No one here at the Monster is saying anything but “What Did You Expect?” when it comes to news that the banking cartel that runs this country got another pass to continue their planned destruction of Americans’ wealth.
Last-minute maneuvering in the Senate allowed the Federal Reserve to sidestep legislation that would have exposed its interest-rate decision-making to congressional auditors.
Pressure from the Obama administration led Senate lawmakers to alter a provision pushed by Sen. Bernie Sanders (I., Vt.) that was gaining momentum despite opposition from the Treasury and the Fed. It would have largely repealed a 32-year-old law that shields Fed monetary policy from congressional auditors.
The compromise, endorsed by Senate Banking Committee Chairman Christopher Dodd (D., Conn.) and the Treasury, would require the Fed to disclose more details about its lending during the financial crisis. It would also require a one-time audit of those loans and a one-time review of Fed governance. A formal vote was pushed back until next week.
Thursday’s Senate showdown came after senators on the left and right joined forces to support Mr. Sanders’ provision.
“At a time when our entire financial system almost collapsed, we cannot let the Fed operate in secrecy any longer,” Mr. Sanders said. “The American people have a right to know.”
But Fed Chairman Ben Bernanke, while insisting on a commitment to “openness” at the Fed, said in a letter to Congress the Sanders measure would “seriously threaten monetary policy independence, increase inflation fears and market interest rates, and damage economic stability and job creation.”
THE LITMUS TEST for any candidate seeking office currently is whether they think we should keep the ‘institution’ that has devalued our currency by 96%, manufactured at least 13 recessions (and one depression), and made us slaves to the big banks through our billion dollar interest payments (on money made from thin air). ANY candidate that believes we need to keep The Fed needs to be so ground to porch in November as to not even think about running again – EVER! If you still don’t know about The Fed – go here.