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Reply #98: That's right, the Fed is not a US government institution. [View All]

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JackRiddler Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-12-10 02:11 AM
Response to Reply #60
98. That's right, the Fed is not a US government institution.
Edited on Sun Dec-12-10 02:13 AM by JackRiddler
It is effectively an independent, private branch of government that controls the monetary system and is at least coequal in power. Its main branch in New York serves as the cartel coordination and lobby for the Wall Street banksters. Members of the Congress that supposedly sets policy and has oversight themselves had to fight to see the audit of its bailouts that have now been released.

The bailouts (Fed and Treasury) achieved a temporary rescue of the criminal class that created the economic disaster.These are the ones who blackmailed the Congress with the threat of global failure to get the bailouts going, and who now continue to extract profitability out of the productive economy through interest. These policies are suppressing demand and keeping the productive economy buried, guaranteeing future disasters but allowing asset deflation so that the surviving superbanks get to pick up assets on the cheap.

Capitulation to gangsters was not responsible. What the bailout information shows is that the Fed has enormous powers that could have been applied instead to starting a new banking system after 2008, instead of rescuing the criminals who perpetrated the vast subprime and derivatives frauds. This could have been effected through the device of bailing out the states (which may be corrupt but aren't scams through and through like the big banks) and allowing them to start state consumer and development banks to replace the system. The only help that should have gone to private banks should have been to the solvent ones! And it's the solvent ones who effectively were punished to allow the surviving Zombies to live and grow.

Otherwise the rest of the bigs should have been liquidated at that time and their executives investigated, instead of the Fed and Treasury assisting them in getting bigger.

Now enough with your apologetics and empty condescension. Goodnight!

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