For two years, (and for some of us, even longer), we have been educating our families and neighbors about the Federal Reserve devaluing our money and draining our wealth. We were the first responders when Paulson ran to Capitol Hill and scared the bejesus out of a group of people that are much less intelligent than most of us (they just want you to think you are stupid). We said “HELL NO” to TARP, Bank Bailouts, Car Company Bailouts, Stimulus 1, 2, 3, etc., Union Bailouts, Obamacare, FinReg, and monetization of the federal debt. We knew the housing bubble that Congress and The Fed created was collapsing, and that the market was trying to find its ‘real’ baseline. We knew many people were going to take it on the chin, but we also knew we would then be on stable ground to start the rebuild.
Then Bush 43 caved to the Wall Street/Federal Reserve boys. That whole running up to Capitol Hill is such a show for the corporate-owned moos; the banks tell the politicians what to do. As soon as Bush ‘put aside the free market in order to save it’, we knew we were screwed six ways from Sunday. The banks were going to be protected and coddled, and us little people were going to be left swinging in agony (for years) as all that bad paper sat on their balance sheets clogging up the gears of the economy. We did not actually believe Paulson’s story about the $700 Billion going to buy bad assets, and we were right.
Karl Denninger – “Remove Bernanke”
The good news? Ben Bernanke has lied to the American people by stating in July, 2009 that the Federal Reserve would NOT monetize the debt which they just did again the day after the election, in what appears to be a last ditch, ‘Hail Mary’ maneuver to save their asses. There is almost nothing we can do because:
The members of the Fed’s Board of Governors also cannot be impeached by Congress, which is especially twisted, since the President of the United States can be impeached for “high crimes and misdemeanors”. [The Legality of the Federal Reserve System, 8].
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So dire is the situation that Sarah Palin has decided to wade into the thick of it, not realizing exactly how much a parasitic and vampiric Federal Reserve has completely drained America and is now trying to resuscitate the host/corpse. Fortunately for us, her level of media coverage is going to push the entire subject of the private banking cartel, mortgage fraud, and the hidden tax of inflation into the light. Thank You Sarah!
Here are snippets from Palin’s prepared remarks obtained by National Review Online:
I’m deeply concerned about the Federal Reserve’s plans to buy up anywhere from $600 billion to as much as $1 trillion of government securities. The technical term for it is “quantitative easing.” It means our government is pumping money into the banking system by buying up treasury bonds. And where, you may ask, are we getting the money to pay for all this? We’re printing it out of thin air.
The Fed hopes doing this may buy us a little temporary economic growth by supplying banks with extra cash which they could then lend out to businesses. But it’s far from certain this will even work. After all, the problem isn’t that banks don’t have enough cash on hand – it’s that they don’t want to lend it out, because they don’t trust the current economic climate.
And if it doesn’t work, what do we do then? Print even more money? What’s the end game here? Where will all this money printing on an unprecedented scale take us? Do we have any guarantees that QE2 won’t be followed by QE3, 4, and 5, until eventually – inevitably – no one will want to buy our debt anymore? What happens if the Fed becomes not just the buyer of last resort, but the buyer of only resort?
The Fed, by it’s own admission, is an independent entity within the government “having both public purposes, and private aspects”. By “private aspects”, they mean the entire operation is wholly-owned by private member banks, who are paid dividends of 6% each year on their stock. Furthermore, the Fed’s decisions “do not have to be ratified by the President or anyone else in the executive or legislative branch of government” and the Fed “does not receive funding appropriated by Congress”. In 1982, the Ninth Circuit Court of Appeals confirmed this view when it held that “federal reserve banks are not federal instrumentalities… but are independent, privately owned and locally controlled corporations“. [The Legality of the Federal Reserve System, 5]. Yet, the Fed has exclusive control over the government’s ability to create money and regulate its value through the targeting of interest rates and open market operations (when the Fed buys an asset, it typically prints the purchase money out of thin air). How Congress can delegate its Constitutional powers to this independent, privately owned and unaccountable institution is beyond me.
Still, the Constitutional issue is just the tip of the iceberg when it comes to this twisted institution’s embodiment of all things undemocratic. When Congress (and the people it represents) makes a valid delegation of its powers to an executive agency, it almost always retains a level of control through its powers of appropriations, impeachment and oversight. For some not-so-strange reason, the Fed isn’t appropriated any funds by Congress, and so it cannot be financially “starved” like any other agency. The members of the Fed’s Board of Governors also cannot be impeached by Congress, which is especially twisted, since the President of the United States can be impeached for “high crimes and misdemeanors”. [The Legality of the Federal Reserve System, 8]. What about oversight? Well, a Congressional committee holds “hearings” every once in awhile to ask the Chairman a few irrelevant questions, but if this process is what passes for “oversight”, then we have truly gone off the deep end.
