RSS
Home
The Federal Reserve is the biggest issue that you will hear nothing about in the Main Stream Media
Print
Email
RSS
Subscribe
Federal Reserve System
Today, the Federal Reserve's duties fall into four general areas:
#1 - conducting the nation's monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates
#2 - supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers
#3 - maintaining the stability of the financial system and containing systemic risk that may arise in financial markets
#4 - providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system [Source Federal Reserve Website]
Let's see how the FRS (Federal Reserve System) has done lately and over it's history since 1913.
#1 - Unemployment is over 10% probably closer to 20%, inflation has increased prices by over 250% since 1913 and interest rates have fluctuated wildly since WWII. That's an abysmal failure.
#2 - The financial system is just back from the brink of disaster and may yet collapse. Ponzi schemes have gone unchecked for decades. Mortgages have been issued on a 'no-document' basis by predatory lenders and foreclosures are at the highest level since the First Great Depression. I would say that's an abysmal failure also.
#3 - Systematic risk is rampant all over the world because of a collapsing currency and an insolvent financial system here in the US. Again an abysmal failure.
#4 - Finally something the FRS is good at - providing money to bail out banks so they can borrow at almost zero interest and play the market in the global casino and make billions of dollars as they suck the blood out of the taxpayer. A resounding success!
Don't forget the investment world is a zero sum game. For every winner there has to be a loser. So when you hear about those wonderful profits at Goldman-Sachs don't forget that it is at the expense of the rest of the world!
Do we need to watch the Fed more closely? We just might. Ask Elizabeth Warren (Chairwoman of the Congressional Oversight Panel charged with monitoring the use of bailout funds) where the bailout money went - the answer is 'We will never know.'
Support HR 1207, but not in the watered down version. We want to know where our money went! Half a trillion to foreign banks? Ask Chairman Bernacke, the answer you will get is 'I don't know.'
Has Chairman Bernacke every gotten one thing right? Doubtful. Listen here to all the things he has figured wrong. Why do we trust those who never saw the problem coming to fix everything? Try listening to those who got it all right! Like Peter Schiff.
Related Articles:
Comments
