Obama to hand control of markets to Federal Reserve

[futureage1]

Some economic news. This is how a country becomes a Banana Republic. And that's what we have become.

 

Obama's regulatory reform faces fight in Congress

 

http://www.reuters.com/article/ObamaEconomy/idUSTRE55G5FE20090617?feedType=RSS&feedName=ObamaEconomy&virtualBrandChannel=10441

 

The biggest sticking point may be the role of the Federal Reserve, the U.S. central bank. Obama envisions the Fed overseeing the largest financial firms to ensure that they are not taking excessive risks that could destabilize the economy.

 

But several top Democrats and Republicans questioned whether that would vest too much authority in an agency that has already drawn the ire of many lawmakers for its role in the costly bailouts of Bear Stearns and AIG.

 

Hmmm. YA think?

 

Obama plan would cut number of US bank regulators

 

http://www.reuters.com/article/businessNews/idUSTRE55F7QV20090616

 

The Obama administration plans to call for the U.S. Office of Thrift Supervision to close as part of its overhaul of financial regulation, which would also include the elimination of the federal thrift charter for banks.

 

The plan would require large, interconnected firms to draft a "credible plan" for how they would be unwound if they ran into severe trouble, a senior administration official told reporters on a conference call on Tuesday.

 

The official said the proposal would also call for the creation of a financial oversight council that would be led by the Treasury Department, and would make the Federal Reserve the consolidated supervisor of large financial holding companies.

 

What a "Jobless Recovery" Really Means: A Massive Redistribution of Wealth from the Little Guy to the Big Boys

 

http://www.washingtonsblog.com/2009/06/what-jobless-recovery-really-means.html

 

 

Everyone from the Fed bank of San Francisco to Kiplinger's is saying that we may have a "jobless recovery".

 

The meaning of the phrase jobless recovery itself is simple:

 

A jobless recovery or jobless growth is a phrase used by economists to describe the recovery from a recession which does not produce strong growth in employment. The phrase originated in the early 1990s in the United States, to describe the economic recovery at the end of President George H.W. Bush's term; it came back into use during the early 2000s.

 

But what is the deeper meaning of a jobless recovery now?

 

The government has spent more than $12 trillion dollars responding to the financial crisis. But the overwhelming majority of that money has gone to big banks and big corporations.

 

Obama's stimulus plan calls for $787 billion dollars in spending. That amounts to less than 7% of the government's crisis spending.

 

The fact that much of the stimulus bill is really pork reduces that number still further. And while Obama might throw more stimulus money into the system, independent experts say that total government spending could rise to $20 trillion dollars, so the percentage might substantially decline.

 

What these figures show is that the government has given well over 90% of the taxpayers' money to the richest companies and well under 10% for job-creation programs.

 

Therefore, the "jobless recovery" is really a massive redistribution of wealth from the little guy to the big boys (see this and this).

 

Note: Keynesian stimulus might not even work. But that's another issue.

 

Even people not living in America can see the scam.

 

Obama's plan to give the Federal Reserve more power should scare the hell out of Americans.

 

http://www.geekzone.co.nz/DataCraft/6576

 

 

Giving an independent group of bankers which have no accountability to the American government a say in the governance of large institutions in America is a horrifying thought.

 

Many Americas don’t understand that their own money system is not actually controlled by the American government, but by a group of independent bankers – called the Federal Reserve.

 

It is argued by some that the existence of the Federal Reserve is one of the key reasons why America is in so much financial trouble it is today, a system that was supposed to smooth out booms and bust, actually contributed to the 1929 great depression.

 

So the question needs to be asked is Obama ignorant or simply doesn’t know what he’s doing? Obama should abolish the Federal Reserve not give it more power.

 

Thomas Jefferson said it best.

"If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and the corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

 

U.S. Inflation to Approach Zimbabwe Level, Faber Says

 

http://bloomberg.com/apps/news?pid=20601087&sid=aIeLg1djbBps&refer=home

 

The U.S. economy will enter “hyperinflation” approaching the levels in Zimbabwe because the Federal Reserve will be reluctant to raise interest rates, investor Marc Faber said.

 

Prices may increase at rates “close to” Zimbabwe’s gains, Faber said in an interview with Bloomberg Television in Hong Kong. Zimbabwe’s inflation rate reached 231 million percent in July, the last annual rate published by the statistics office.

 

“I am 100 percent sure that the U.S. will go into hyperinflation,” Faber said. “The problem with government debt growing so much is that when the time will come and the Fed should increase interest rates, they will be very reluctant to do so and so inflation will start to accelerate.”

