Commentary By Ron Beasley
The Federal Reserve is one of the most powerful and secretive institutions in Washington, long considered beyond the reach of lawmakers. But now, as details emerge of how the Fed secretly doled out more than a trillion dollars during the financial crisis, a rare bipartisan movement in Congress demands that the Fed be held accountable.
Yes we can blame the current economic crisis on Alan Greenspan but is he really the problem? Or is the very dark and secretive organization he headed the real problem ? Yes we are talking about the Federal Reserve Bank. Even a stopped clock is right twice a day and this may be Ron Paul's stopped clock moment.
And yes Obama, who ran on the idea of change, wants to give the FED even more power. The FED can spend billions and trillions of your money but has no accountability. And they fight accountability because it will endanger the economy. I'm sorry but the lack of accountability is what threatens this country. Just another example of how the oligarchs are in charge.
Ron,
ReplyDeleteOf all the strict libertarian line that came out of Paul, his criticism of the Fed was spot on. I think he posed a serious danger by even bringing up the subject -- when was the last time you heard any presidential candidate talk about the Federal Reserve during a campaign? Fortunately for the Establishment, Paul proved easily mocked elsewhere, and elsewhere is where he remained.
But let's remember, the Fed doesn't print "your money." The Fed prints their money, and charge you for the privilege of using their money. Jefferson, Lincoln, and many others thought this was insane; a private corporation (owned, it must also be noted, by other likewise engaged private corporations) mandated to profit by providing, not only the nation's legal tender, but the monetary policy of the country as well.
Most recently, Kennedy tried to disband the private Federal Reserve Bank. Kennedy had the Treasury issue US Treasury Notes, as opposed to Federal Reserve notes, because he, too, intended to do away with the Fed (June 4, 1963, Executive Order 11110 AMENDMENT OF EXECUTIVE ORDER NO. 10289 AS AMENDED, RELATING TO THE PERFORMANCE OF CERTAIN FUNCTIONS AFFECTING THE DEPARTMENT OF THE TREASURY).
Then he got conveniently whacked by the Mob/CIA, while Nixon and few banksters probably floated around in the background.
I believe the Fed charges a $1.04 for every dollar it "presto's" into existence. This means it's impossible to every pay it back because in order to get up the extra 4 cents you have to ask the Fed to... print more money. Which will incur another fee... insanity.
ReplyDeleteIn my Tract The Age of Turbulence: Plea for a New World Economic Order, I explain the nature and causes of economic depressions.
ReplyDeleteA new, bigger Crash will come causing a real depression.
Preparing for the Crash, The Age of Turbulence. Proposes a way to profit from The Crash.
That strategy covers Treasuries, Corporate Bonds, Minerals (Oil, Precious Metals and Base Metals.) and Stocks.
Its aim is to profit from both the Asset Price Bubble and Irrational Exuberance and The Crash and Economic Depression that will ensue.
A turbulence in fluid dynamic is a chaotic state of a liquid or a gas. It Owns Most of the Proprieties of The Liquidity Trap, Origin of The Crash.
It tries to accomplish Alan Greenspan Mission Impossible:
"That is mission impossible. Indeed, the international financial community has made numerous efforts in recent years to establish such oversight, but none prevented or ameliorated the crisis that began last summer.
Much as we might wish otherwise, policy makers cannot reliably anticipate financial or economic shocks or the consequences of economic imbalances.
Financial crises are characterised by discontinuous breaks in market pricing the timing of which by definition must be unanticipated - if people see them coming, then the markets arbitrage them away."
....
The clear evidence of underpricing of risk did not prod private sector risk management to tighten the reins.
In retrospect, it appears that the most market-savvy managers, although conscious that they were taking extraordinary risks, succumbed to the concern that unless they continued to "get up and dance", as ex-Citigroup CEO Chuck Prince memorably put it, they would irretrievably lose market share.
Instead, they gambled that they could keep adding to their risky positions and still sell them out before the deluge. Most were wrong."
Alan Greenspan
The Age of Turbulence: Adventures in a New World [Economic Order?].
I propose a plausible alternative solution to the depression:
Enter Your �5 in The Cra$h R�gi$t�r.
Buy Now The Tract That Will Be Published September 17th, 2009.