The Fed on Steroids by Geoff Metcalf
The Bear on Apr 01 2008 at 8:24 am | Filed under: Need to Know
“Giving money and power to government is like giving whiskey and car keys to teenage boys.” —P.J. O’Rourke
So the Treasury Department wants Congress to gift the Federal Reserve with broad new authority and power to ride rough shod over financial market stability (or lack thereof). The New York Times described it as “allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system.”
Giving the Fed more power is like giving crack cocaine to jihadists…it’s NOT a good idea.
This latest bureaucratic brain flatulence is part of a far reaching master plan to overhaul the nation’s mishmash of financial regulatory agencies. This ‘slamming the door after the horse is out of the barn’ is a result of what braniacs say is needed to mitigate the failure to recognize wild excesses in mortgage lending until after they sparked what is now allegedly the worst financial calamity in decades.
Before passing the buck (BIG bucks) to the Fed to solve problems Congress should be, and is required, to address, a few basics need to be reiterated.
I have interviewed Eustace Mullins several times, and he has been screaming for decades the empirical reality that,
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· The Federal Reserve System is not Federal; it has no reserves
· From November, 1910 the maneuverings of the Federal Reserve bankers have been shrouded in secrecy.
· That secrecy has cost the American people trillions of dollars in debt, with annual interest payments to these bankers amounting to over three hundred billion dollars per year.
· When I filed this column the outstanding public debt was $9,416,953,744,070.69.
· National Debt increases an overage of $1.66 BILLION per day.
You can see the current debt at http://www.brillig.com/debt_clock/
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Treasury Department, Federal Reserve, jihadists, outstanding public debt
One Response to “The Fed on Steroids by Geoff Metcalf”
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They are in control. The Fed sets the interest rates, and the rate changes are what has caused the housing bubble to expand, then contract, all according to plan. It’s just not a plan that makes YOU better off. They want it so that you’ll scream for more help, more regulations, more government.
Then they’ll give it to you.
One passage, maybe one sentence, dealing with the actual problem, which will give the bill it’s name.
And fifty passages about taking more and more power, all passed democratically, by vote.
Yeah, right.