 

Dollar Weakens for Third Day Versus Euro on Fed Rate Outlook

 

http://www.bloomberg.com/apps/news?pid=20601103&sid=aJr.Ax3l2R_c

 

The dollar fell for a third day against the euro before a U.S. report that may show the Philadelphia region’s manufacturing shrank for a ninth month, adding to signs the Federal Reserve will keep interest rates low.

 

 

China sells US bonds to 'show concern'

 

http://www.breitbart.com/article.php?id=CNG.6cc88b76aff9be3f90f62526a3107ec9.31&show_article=1

 

A decision by China to reduce its US Treasury holdings suggests concern about the US attitude towards its economic woes, Chinese economists were quoted as saying in state media Wednesday.

 

The remarks, coming after US data showed a modest decline in Chinese investments in US government bonds, were in contrast to an earlier statement in Beijing which had said the recent sell-off was a routine transaction.

 

 

US cities may have to be bulldozed in order to survive

 

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5516536/US-cities-may-have-to-be-bulldozed-in-order-to-survive.html

 

Dozens of US cities may have entire neighbourhoods bulldozed as part of drastic "shrink to survive" proposals being considered by the Obama administration to tackle economic decline.

 

 

Noam Chomsky: Globalization and the New World Order

 

http://www.democracynow.org/1999/10/21/noam_chomsky_globalization_and_the_new

 

Corporate media pundits have characterized globalization as an irreversible force–much like gravity. They say we should accept it and get on with our lives. Powerful forces like the World Trade Organization, the International Monetary Fund and the World Bank are main proponents of these globalization policies.

 

Democrats agree to IMF money in U.S. war bill

 

http://www.newsdaily.com/stories/n02443367-us-obama-budget-wars/

 

 

 

Democrats in the U.S. Congress have reached a deal to boost support to the International Monetary Fund, lawmakers' aides said on Tuesday, a victory for President Barack Obama who pledged to help the lender assist countries in the global economic crisis.

 

The war funding measure will provide a $100 billion credit line to the IMF, increase the U.S. member contribution to the IMF by $8 billion and authorize the United States to back the IMF's plan to sell 400 tons (12.97 million ounces) of gold, said the aides, who declined further identification.

 

The new world order - Noam Chomsky

 

http://libcom.org/library/new-world-order-noam-chomsky

Noam Chomsky discusses the New World Order - tri-polar economically, three major economic powers, the United States still the biggest, but declining, relatively, but uni-polar militarily, one military force.

 

Chomsky: The New World Order: Latin America

 

http://www.freespeech.org/videodb/index.php?action=detail&browse=1&video_id=9970

Noam Chomsky 1992 lecture on U.S. policy in Latin America and the Middle East still holds relevance close to a decade later.

Argentina's Economic Collapse (FULL VERSION)

 

http://vodpod.com/watch/1258780-argentinas-economic-collapse-full-version

 

We are Argentina right now.

Human Rights and The New World Order

 

http://quaylargo.com/rkm/ND/jan96NWORights.shtml

 

by Richard K. Moore-November 23, 1995

 

The phrase "New World Order" (NWO) is used widely these days, without an agreed general definition of what it means. As in "Common Sense and The New

World Order" (New Dawn, September-October, 1995), this author uses the term to refer to the increasing centralization of global power under the control of transnational corporations and their agents: primarily the international financial community and a variety of commissions, treaty mechanisms, and

multilateral military arrangements.

 

A recap of the NWO will help set the stage for a discussion of its effects on human rights.

 

The NWO's _ideological_ and _economic_ agendas are globalized laissez-faire capitalism, hiding under the rhetoric of "free trade" and "increased

competitiveness". Not to be confused with free enterprise, entrepreneurial capitalism, or classical free market economics, _laissez-faire_ turns over

control of domestic and international economies to an elite clique of multinational corporations. Free trade and fair competition are the last

thing this clique wants -- predatory monopoly capitalism (such as was prevalent with the 19th century Robber Barons: Rockefeller, Carnegie, Krupp,

et al) -- is their preferred mode of operating. The so-called "free trade" treaties are not about trade, but about opening up the world's economies,

resources, and labor pools to unregulated exploitation by the multinationals.