Speaking of committees and oversight, when Fed Chairman Ben Bernanke testified under oath to Congress in July, he said in no uncertain words, “the Federal Reserve will not monetize the [federal] debt”. . Fast forward to the day after mid-term elections, in which the American people clearly voted for LESS spending/printing, and the Fed announces its plan to monetize $900 billion in treasury bonds. . The Chairman has proven his previous testimony before Congress to be a blatant lie, but instead of condemning the Fed’s recent actions, the federal government has welcomed it with open arms. That’s quite some oversight we have there. Perhaps the best way to oversee the Fed’s actions would be to actually figure out what in Lloyd Blankfein’s name it’s been doing.
In this country, that’s easier said than done. The Government Accountability Office is not allowed to audit the Fed’s transactions for or with foreign governments, central banks, nonprivate international organizations or those made under the direction of the Federal Open Market Committee (“FOMC”). It just so happens that these are the types of transactions which are most influential on global and domestic financial markets, especially the open market operations. These operations are conducted by the FOMC, who is comprised of the Board of Governors (7 members appointed by President and confirmed by Senate) and five representatives from the regional Fed Banks. Although the President appoints the Board of Governors, he must choose from a list of candidates provided by private institutions, and the other five representatives are also typically nominated by private member banks. Talk about an organization with conflicts of interest, lack of transparency and lack of accountability all tightly woven into its very fabric!
In the last two years, the almighty Fed has printed trillions of dollars in our name to buy worthless mortgage assets from “too big to fail” banks. It has lent these banks our hard-earned money at about 0% interest, so they could lend our own money back to us at 3%+. These banks also used our free money to ramp equity and commodity markets, which mostly benefited the top 1% of our population who owns 43% of financial wealth , and conveniently, also owns the Fed. The latter has kept interest rates at next to nothing to punish savers and encourage speculation, making everything less affordable for average Americans who have seen their wages stay the same, decrease or disappear. What’s left standing is the perniciously powerful, highly secretive and entirely unaccountable Fed, who now epitomizes the state of American democracy.
We have all become subject to the misguided and/or malicious whims of a few wealthy individuals operating the levers of economic policy, with no adequate means of challenging their power. Our most treasured contribution to political society has been reduced to a bunch of meaningless articles and amendments, containing equally meaningless words. We the people, in our pursuit of “a more perfect union”, have fallen into an age-old trap. Our economic policies, currency and laws are all manufactured by our very own private dictator, who amasses a fortune from our collective exploitation and destruction. Then, this despot continues to operate like nothing ever happened. We can scream “ABOLISH THE FED” all day, non-stop to every single politician at the top of our lungs, but it will never happen. The reality is that there is only one way back to a true democratic system now, and this path will require nothing less of us than the courage of our forefathers.
What did America say back in 2008, 2009, and early 2010? It all came down to the math.
No Bank bailouts
No Car company bailouts
No MORE Stimulus
No printing of more fiat money devaluing the dollar and causing inflation
The elites did not listen to us because we are just too stupid to be able to add 2+2, and now AARP is scrambling because of the unrealistic scheme to socialize medicine that they endorsed and promoted.
AARP has sent an email to employees stating that their insurance premiums will rise between 8% and 13% because of ‘medical inflation’ with Obamacare being only a small part of the equation. AARP is also getting hit with the 40% ‘nudge’ tax for premium plans. Thanks Cass Sunstein. (Source: Yahoo News/AP) For an alternative to AARP, check out 60 Plus Association.
THIS is what happens when The Fed is allowed to print money willy-nilly, monetize the debt, and the progressive left-wing of the Democratic party goes overboard on setting up the holy grail of nanny-state structures.
It has been like dealing with a bunch of crack-smokin’ teenagers, but the good news is that their unbelievably non-mathematical behavior has caused enough Americans to vocally and actively mobilize to create the real change we have been looking for over the last few DECADES. These very elites who think ‘better’ than us have created the firestorm. “Yes, it’s going to be different this time around.”
Thank You Ben, Timmie, Nancy, Barry, Harry, AARP, etc.
