Saturday, November 28, 2009

The Federal Reserve Bank System

Ben Bernanke Is Whining That He Is Misunderstood

I have a limited knowledge of the Federal Reserve Bank System. What I do know is from crack pot videos and other fringe viral media. Hey, where else can one get information on the Fed that isn’t Fed propaganda? Really, everything with the Fed is so hush hush…

Having said that, IMO the Fed just seems dirty and crooked.

It was conceived at a meeting of eight bankers and one U.S. Senator (from a large banking family) on Jekyll Island, Georgia, in 1910. These gentlemen represented near to 1/4 of the world's wealth. They wanted to create a cartel to protect their interests. They finally succeeded in 1913 in Congress and the large banks have been advantaged ever since. They have succeeded in destroying the value of the U.S. dollar by deliberately causing inflation by expanding the money supply at the request of the Treasury. The Treasury simply asks the Fed for money and magically, poof! it springs into existence by the very fact that the Fed "writes the check" to the Treasury. Much easier than Congress going to the public for the money by raising taxes or by cutting programs/expenses. In the end, the public is taxed by the erosion of their wealth.

Why is there so much secrecy surrounding the Fed? Why can’t they be audited. It is not a government agency and yet it has all the advantages the government has to offer. It’s not a private enterprise so it is not regulated as such. Huh, it is not a private company nor a government agency. What the heck is it? I don't trust them.
Ben Bernanke he is an arrogant liar.
May 17th, 2007 – Bernanke: “While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.”
June 20th, 2007 – Bernanke: (the subprime fallout) “will not affect the economy overall.”
November 29, 2009 – ” Trust me. I know what I’m doing.” – Ben Bernanke

Everyone is to blame and no one admits fault. Bottom line – who benefits?

Banks, Bankers, brokers, dealers, hedge funds, mutual funds, financial advisers, CNBC, etcetera — > 1

Joe Six Pack — > 0

Round Two: coming up next

I have no problem with the idea of dismantling the Federal Reserve System.

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