 

The NWO's _political_ agenda is the erosion of national sovereignty and democracy, with power being transferred by various treaties (such as GATT,

NAFTA, and Maastricht) to various commissions and organizations. These entities exhibit few or no democratic characteristics, but are designed to

represent the interests of the NWO corporate elite. See William Greider's "Who Will Tell the People?" (Simon & Schuster) for a brilliant investigation

into the systematic corporate undermining of the American democratic process, the growing detachment of corporate loyalties from their traditional national home bases, and the shift of power to technocratic commissions beyond the jurisdiction of any democratic process.

 

By this definition, the NWO is an observable phenomenon, already firmly entrenched and growing visibly more powerful each day. No conspiracy theories

are needed to describe its nature or to observe its consequences. The daily news (despite its bias and selectivity) provides most of the information

needed. In addition, many excellent analyses have been published which deal with this subject.

 

"The smart way to keep people passive and obedient is to strictly limit the spectrum of acceptable opinion,but allow very lively debate within that spectrum."-Noam Chomsky

 

"Any dictator would admire the uniformity and obedience of the [u.S.] media."-Noam Chomsky

[MattZ]

You forgot to post this article, too, futureage1:

 

10 large US banks to repay $68B in TARP funds

 

http://www.google.com/hostednews/ap/article/ALeqM5hUHNfLhMcbOi5mBiHEfz8ZB9f-IAD98SLS880

[Guest Speed Racer]

futureage1 to misread headlines, make broad generalizations to spread fears of New World Order

[ZenLunatic]

Polls find rising concern with Obama on key issues

 

http://news.yahoo.com/s/nm/20090618/pl_nm/us_obama_polls_1

 

Finally people are starting to wake up. Borrowing and printing money will not support an economic system. Duh!!!

[Gobias Industries]

While I might necessarily be also concerned, I wanted to make a point about the Fed "contributing" to the Depression and so thus cannot be relied on. As an economics major, I naturally have something to say. The Fed "contributed" to the Depression because it didn't implement correct monetary policy: reluctant to tighten money during the booms, and too stingy to loosen money when the Depression started, thus prolonging the Depression as far as it did. With a good board and a sound macroeconomic framework* (neither of which were likely present at that time), the Fed is a reliable resource. I don't think it should gain more power or step into regulating firms, but to say that it's a faulty institution is a bunch of bullshit. If it weren't for prompt and correct responses during the savings and loans crisis in the 1980s, we could be completely fucked right now, probably even worse than the Great Depression.

 

I don't find any of it too worrisome though.

 

*Classical macroeconomic theory had major gaping holes. Trust me, it was really bad and made virtually zero sense. Without a good framework for policymaking you aren't going to do any good.

[dunnright00]

Obama Announces Plans To Run For McCain's Senate Seat In 2010

[futureage1]

While I might necessarily be also concerned, I wanted to make a point about the Fed "contributing" to the Depression and so thus cannot be relied on. As an economics major, I naturally have something to say. The Fed "contributed" to the Depression because it didn't implement correct monetary policy: reluctant to tighten money during the booms, and too stingy to loosen money when the Depression started, thus prolonging the Depression as far as it did. With a good board and a sound macroeconomic framework* (neither of which were likely present at that time), the Fed is a reliable resource. I don't think it should gain more power or step into regulating firms, but to say that it's a faulty institution is a bunch of bullshit. If it weren't for prompt and correct responses during the savings and loans crisis in the 1980s, we could be completely fucked right now, probably even worse than the Great Depression.

 

I don't find any of it too worrisome though.

 

*Classical macroeconomic theory had major gaping holes. Trust me, it was really bad and made virtually zero sense. Without a good framework for policymaking you aren't going to do any good.

 

So, you are saying that the FED W/ Greenspan at the helm had nothing to do W/ this mess???-unreal, where were you?

 

FED issued DEBT = Perfect Correlation = America's Decline from #1 Creditor Nation to # 1 Debtor Nation. The FED is a secret institution run by the world's largest 8 Banks for 4 countries. The Federal Reserve is not even a federal agency. They are not subject to the standard US Govt. salary rules or FOIA requests. They are basically Goldman Sachs sock puppets writing checks on the taxpayer's checkbook. To delegate more power to them is insane, if not outright criminal. Who is going to AUDIT and CONTROL the FED? Congress? Executive? No, it the biggest banks.

 

That is a GREAT IDEA from Geithner/Summers/Bernanke/Obama/Emanuel

 

Have the big bank owned FED regulate the big banks! You are an economics major and find nothing to be concerned about? You have a lot to learn.

 

Woodrow Wilson signed into effect the Federal Reserve Act on December 23, 1913. And said the following just six years later:

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is now controlled by its system of credit. We are no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men."