Y’all know how much I believe Ben Bernanke to be ‘The Traitor Of The Year’ when it comes to bureaucrats (elected and UNELECTED), and how much I want him perp-walking in handcuffs straight to jail because of the bubbles and devaluation that he has overseen. (Even more than the excuse for an American that sits in the Oval.) How can 11 UNELECTED pirates decide arbitrarily how our economy is going to perform? That’s what you have in The Federal Reserve System.
The Financial Times is reporting that the backlash against the newest round of quantitative easing being put forward by the Pirates at the Fed is sparking a currency war as other countries try to protect the value of their money. I am not sure whether you have read this article from Karl Denninger over at Market Ticker, but I am reprinting it in its entirety because you need to read it and you need to check his site daily for updates on what the Bankster Pirates are planning next. Ben Bernanke absolutely, positively needs to be stopped from acquiring any more wealth for the pirates. Time to call your representatives and sheriffs.
Now that the banks are once again running out of money Ben Bernanke is at it again. He has announced another $600 billion in illegal taxation on America, and intends to give it again to the bankers. A good part of it already showed up in oil and other commodities. The rest of it will. It is guaranteed. The “benefit” will go overseas. The tax will fall on you. – Karl Denninger, Market Ticker
The banksters asset-stripped the public. Twice. The first time in the 1990s with the Internet bubble, the second time in houses. If you bought a home from 2003 onward you got screwed. It doesn’t matter if you were a good borrower or not – you overpaid. American business was also asset-stripped. We covered this by shipping our labor off to China, India and Vietnam.
During the last part of the 2000 decade, the Federal Reserve, Bank Regulators, Government and the Banks themselves were all in on it. We know this. We know it because Citibank’s former Chief Underwriter has testified to it under oath. It is not speculation or mathematics, it is admitted fact.This was an intentional, malicious act that involved government and finance. Your “representatives” didn’t represent you, they represented the banks. They acted as guards not of your wealth, but instead they held you at gunpoint while the bank robbed you. This is the proximate cause of the market and economic collapse – your productive wealth was literally stolen through these frauds.
Now they’re at it again. First, Ben Bernanke imposed, without a vote, a tax on the American People of over $1 trillion through his original “QE ” game. This went immediately into commodity and stock prices worldwide but was in fact a tax on you, and on every productive business. This is the reason that unemployment remains at close to 10%. By now we should be well on our way to recovery. The government blew $600 billion on stimulus programs.They got nothing for it because of QE, which took it all back out, plus more through the tax – a tax that went directly into the bankers pockets.This unlawfully-imposed tax was used to cover the banks’ insolvencies, along with the blatant extortion practiced by Rep. Kanjorski on FASB (who, incidentally, lost his seat Tuesday.) But the banks did not clear their balance sheets – they are, in fact, still insolvent. Instead, they literally took the money and paid it in bonuses.
Now that the banks are once again running out of money Ben Bernanke is at it again. He has announced another $600 billion in illegal taxation on America, and intends to give it again to the bankers. A good part of it already showed up in oil and other commodities. The rest of it will. It is guaranteed. The “benefit” will go overseas. The tax will fall on you.
THIS IS THE LARGEST TAX EVER IMPOSED ON THE AMERICAN PEOPLE IN THE HISTORY OF THE NATION. IT IS MORE THAN FOURTEEN TIMES THE BUSH TAX CUTS “ON THE RICH” THAT EVERYONE IS DEBATING. GOLDMAN SACHS BELIEVES THAT BERNANKE WILL IMPOSE A TOTAL TAX THROUGH QUANTITATIVE EASING OF MORE THAN FOUR TRILLION DOLLARS OVER THE NEXT TWO YEARS, OR MORE THAN FIFTY SEVEN TIMES THE BUSH TAX CUTS.
If you, America, do not rise and stop this NOW you’re all going to be effectively dead economically.
Your assets will be stripped.
All of them.
Your savings – as if having the earnings you can receive on a safe CD cut from 5% to 0.5% isn’t bad enough.
And, when the inevitable margin collapse comes in the corporate sector, your stock portfolio will detonate again and your pension funds, Medicare, Medicaid and Social Security will be gone.
Either you rise and stop Bernanke and The Fed, or he – and they – win – and we all lose.
There is no “individual path” that will keep your assets safe from this. There is no means to hide, so long as you’re an American citizen and live in this nation.
We have two choices: we collectively stop this madness or we all get destroyed.
Those are the only choices.
