Tuesday, January 13, 2009

Fed Talk "Slaves 'R' Us"

http://www.vlrc.org/images/quotes.jpg

NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke said Tuesday that President-elect Barack Obama's proposed fiscal stimulus package could help the economy, but he added that additional bailouts of financial institutions may also be needed to bring about a sustained economic recovery.

Bernanke cautioned that the plan is "unlikely to promote a lasting recovery unless they are accompanied by strong measures to further stabilize and strengthen the financial system."

Bernanke suggested that more banks and financial firms are likely to need additional capital injections from the government, and that further guarantees of their debt could be necessary, in return for the federal government receiving further equity in the firms.

"The Federal Reserve has never suffered any losses in the course of its normal lending to banks" and Wall Street firms, he said.
more - CNN Money

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Federal Reserve Governor Randall Kroszner to depart this month
Federal Reserve Governor Randall Kroszner said he will depart this month, giving President-elect Barack Obama an opportunity to put his stamp on the central bank.

After nearly three years at the Fed, Kroszner will step down on Jan. 21, a week before the central bank's next scheduled meeting. Kroszner, 46, will return to his post as a professor at the University of Chicago's Booth School of Business.

He continued to serve at the Fed, during a time of great economic and financial upheaval, though his term expired last year.

Obama has nominated Daniel Tarullo, a Georgetown law professor, to fill one of now three vacant seats on the Fed board. Tarullo is a former adviser to president Bill Clinton.
Chicago Tribune

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Daniel Tarullo is a member of the CFR. http://images.huffingtonpost.com/gen/54372/thumbs/s-TARULLO-large.jpg

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This is not just a problem for the United States; it's a problem for much of the world. Americans were the world's consumers. They could be counted on to spend money - even when they didn't have any money to spend. They bought the gadgets made by the Chinese, the wine made the Chileans, and the automobiles made by the Japanese. They were the chumps of last resort for the entire planet. Now that American consumers are coming to their senses, the whole world economy is feeling a little ill.

As to the 'fiscal stimulus,' the president elect says he will change the TARP program so that it corrupts more taxpayers - rather than just a few big ones on Wall Street. He says he aims to create 4.1 million new jobs. Already, according to the Congressional Budget Office, the U.S. deficit for 2009 is expected to come in at $1.18 trillion - BEFORE Obama's new stimulus program is added in.

As to 'monetary stimulus,' there's nothing left to cut in the Fed's key lending rate. If they want to ease rates further, they're going to have to pay borrowers to take the money.

But the new super drug at the Fed is its policy of "quantitative easing." What is 'quantitative easing,' you may want to know? It describes the Fed's latest ploy, in which it buys toxic assets from banks. The banks thus increase their reserves. If they were to maintain the same loan-to-reserve ratio, they would have to lend out more money. But when the Fed buys assets from the banks, it does not borrow the money; it creates it 'out of thin air.' In other words, between 'quantitative easing' and 'printing money' there is not enough space to wedge a subway ticket.

So far, this new treatment has produced no signs of recovery. But don't worry; the quacks won't give up. They'll give larger and larger doses - until the patient dies.

more - The Daily Reckoning

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Thus Spake Bernanke

http://blogs.usatoday.com/photos/uncategorized/2008/01/14/a10bernanke15.jpgRemarks by Governor Ben S. Bernanke, Before the National Economists Club, Washington, D.C. November 21, 2002

U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press … that allows it to produce as many U.S. dollars as it wishes at essentially no cost. … …the Fed could find other ways of injecting money into the system–for example, by making low-interest-rate loans to banks or cooperating with the fiscal authorities … If we do fall into deflation, however, we can take comfort that the logic of the printing press example must assert itself, and sufficient injections of money will ultimately always reverse a deflation. source

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The Shadow Money Lenders

The disinformation by the global financial dailies in the last twelve months as to the cause of the global financial tsunami, serve the same purpose as the global mass media when they perpetuated the lies that lulled the people to support the war criminals Bush, Blair and Howard to launch the barbaric war against Iraq and Afghanistan which resulted in the genocide of millions, the mutilation of hundreds of thousands, physically and psychologically, and the devastation of an entire nation.