-Woodrow Wilson 1919

 

VIDEO:

Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is.

 

 

The American Empire Is Bankrupt

 

by Chris Hedges

 

http://www.commondreams.org/view/2009/06/15-0

 

This week marks the end of the dollar’s reign as the world’s reserve currency. It marks the start of a terrible period of economic and political decline in the United States. And it signals the last gasp of the American imperium. That’s over. It is not coming back. And what is to come will be very, very painful.

 

Barack Obama, and the criminal class on Wall Street, aided by a corporate media that continues to peddle fatuous gossip and trash talk as news while we endure the greatest economic crisis in our history, may have fooled us, but the rest of the world knows we are bankrupt. And these nations are damned if they are going to continue to prop up an inflated dollar and sustain the massive federal budget deficits, swollen to over $2 trillion, which fund America’s imperial expansion in Eurasia and our system of casino capitalism. They have us by the throat. They are about to squeeze.

 

There are meetings being held Monday and Tuesday in Yekaterinburg, Russia, (formerly Sverdlovsk) among Chinese President Hu Jintao, Russian President Dmitry Medvedev and other top officials of the six-nation Shanghai Cooperation Organization. The United States, which asked to attend, was denied admittance. Watch what happens there carefully. The gathering is, in the words of economist Michael Hudson, “the most important meeting of the 21st century so far.”

 

It is the first formal step by our major trading partners to replace the dollar as the world’s reserve currency. If they succeed, the dollar will dramatically plummet in value, the cost of imports, including oil, will skyrocket, interest rates will climb and jobs will hemorrhage at a rate that will make the last few months look like boom times. State and federal services will be reduced or shut down for lack of funds. The United States will begin to resemble the Weimar Republic or Zimbabwe.

[Good Old Neon]

It’s the Chris Hedges types that continue to push me further and further away from the far left. The dude’s been prognosticating worst-case scenarios for years, fortunately, 99% of the time they never come to fruition.

 

And for the record, Chomsky’s use of “New World Order” has nothing to do with nefarious plots and pyramids and the Illuminati and/or Nicolas Cage.

[futureage1]

Dollar Falls Most in Month as China Urges New Reserve Currency

 

http://www.bloomberg.com/apps/news?pid=20601087&sid=aQ.zWVPnOYYg

 

June 27 (Bloomberg) -- The dollar declined the most against the euro in a month and dropped versus the yen after China repeated its call for a new global currency.

The Swiss franc declined against the euro and dollar this week as foreign-exchange analysts said the central bank sold its currency three times to support the economy. The greenback fell against most of its major counterparts after the People’s Bank of China said yesterday the International Monetary Fund should manage more of members’ foreign-exchange reserves.

“The dollar’s status as a reserve currency is being questioned,” said Benedikt Germanier, a foreign-exchange strategist in Stamford, Connecticut at UBS AG, the second- largest currency trader. “There are reasons to sell the dollar.”

 

“To prevent the deficiencies in the main reserve currency, there’s a need to create a new currency that’s delinked from the economies of the issuers,” the People’s Bank of China, or PBOC, said. China is the biggest foreign holder of U.S. Treasuries, with $763.5 billion in April.

 

China called on the U.S. to guarantee the safety of its assets in March, when Premier Wen Jiabao said the nation was “worried” about its holdings of Treasuries.

 

People’s Bank Governor Zhou Xiaochuan urged the IMF that month to expand the functions of its unit of account and move toward a “super-sovereign reserve currency.” Russian President Dmitry Medvedev proposed on June 5 that nations use a mix of regional reserve currencies to reduce reliance on the dollar.

 

Like I said months ago, the special drawing rights from the IMF IS the new reserve currency. They just haven't named it or formally announced it yet but it is already here. This is only the beginning of the greatest depression. The North American Union is just on the horizon. The dollar will crash and the banksters will start circulating the Amero. There is now talk of a bank holiday this fall. Welcome to the start,of what will eventually be, the USA's descent into third world status.

[Gobias Industries]

I just noticed this. I'm seriously bored reading about cascading tariffs right now so I figured I'd reply, mostly out of boredom rather than the need to debate this (non-)issue.

 

So, you are saying that the FED W/ Greenspan at the helm had nothing to do W/ this mess???-unreal, where were you?

