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Reply #29: Update: While you were sleeping: A financial coup d'état [View All]

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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-11-08 08:02 AM
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29. Update: While you were sleeping: A financial coup d'état
Yesterday's discussion link

1st comment by Ilargi...
Ilargi: Yesterday, I said the Fed’s new deliberations mean nothing less than an unparalleled -money- power grab, in While you were sleeping: A financial coup d'état .

In a nutshell, the plan is that the Treasury will lend money to the Fed, instead of the other way around. In other words, the Fed will owe YOU money. Lots of it. And you can't ask for it back. This has never happened before, and it is certainly not the purpose of a central bank. But they will do it, because they can.

Two highly valued commentators, Mike Shedlock and Karl Denninger, addressed the same issues, and my personal impression is that both are slightly missing the point, or at least the whole point. First, Mish, who claims the Fed does what it does because it is in essence simply scared:

2nd comment by Ilargi...
Ilargi: And that is dead on, and it is precisely what I said: a power grab. A financial coup d'état. How Mish rhymes that with being terrified, I don’t know. I don’t have an ounce of doubt that this coup has been in the works for a long time. They’ve had this in mind all along, and that’s why they have conducted the policies they have in the recent past. No, it’s not the Fed that IS terrified, it’s you and me that SHOULD be terrified.

We are watching the most important development in the American “democratic” state since 1913, when the Fed was introduced, in exactly the same way that the citizens of Troy opened the gates to welcome the horse that would be their downfall. Today, the money masters might as well be taking over the White House by force. To put it in other words: this means unlimited taxation in America.

As for Karl Denninger, here’s a video he posted yesterday at Ticker Forum. Karl gives a good analysis, as usual, and is right in his assessment that the Fed should never not be borrowing from the taxpayer. He doesn’t yet seem to grasp the enormity of the situation, though.

read Mish's article & view Denninger video at this link...

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