somehow fixing the economy.
Bernanke and his unelected pals have been conducting their experiments since 2007, with no definite improvement to be noted. What’s more, they’ve been conducting them without oversight by any government or any accountability to anyone but themselves.
So the obvious question is, are these high-powered men who hold the world in their hands truly incompetent as they seem, or do they just have goals other than the well-being of us mere mortals?