What did Ben expect to happen when they increased the money supply by over 120% since last year; a Nobel for saving the world from “financial extinction”? With the exception of his banker buddies, it looks like everybody else is on the road to financial extinction either through loss of income because of the depression we are in, or loss of future income through the hyperinflation that is coming down the road because of the inflated money supply.
It’s obvious Ben still thinks The Fed has a chance of pulling their a**es out of the fire and maintaining the monopoly on the American money supply, debt, and will be able to continue to make trillions off of us for interest payments on money the traitors in congress told them to print and the taxpayers pick up the check for.
Does anybody else realize the insanity of billions and billions of dollars of interest being paid to The Fed for money that was printed and loaned to a deaf Congress and Obama administration to bailout the big banks and car companies, “free” health care, and anything else the Dems want, in order to completely ENSLAVE Americans with unsustainable debt and interest payments? Until Paulson, Bernanke, and Obama, we were working until May 5th to pay our taxes. Now that line is moving upward again from August 15th. We now spend 2/3 of the year working to pay our taxes and to keep this going. What happens when The Fed raises interest rates? Hmmm?
Does Ben really think that the snake oil scam started in 1913 by New York bankers was going to go on into infinity? And people wonder why Americans have become so poor all of a sudden. Ben, get ready. The Fed is going away either in 2010 or 2012. The New York bankers monopoly on our economic stability is about to be crushed.
As for the title of the Bloomberg article below; I say NOT KICKING THE FED TO THE CURB PERMANENTLY will impair the economy and any future growth. I wonder what Market Ticker is going to have to say about all this.
Nov. 28 (Bloomberg) — Federal Reserve Chairman Ben S. Bernanke said curbing the central bank’s authority to supervise the banking system and tampering with its independence would “seriously impair” economic stability in the U.S.
“A number of the legislative proposals being circulated would significantly reduce the capacity of the Federal Reserve to perform its core functions,” the Fed chairman said in a commentary released yesterday on the Web site of the Washington Post. The measures “would seriously impair the prospects for economic and financial stability in the U.S..”
Bernanke has presided over the most expansive use of Fed powers since the Great Depression. While the 55-year-old Fed chairman has said he averted a financial meltdown, lawmakers have voiced concern about taxpayer-sponsored bailouts and proposed the most sweeping dismantlement of Fed authority since the creation of the institution in 1913.
Bernanke’s commentary, to appear in tomorrow’s Post, is his first comprehensive answer to proposals in the House and Senate that would limit the Fed’s supervisory powers and exert more political oversight in the setting of interest rates. The issues are likely to be discussed when he faces the Senate Banking Committee on Dec. 3 for a hearing on his nomination to a second term as chairman.
Senate Banking Committee Christopher Dodd, a Democrat from Connecticut, has criticized the central bank for lax supervision and introduced legislation this month that would strip bank oversight from the Fed and create a single bank regulator. Dodd would also limit the central bank’s ability to loan to individual companies.
“There is a strong case for a continued role for the Federal Reserve in bank supervision,” Bernanke said. “Because of our role in making monetary policy, the Fed brings unparalleled economic and financial expertise to its oversight of banks.”
The Fed chairman said that the government’s actions, while in some instances “distasteful and unfair,” were necessary to prevent “a global economic catastrophe that could have rivaled the Great Depression in length and severity.”
Bernanke pushed the Fed’s backstop lending beyond banks, setting up programs to support the commercial paper and asset- backed securities markets. The Fed Board approved the bank holding company applications of Goldman Sachs Group Inc. and Morgan Stanley, giving them access to the Fed’s loan window.
The former Princeton University economist and Great Depression scholar has more than doubled the Fed’s assets to $2.21 trillion and become the lender of last resort to government bond dealers, banks, Wall Street firms and U.S. corporations. The central bank has also propped up markets for mortgage-backed and asset-backed securities that support credit to consumers, small businesses and commercial real estate.
Kids, that $2.21 Trillion is the Fed’s money. It is a private banking cartel! Are you understanding now?