As many of my readers know, I absolutely detest the Federal Reserve and hold them responsible for almost every single intended and unintended consequence that has happened to our country since their slippery inception in 1913. They created the credit card that the District of Criminals uses to enslave us with debt, and they have devalued our currency by 96%. The Fed is on track to devalue it even more with an unprecedented and risky QE2 of $600 Billion (and) more dollars. Welcome to the next bubble, the dollar.
Glenn covers the show going on ‘backstage’ of the election coverage; the Fed’s decision to come out with more quantitative easing the day after a historic election, and what such a risky and unprecedented maneuver could cause – another Wiemar. I urge all the flybys who still don’t know anything about the bankster mafia to check out the video about the Federal Reserve that follows the Beck program, to watch the ‘Looting of America‘, and hit The Fed page. Time to get up to speed. Without the Fed and their need for billions of dollars of Americans’ wealth in the form of interest, there no longer is a need for their extortion arm, the IRS.
Here we are, the day after an election day, and the people have spoken. They are upset about the direction this country is heading, with the economy and jobs being the primary concern. Dumping a handful of Congress-critters out of office might feel good, but it isn’t going to do much to change things. Even if the American people could somehow vote out every single member of Congress, it would still not do much to fundamentally change our economic situation because Congress does not run the economy, and neither does the president.
With just hours to go before the Fed reports on how much quantitative easing they are going to dump into the economy, I ran across this story. The audacity continues, and we all know the corrupt banksters (who are not being prosecuted) are laughing their asses off at us, the dumb, cash cow moos that made it all possible.
The Federal Reserve is going back to Jekyll Island to celebrate the 100 year anniversary of the infamous 1910 Jekyll Island meeting that spawned the draft legislation that would ultimately create the U.S. Federal Reserve. The title of this conference is “A Return to Jekyll Island: The Origins, History, and Future of the Federal Reserve”, and it will be held on November 5th and 6th in the exact same building where the original 1910 meeting occurred. In November 1910, the original gathering at Jekyll Island included U.S. Senator Nelson W. Aldrich, Assistant Secretary of the Treasury Department A.P. Andrews and many representatives from the upper crust of the U.S. banking establishment. That meeting was held in an environment of absolute and total secrecy. 100 years later, Federal Reserve bureaucrats will return to Jekyll Island once again to “celebrate” the history and the future of the Federal Reserve.
For G. Edward Griffin’s lecture on the creation of ‘The Federal Reserve Banking Mafia’, go here. For those that still think that the Fed is a government agency and that the private banking cartel mem is a myth; open your eyes, we are on track to pay them $1 Trillion dollars in interest next year.
Did you really think that the Federal Reserve’s magic printing presses were actually going to help us, the average American. What follows is an excellent explanation of what QE actually means; more big bank bailouts. Do you still have a bank account or credit card with one of these sharks?
The U.S. Federal Reserve is getting ready to conduct another gigantic bailout of the big banks, but this time virtually nobody in the mainstream media will use the term “bailout” and the American people are going to get a lot less upset about it. You see, one lesson that was learned during the last round of bank bailouts was that the American people really, really do not like it when the U.S. Congress votes to give money to the big banks. So this time, the financial “powers that be” have figured out a way around that. Instead of going through the massive headache of dealing with the U.S. Congress, the Federal Reserve is simply going to print money and give it directly to the banks. To be more precise, the Federal Reserve is going to use a procedure known as “quantitative easing” to print money out of thin air in order to purchase large quantities of “troubled assets” (such as mortgage-backed securities) from the biggest U.S. banks at well above market price. Some are already openly wondering if this next round of quantitative easing is going to be the biggest bank robbery in history. Most Americans won’t understand these “backdoor bailouts” well enough to get upset about them, but that doesn’t mean that they won’t be just as bad (or even worse) than the last round of bailouts. In the end, all of the inflation that this new round of quantitative easing is going to cause is going to be a “hidden tax” on all of us.
These new backdoor bailouts are going to work something like this….
1) The big U.S. banks have massive quantities of junk mortgage-backed securities that are worth little to nothing that they desperately want to get rid of.
2) They convince the Federal Reserve (which the big banks are part-owners of) to buy up these “toxic assets” at way above market price.