 

Greenspan had far less to do with the mess than a lot of people. Essentially, the economy crashed because securities were becoming too complex. When they become too complex, risk is too hard to properly assess, leading to every sort of problem you can imagine. And the risk accumulated in all the wrong places, i.e. in the hands of investors who purchased mortgage-backed securities diluted to hell with re-bundling. And when housing prices started to dip, everything crashed around it too. I simplified it a bit for the sake of clarity but that's basically what happened and what caused the economy to crash. It's not that hard to see. Of course, I'm looking for the real cause, not a conspiracy theory.

 

FED issued DEBT = Perfect Correlation = America's Decline from #1 Creditor Nation to # 1 Debtor Nation. The FED is a secret institution run by the world's largest 8 Banks for 4 countries. The Federal Reserve is not even a federal agency. They are not subject to the standard US Govt. salary rules or FOIA requests. They are basically Goldman Sachs sock puppets writing checks on the taxpayer's checkbook. To delegate more power to them is insane, if not outright criminal. Who is going to AUDIT and CONTROL the FED? Congress? Executive? No, it the biggest banks.

 

You seem to misunderstand the role of the Federal Reserve. It's "the nation's bank," essentially. It has five key roles:

 

1. Promote high and stable growth

2. Promote low and stable inflation

3. Manage and stabilize interest rates

4. Stabilize financial markets

5. Stabilize exchange rates.

 

While I'm no real fan of writing checks out like this, it make some sense to do so. The Federal Reserve is naturally obliged to stabilize the financial markets, and while the policy is a load of shit, "too-big-to-fail" is a necessary evil at the moment. Personally, I would rather let companies fail but the economic outlook would probably be a lot worse if it weren't for it, so that policy path not particularly viable. Providing temporary credit boosts is a short-term solution to the problem at hand. It's not a pretty solution, but until the problem can be fixed in the long run there's no real other good choice. So in its own regard the Federal Reserve already engages in what you desperately "fear," but it's hardly something to be fearing or getting all in a tizzy about.

 

If you want a highly politicized national bank under the thumb of Congress, though, you go ahead and start your own "national bank." I'm personally OK with the Federal Reserve being run by bankers because it's a fucking bank. I don't want a politician running the bank because they don't know how the banking system works, let alone run the damn thing.

 

Also, you definitely underestimate the checks and balances that the Fed has institutionally installed. There's a lot more to it than you give it credit for. Also, the Federal Reserve Board consists of members of big banks, but guess what: those "big banks" are the BRANCHES OF THE FEDERAL RESERVE. There are no "big banks" (at least from what you are implying with the term) controlling the Federal Reserve. To suggest so is pretty dim-witted.

 

That is a GREAT IDEA from Geithner/Summers/Bernanke/Obama/Emanuel

 

Have the big bank owned FED regulate the big banks! You are an economics major and find nothing to be concerned about? You have a lot to learn.

 

Woodrow Wilson signed into effect the Federal Reserve Act on December 23, 1913. And said the following just six years later:

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is now controlled by its system of credit. We are no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men."

-Woodrow Wilson 1919

 

I don't think I'm even going to dignify this with a proper response. But, if it weren't for the Federal Reserve, who knows where the fuck we'd be today.

[Good Old Neon]

 

 

 

An artists’ rendering of the US embracing (quite lasciviously I might add) the Amero.

[austrya]

I still only paid $2.29 for a loaf of Aunt Millie's Seeded Italian bread yesterday and that wasn't even on sale. Remind me again when I'm going to have to have a big sack of money to buy bread...

[bjorn_skurj]

Okay. Try and follow me, Shel.

 

 

This thing has to do with a conspiracy

that originated in Central America...

 

 

...against the economy

of the United States.

 

 

We got wind of it nine months ago,

when they robbed the German Mint.

 

 

Well, actually, they robbed the

English Mint, then the German Mint.

 

 

And then the Swiss Mint.

And they never took any money.

 

 

- Well, who did this?

- It's a Latin American syndicate.

 

 

They only took the plates.

 

 

What you have to understand

is that we have information.

 

 

- The agency has sources...

- CIA?

 

 

You're goddamn right, buddy,

the CIA.

 

 

We know that these plates

are going down to Central America...

 

 

...and these people intend to run off

billions of dollars of this currency.

 

 

- They wanna obliterate their debts.

- What debts?

 

 

Well, all these countries, Shel, they

all owe billions of dollars to the West.

 

 

They can never pay it back.

They're too poor. You know that.

 

 

Their only hope is worldwide inflation,

but it has to be a huge one.

 

 

I mean, so big that paper money's not

worth anything. You use it for wallpaper.

 

 

Now, once they get these plates,

the ones that I robbed yesterday...

 

 

...which is American dollars,

now they're all set.