The wars unleashed thus far, specifically the "War on Terror" were launched to preserve the shadow money-lenders' political and military power.

This War on Terror is the greatest military sideshow that distracted the American people from the financial rape and plunder of their economy and the destruction of their Constitution.

Since the Summer of 2007, we have witnessed a concerted effort by the world's central banks and global commercial and investment banks to preserve the shadow money-lenders' financial power, one that is founded on fraud and structured in every detail as in the infamous Ponzi scheme.

In the last seven years, the Ponzi scheme was globalised by the Shadow Money-Lenders, siphoning hundreds of billions from so-called sophisticated investors and sovereign wealth funds. At its peak, the Ponzi scheme was estimated to be worth over $500 Trillion, with the Credit Default Swap (CDS) portion just under $60 Trillion!

Hidden behind the headlines of the financial destruction that is sweeping across the globe, lies another story - a dark tale of men who orchestrated the crisis and have amassed enormous wealth and power at the expense of the millions who are now unemployed and whose homes have been foreclosed. This select group of men is in absolute control of the unfolding events. Who are they?
more - Matthias Chang

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Top Organized Crime Syndicate of 2008

By James West
Monday, January 12, 2009

This year’s winner for top spot among major international crime syndicates goes to the United States Government, and especially George Bush.

His administration has been replete with murder, fraud, conspiracy, collusion with other criminal organizations and foremost, treason. He knowingly had information falsified to justify military aggression against Iraq, and thereby obtained the approval of congress to conduct what amounts to an illegal act of aggression against a sovereign state.

He authorized domestic surveillance directives contrary to the United States Constitution, and has imprisoned many Americans without due access to justice.

Due to an overwhelming abdication of fiduciary responsibility, he has caused the collapse of the global economy, undermined the confidence of the global investment community, and engendered the mass defrauding of millions of Americans by the United States Treasury and the United States Federal Reserve.

He has encumbered future generations with an amount of debt so onerous, it will take hundreds of years to repay.

He continues to act in the interests of the United States manufacturers of arms and ordinance over and above those of American citizens and those of the countries upon which such arms and ordinance are discharged.

He has authorized the detention and torture of combatants against his illegal incursions into other countries without recourse to legal remedy. In fact, even the Unites States Federal Bureau of Investigation

History will regard any absence of the ensuing administration’s determination to prosecute to the fullest extent of the law the administration of George W. Bush and his accomplices as a clear signal that the corruption that grew and eventually permeated every segment of business and politics during his reign will continue into the next administration.

It is only through the indictment and trial of this administration that the American public can hope to distance itself from its criminal nature and advance on the path of restoring the constitutional rights of all Americans, and begin to repair the damage done to all financial institutions.

Far from concerning ourselves with the pursuit of justice for justice’s sake, prosecution of criminal government acts is the sole path to the redemption of American integrity in the eyes of the rest of the world. more

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Central bank ruins American economy

The "Madoff" scam is making headlines. This is despicable even if you were not directly affected. However, an even bigger scam has been perpetrated on American citizens since 1911. It is called the Federal Reserve. This private/government institution was founded on Jekyll Island in 1911 by J.P. Morgan, Rockefeller and other bankers.

Since its inception, the Federal Reserve has caused or been instrumental in the nation's dropping both gold and silver as the standard for our money. The "Feds" have caused one depression and several recessions including the present recession/depression. Yes, the Fed has aided in every bad thing that has happened to Americans since 1911. What is the overall goal of these bankers? The explanation is complex and lengthy. (I am asking the reader to do your research.) But in short, their program will lead to the elimination of the backbone of America (the middle class) and eventually a one-world government.
John P. Fitts Noel

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