3) The Federal Reserve creates massive amounts of money out of thin air to buy up all of these troubled assets. The public is told that all of this “quantitative easing” is necessary to stimulate the U.S. economy.
4) The big banks are re-capitalized and have gotten massive amounts of bad mortgage securities off their hands, the Federal Reserve has found a way to pump hundreds of billions (if not trillions) of dollars into the economy, and most of the American people are none the wiser.
Make sure to go over and read the rest; then tell your family and friends about the latest way the big banks are going to get a hand up/hand out and how we are going to be left with the interest payment reaching $1 Trillion dollars next year.
Available Historical Data Fiscal Year End - in Billions (Source: US Treasury)
A daily dose of realism from Inflation.us; China dumping American T-bills, the Fed’s predictions for slower recovery requiring more stimulus and more monetization of the debt, foreclosures, etc. Keep in mind that the entire stated purpose of the Federal Reserve System is to set monetary policy to ensure economic stability. The same formula as the United Nations’ Charter is to establish an end to war and genocide…and both organizations were brought to you by the same progressives.
After fending off most challenges to its independence and winning new powers to oversee big financial firms, the Federal Reserve has emerged from a bruising debate on the overhaul of U.S. financial rules as perhaps the pre-eminent regulator in the sector. But that could only bring it added blame if things go wrong again.
Instead, the new law gives the Fed more power and a better tool box to help prevent financial crises. It will become the primary regulator for large, complex financial firms of all kinds, such as American International Group, the insurer which built a massive derivatives portfolio that regulators didn’t see until it was too late.
This isn’t the first time Congress has expanded the Fed’s role. After the Great Depression, it passed the Employment Act in 1946, charging the Fed with averting the huge unemployment seen in the 1930s. After the double-digit inflation of the 1970s, the Fed was formally given a dual mandate of promoting both price stability and maximum sustainable employment. In the wake of the latest financial crisis, the Fed is effectively being told to add the maintenance of financial stability to its responsibilities.
China’s leading credit rating agency has stripped America, Britain, Germany and France of their AAA ratings, accusing Anglo-Saxon competitors of ideological bias in favour of the West.
Dagong Global Credit Rating Coused its first foray into sovereign debt to paint a revolutionary picture of creditworthiness around the world, giving much greater weight to “wealth creating capacity” and foreign reserves than Fitch, Standard & Poor’s, or Moody’s.
The US falls to AA, while Britain and France slither down to AA-. Belgium, Spain, Italy are ranked at A- along with Malaysia.
Meanwhile,China rises to AA+ with Germany, the Netherlands and Canada, reflecting its €2.4 trillion (£2 trillion) reserves and a blistering growth rate of 8pc to 10pc a year.
Dominique Strauss-Kahn, chief of the International Monetary Fund, agreed on Monday that the rising East is a transforming global force. “Asia’s time has come,” he said.
The IMF expects Asia to grow by 7.7pc in 2010, vastly outpacing the eurozone at 1pc and the US at 3.3pc. Emerging nations hold 75pc of the world’s $8.4 trillion (£5.6 trillion) of reserves.
For more about “Socialist Party of France” member, Dominique Stauss-Kahn, hit this link.
July 17 (Bloomberg) — The dollar fell the most against the euro in 14 months and dropped to the lowest level this year versus the yen as economic reports added to evidence that the U.S. recovery is losing momentum.
The greenback touched a level weaker than $1.30 versus the shared currency as minutes of the Federal Reserve meeting last month indicated policy makers trimmed their forecasts for growth. The euro rallied for a third straight week against the dollar before partial results of stress tests on the region’s banking system due on July 23.
“It’s really dollar weakness based on some evidence the economy is slowing,” said Vassili Serebriakov, a currency strategist at Wells Fargo & Co. in New York. “The economic indicators are pointing strongly toward slower growth in the second half of the year.”
Minutes of the Fed’s June meeting indicated that U.S. central bankers were concerned about lingering high unemployment and risks that inflation could decelerate further. If the outlook worsened, the Federal Open Market Committee would need to consider whether additional stimulus was appropriate, the minutes said.
For those that are interested in the Federal Open Market Committee (that’s a joke) Meeting minutes of June 22-23, 2010, go here.