 

 

Set for what?

 

 

What do you think will happen

when they run off this dough...

 

 

...and there's trillions of extra dollars,

francs and marks floating around?

 

 

You've got a collapse of confidence

in the currency.

 

 

People are gonna panic. There's

gonna be gold riots, atonal music...

 

 

...political chaos, mass suicide.

 

 

Right? It's Germany before Hitler.

You can see that.

 

 

Jesus, I don't know

what people are gonna do...

 

 

...when a six pack of Budweiser

costs $1,200.

 

 

That'll be awful.

 

 

[futureage1]

I just noticed this. I'm seriously bored reading about cascading tariffs right now so I figured I'd reply, mostly out of boredom rather than the need to debate this (non-)issue.

 

 

 

Greenspan had far less to do with the mess than a lot of people. Essentially, the economy crashed because securities were becoming too complex. When they become too complex, risk is too hard to properly assess, leading to every sort of problem you can imagine. And the risk accumulated in all the wrong places, i.e. in the hands of investors who purchased mortgage-backed securities diluted to hell with re-bundling. And when housing prices started to dip, everything crashed around it too. I simplified it a bit for the sake of clarity but that's basically what happened and what caused the economy to crash. It's not that hard to see. Of course, I'm looking for the real cause, not a conspiracy theory.

 

 

 

You seem to misunderstand the role of the Federal Reserve. It's "the nation's bank," essentially. It has five key roles:

 

1. Promote high and stable growth

2. Promote low and stable inflation

3. Manage and stabilize interest rates

4. Stabilize financial markets

5. Stabilize exchange rates.

 

While I'm no real fan of writing checks out like this, it make some sense to do so. The Federal Reserve is naturally obliged to stabilize the financial markets, and while the policy is a load of shit, "too-big-to-fail" is a necessary evil at the moment. Personally, I would rather let companies fail but the economic outlook would probably be a lot worse if it weren't for it, so that policy path not particularly viable. Providing temporary credit boosts is a short-term solution to the problem at hand. It's not a pretty solution, but until the problem can be fixed in the long run there's no real other good choice. So in its own regard the Federal Reserve already engages in what you desperately "fear," but it's hardly something to be fearing or getting all in a tizzy about.

 

If you want a highly politicized national bank under the thumb of Congress, though, you go ahead and start your own "national bank." I'm personally OK with the Federal Reserve being run by bankers because it's a fucking bank. I don't want a politician running the bank because they don't know how the banking system works, let alone run the damn thing.

 

Also, you definitely underestimate the checks and balances that the Fed has institutionally installed. There's a lot more to it than you give it credit for. Also, the Federal Reserve Board consists of members of big banks, but guess what: those "big banks" are the BRANCHES OF THE FEDERAL RESERVE. There are no "big banks" (at least from what you are implying with the term) controlling the Federal Reserve. To suggest so is pretty dim-witted.

 

 

 

I don't think I'm even going to dignify this with a proper response. But, if it weren't for the Federal Reserve, who knows where the fuck we'd be today.

 

They failed on all those points. I'm sure you don't have a proper response. And you have to come up with a better explanation than securities got"too complex" for me to take you seriously. You seem to not know what you are talking about. Did you even know that the FED is the institution, who created derivatives in the first place? And in the Constitution it is the Treasury through Congress who issues the currency,not a private cabal of banks, with no oversight.

 

The Bilderberg Group controls The Federal Reserve and Goldman Sachs. Goldman Sachs controls America and Obama for the Fed and Bilderberg Group.

That's the pecking order. And it has nothing to do with protecting national financial interests, which the bailouts clearly demonstrate as lending is DOWN not up since the banks got taxpayer funded bailouts. They plan to gut the rest of the manufacturing base and then buy or sell it to foreign interests, for pennies on the dollar and have our govt. sign over infrastructure to guarantee debts.

 

Too bad you can't even bother to learn the Constitution. I know economics quite well and everything you said was from a college econ 101 course. Look around you. This is FED monetary policy in action. And don't bother responding without facts about how well the FED has done to prevent or protect the citizens of this country. It's time for people to know that the FED is not a govt. institution and does not have the USA's best interests in mind. At this point, I would settle for oversight of the FED and to return to the gold standard. But my ideal would be to see them abolished. And it's time for you to learn about the FED's system of debt creation and how it eventually brings down all nations. You must be an idiot or uninformed to call this a non-issue. It's just you don't understand it, which is your problem.