For three years and change I have warned of this outcome. I have pointed out that there is three trillion dollars or more of losses that have to be taken in the economy.
Those losses should fall on the banksters who committed these acts. Doing so will cause these banks to be taken into receivership. They will have to be resolved.
Virtually none of those losses attributed to them have been taken by these institutions.
These losses have all fallen on you, through unemployment, through higher energy prices and higher prices at the grocery store. All of these are taxes that are being illegally imposed on you by a Central Banker who lacks the legal authority to impose a tax.
Yet he’s doing it, and you’re being told to cheer because the DOW is up 200 points.
I want to note that in 2007 I wrote a similar Ticker urging people to stop this bastard when he started interfering like this. You did nothing, because the S&P was headed to 1576 and the DOW over 14,000 on the back of his original “rate cuts” and other machinations. I was called all sorts of names, the kindest of which were “kook.” You sat on your hands instead of rising to stop this crap and were repaid by watching your portfolio get cut by 60% in the next two years, two major banks blowing up in an uncontrolled fashion, and threats of tanks in the streets.
If you do not stop him – remove him from office – NOW – you will be destroyed.
That is a certainty.
We no longer have the “margin” to absorb another mistake like the last one. And the crap that Bernanke is pulling now is the mother and father of all mistakes.
It’s your choice America – but where this road leads is not open to debate. These institutions that robbed you can only survive the consequences of their acts by destroying you, and they are hellbent and determined to do exactly that, with Ben Bernanke as the man who is literally destroying not only your economic present, but the future as well for yourself and your children.
People think that the Federal Reserve System was created by the government as a means of controlling and regulating the banks, but in reality, the Federal Reserve System was created by the banks as a means of controlling and regulating the government and that’s the reality of today. – G. Edward Griffin
A reader sent me an article that looked at the discussion surrounding the tax cuts Americans have received as part of the Porkulus bill and how the GOP and FoxNews have been able to make a majority of Americans believe there has not been any tax cuts from the Obama Regime.
The point of this article is to show how TPTB still have the moos discussing tax cuts instead of the underlying hidden tax that has been occurring since the inception of the Federal Reserve System in 1913. A discussion about tax cuts or extending the Bush tax cuts is ridiculous when we have a private banking cartel in place that controls 100% of the money in the system, will collect $396 Billion in interest this year, and is on track to charge us $1 Trillion dollars in interest on our own money in 2011. The END OF THE FED absolutely has to happen; no ifs, ands, or buts; or this country will not survive hosting a parasite of The Fed’s size.
After further prodding — including a reminder that a provision of the stimulus bill had cut taxes for 95 percent of working families by changing withholding rates — Mr. Paratore’s memory was jogged.
In a troubling sign for Democrats as they head into the midterm elections, their signature tax cut of the past two years, which decreased income taxes by up to $400 a year for individuals and $800 for married couples, has gone largely unnoticed.
The first is that during Obama’s first two years taxes have in fact gone up. The stimulus tax cuts are only one of many changes to the tax code. Americans for Tax Reform reports that the 111th Congress enacted $352 billion in net tax hikes. Although most of those taxes are obscure and will not take effect as immediately as the stimulus tax cuts have, there can’t be any doubt that they have shaped the public’s understanding of the tax outlook. After all, cigarette smokers and tanning salon patrons — who will suffer large targeted tax increases — number in the millions.
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This report is adapted from two earlier articles by G. Edward Griffin appearing in the April 13, 1987 and February 29, 1988 issues of THE NEW AMERICAN. Mr. Griffin, a journalist and film producer, is the author of The Creature From Jekyll Island: A Second Look at the Federal Reserve.
It is a sobering thought that the federal government could operate – even at its current level of spending – without collecting any taxes whatsoever. All it has to do is create new money through the Federal Reserve System, a process called monetizing the debt. As a matter of fact, much of the money it now spends is obtained that way. The politicians who authorize that process know that this is not true debt, because no one in Washington really expects to repay it. It is merely a means of raising money to run the government without increasing taxes. Actually, the inflation that results from monetizing debt is just as much a tax as any other, but, because it is hidden and so few Americans understand how it works, it is far easier to collect than a tax that is out in the open.
Welcome to the U.S. (pause) S. A. – Gerald Celente
With comments from Gerald Celente about breaking the chains of tyranny, and returning freedom and liberty to Americans, this trailer for the new documentary “End Of Liberty” from National Inflation Association is powerful and shows moments of the very real anger that has been pent up for years and is now driving Americans off their couches.