Forum Post: (CNBC) Former Federal Reserve Official: "The Federal Reserve Is Secretly Bailing Out Europe" /// Dennis Kucinich (D-OH): "It’s Time to Take our Freedom Back from The Federal Reserve." /// Fed Granted $7.77 Trillion in SECRET Bank Loans
Posted 4 years ago on Nov. 30, 2011, 5:17 p.m. EST by MonetizingDiscontent
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Federal Reserve Secretly Bailing Out Europe
-Dec 28th, 2011 | 11:50 AM ET-
A former Federal Reserve official says in the Wall Street Journal that the Federal Reserve is covertly bailing out Europe. Insight with Gerald O'Driscoll, Cato Institute senior fellow, who says the Fed operated a "temporary U.S. dollar liquidity swap arrangement."
Bernanke Tells Senators Federal Reserve Has No Plan to Aid European Banks
-Dec 14, 2011-
Dennis Kucinich (D-OH) : "It’s Time to Take our Freedom Back from The Federal Reserve," This, in Response to Recent Revelations that the Fed Granted $7.77 Trillion in SECRET Bank Loans
Congressman Dennis Kucinich (D-OH), a longtime advocate for reform of the Federal Reserve, is sharply criticizing the Federal Reserve today after Bloomberg news reported that the Federal Reserve secretly committed nearly $8 trillion in support to American and international financial institutions during the 2008 bailout. Kucinich recorded a video for his website before going to the floor of the House of Representatives to call upon Congress to reclaim its Constitution primacy over monetary policy.
Will Ben Bernanke Devalue the Dollar by 40%, as He Promised in 2002?
Remarks by Governor Ben S. Bernanke Before the National Economists Club, Washington, D.C.
Deflation: Making Sure "It" Doesn't Happen Here
-November 21, 2002-
In this 2002 speech by then Federal Reserve Board Governor Ben Bernanke is saying that If he is ever faced with another Great Depression, he will do 5 things... and now, as Chairman, he has done everything he said he would do so far! Accept for one final thing....
- Interest rates to zero (CHECK)
- Buy securities to expand the feds balance sheet (CHECK)
- Increase the money supply (CHECK)
- Buy the countries debt, QE1 QE2 etc etc... (CHECK)
And the only thing left that Ben promised to do, that he hasn't done yet...
- Devalue the Dollar by 40%
"Although a policy of intervening to affect the exchange value of the dollar is nowhere on the horizon today, it's worth noting that there have been times when exchange rate policy has been an effective weapon against deflation. A striking example from U.S. history is Franklin Roosevelt's 40 percent devaluation of the dollar against gold in 1933-34, enforced by a program of gold purchases and domestic money creation. The devaluation and the rapid increase in money supply it permitted ended the U.S. deflation remarkably quickly. Indeed, consumer price inflation in the United States, year on year, went from -10.3 percent in 1932 to -5.1 percent in 1933 to 3.4 percent in 1934.17 The economy grew strongly, and by the way, 1934 was one of the best years of the century for the stock market. If nothing else, the episode illustrates that monetary actions can have powerful effects on the economy, even when the nominal interest rate is at or near zero, as was the case at the time of Roosevelt's devaluation."