 

"I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the (Civil) war, corporations have been enthroned, and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all the wealth is aggregated in a few hands and the republic is destroyed. I feel, at this moment, more anxiety for the safety of my country than ever before, even in the midst of war. God grant that my suspicions may prove groundless."

Toward the end of the Civil War,President Abraham Lincoln, in a letter to Col. William F. Elkins on November 21, 1864,

 

Lincoln was prescient was he not?

[Good Old Neon]

They failed on all those points. I'm sure you don't have a proper response. And you have to come up with a better explanation than securities got"too complex" for me to take you seriously. You seem to not know what you are talking about. Did you even know that the FED is the institution, who created derivatives in the first place? And in the Constitution it is the Treasury through Congress who issues the currency,not a private cabal of banks, with no oversight.

 

The Bilderberg Group controls The Federal Reserve and Goldman Sachs. Goldman Sachs controls America and Obama for the Fed and Bilderberg Group.

That's the pecking order. And it has nothing to do with protecting national financial interests, which the bailouts clearly demonstrate as lending is DOWN not up since the banks got taxpayer funded bailouts. They plan to gut the rest of the manufacturing base and then buy or sell it to foreign interests, for pennies on the dollar and have our govt. sign over infrastructure to guarantee debts.

 

Too bad you can't even bother to learn the Constitution. I know economics quite well and everything you said was from a college econ 101 course. Look around you. This is FED monetary policy in action. And don't bother responding without facts about how well the FED has done to prevent or protect the citizens of this country. It's time for people to know that the FED is not a govt. institution and does not have the USA's best interests in mind. At this point, I would settle for oversight of the FED and to return to the gold standard. But my ideal would be to see them abolished. And it's time for you to learn about the FED's system of debt creation and how it eventually brings down all nations. You must be an idiot or uninformed to call this a non-issue. It's just you don't understand it, which is your problem.

 

"I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the (Civil) war, corporations have been enthroned, and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all the wealth is aggregated in a few hands and the republic is destroyed. I feel, at this moment, more anxiety for the safety of my country than ever before, even in the midst of war. God grant that my suspicions may prove groundless."

Toward the end of the Civil War,President Abraham Lincoln, in a letter to Col. William F. Elkins on November 21, 1864,

 

Lincoln was prescient was he not?

 

Calm down - aren't you the guy who predicted we'd all pretty much be living under martial law right about now? And are you not the fella who insisted the swine flu could be contracted by by eating pork?

[Tweedling]

I really like futureage1 avatar.

[caliber66]

Calm down - aren't you the guy who predicted we'd all pretty much be living under martial law right about now? And are you not the fella who insisted the swine flu could be contracted by by eating pork?

Yes, and yes. Although I'm sure his defense of the first point is that we're already living under martial law, but we're not aware enough to realize it. And as for the ham sammich flu, I'm sure the Army is working on that one right now; futureage is just ahead of his time (natch).

[MattZ]

futureage1 also insisted that our largest banks would never pay back the TARP money. Just saying.

[Winston Legthigh]

Did you even know that the FED is the institution, who created derivatives in the first place?

 

I for one, did not. But I would suppose that time travel would have to be possible to make sense out of any other statement you've made.

 

You do realize that futures and options have been around for thousands of years, yes?

[John Smith]

Article titled “A brief history of derivatives”

 

http://husky1.stmarys.ca/~gye/derivativeshistory.pdf

 

“Gambling on Derivatives”

 

http://projects.exeter.ac.uk/RDavies/arian/scandals/derivatives.html

 

Still looking for information on the FED inventing and pushing derivatives to the market place.

[futureage1]

futureage1 also insisted that our largest banks would never pay back the TARP money. Just saying.

 

You aren't too good with math are you? You are talking about less than 100 billion dollars. That's funny. Nevermind about the other 12.7 trillion. Just saying.

Financial Rescue Nears GDP as Pledges Top $12.8 Trillion (Update1)

 

http://www.bloomberg.com/apps/news?pid=20601087&sid=armOzfkwtCA4

 

March 31 (Bloomberg) -- The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.

 

New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008.

[futureage1]

Article titled “A brief history of derivatives”

 

http://husky1.stmarys.ca/~gye/derivativeshistory.pdf

 

“Gambling on Derivatives”

 

http://projects.exeter.ac.uk/RDavies/arian/scandals/derivatives.html

 

Still looking for information on the FED inventing and pushing derivatives to the market place.

 

JP Morgan is part of the Federal Reserve. Can't you people understand anything about your govt.? A brief history lesson.

 

The Bank of England created in 1694 truly became the template for modern Banking. The Bank of England financed wars, exploration, drug cartels, everything under the sun and became fabulously wealthy and powerful.

 

Skipping ahead to 1913, the USA accepted the Role of the Federal Reserve in place of Central National Bank. Until this point various incarnations of Banking systems and Government issuing dollars came and went, however it was always under the control of the Government. The Federal reserve is a foreign entity both private and public, a very complex system interlocked with public banks controlled by private banks controlled by European Banks, mainly the Bank of England.

 

This system evolved to fractional banking, whereby 100 dollars held as asset by the bank can be leveraged to represent 900 dollars. This leveraging was mainly responsible for the credit bubble in the roaring 20's and the cause of the great depression when the bubble burst under market realities.

US congress passed the Glass steagal Act in 1934 to prevent banking system from creating and also investing its own credit (regulated investment banking). in 1999 President Clinton and congress repealed regulations that restricted banks from creating and investing their own credit lines.

This allowed Fed Banks to freely "print" and create credit (money) backed by no asset or value, the banks called these financial derivatives. There was no market for these derivatives except between banks themselves, packaged and resold to each other. This market created massive amounts of credit based on nothing more than entries on a bank ledger.

 

It is estimated the Bank of England has up to $USD 500 Trillion in derivatives on its books at this time. There was over 2 trillion removed from the US financial system in 2007 and 2008 by the federal reserve and sent to Europe, most believe this was interest payments on the derivatives held in Europe. The Fed has refused to divulge any information regarding this transfer of wealth.

 

So the short answer is the Federal system prints money at will, while the American taxpayer is the underwriter and insurer of last resort ( AIG + banking bailouts ).

 

A excellent article about the history of the Federal Reserve.

 

The Federal Reserve - Its Origins, History & Current Strategy

 

http://news.goldseek.com/GoldSeek/1095269452.php

 

 

 

OWNERSHIP OF THE FEDERAL RESERVE Most Americans, if they know anything at all about the Federal Reserve, believe it is an agency of the United States Government. This article charts the true nature of the "National Bank." Chart 1 Source: ** Federal Reserve Directors: A Study of Corporate and Banking Influence ** - - Published 1976 Chart 1 reveals the linear connection between the Rothschilds and the Bank of England, and the London banking houses which ultimately control the Federal Reserve Banks through their stockholdings of bank stock and their subsidiary firms in New York. The two principal Rothschild representatives in New York, J. P. Morgan Co., and Kuhn, Loeb & Co. were the firms which set up the Jekyll Island Conference at which the Federal Reserve Act was drafted, who directed the subsequent successful campaign to have the plan enacted into law by Congress, and who purchased the controlling amounts of stock in the Federal Reserve Bank of New York in 1914. These firms had their principal officers appointed to the Federal Reserve Board of Governors and the Federal Advisory Council in 1914. In 1914 a few families (blood or business related) owning controlling stock in existing banks (such as in New York City) caused those banks to purchase controlling shares in the Federal Reserve regional banks. Examination of the charts and text in the House Banking Committee Staff Report of August, 1976 and the current stockholders list of the 12 regional Federal Reserve Banks show this same family control.

 

This should keep people busy arguing about how the bankers love us for awhile.

[MattZ]

You aren't too good with math are you? You are talking about less than 100 billion dollars. That's funny. Nevermind about the other 12.7 trillion. Just saying.

 

No, buddy. You are the one not good with math. YOU are the one that said that NONE of the money would be returned. Seems to me that 100 billion is more than none. I never said that ALL of it was returned. You are priceless.

[John Smith]

Conspiracy theorists abound these days. The ability to continually see the second gunman on the grassy knoll astounds me.

[Atticus]

You are an economics major and find nothing to be concerned about? You have a lot to learn.

 

I'm sure you don't have a proper response. And you have to come up with a better explanation than securities got"too complex" for me to take you seriously. You seem to not know what you are talking about. Did you even know that the FED is the institution, who created derivatives in the first place? And in the Constitution it is the Treasury through Congress who issues the currency,not a private cabal of banks, with no oversight.

 

Too bad you can't even bother to learn the Constitution. I know economics quite well and everything you said was from a college econ 101 course. Look around you. This is FED monetary policy in action. And don't bother responding without facts about how well the FED has done to prevent or protect the citizens of this country. You must be an idiot or uninformed to call this a non-issue. It's just you don't understand it, which is your problem.

 

You aren't too good with math are you?

 

you aren't too good with persuasion are you?