Forum Post: Only since1913 USMoney Creation is in the hands of a private bank group we call The Federal Reserve who raised rates 17X in a row after keeping very low in '01-02--they are accountable to no one and have failed their mandate of low inf + stable employment
Posted 12 years ago on Nov. 12, 2011, 12:55 p.m. EST by FedWallFedWellFedUP
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U.S. Money Creation is in the hands of a private bank group (since 1913) we call The Federal Reserve who raised rates 17X in a row after keeping very low in '01-02--they are accountable to no one and have failed their mandate of low inf + stable employment
“Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money.” – Sir Josiah Stamp, Director of the Bank of England (appointed 1928). Reputed to be the 2nd wealthiest man in England at that time.
http://www.TheMoneyMasters.com
Woodrow Wilson regrets over creating FEDERAL RESERVE --- quote "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit is CONCENTRATED..in the hands of a few men...
Right, Bernanke and Geitner, Summers, etc. are not going to help Main Street, we have to do that. In my town we have organized and issued "Depression dollars." the Friends are showing towns how to start their own banks. We need to build locally. Take control of our lives, our taxes and our communities.
Take control of our lives...yes!
And Bernanke/the Fed chose not to help the states and localities.
"Federal Reserve Chairman Ben Bernanke on Friday ruled out a central bank bailout of state and local governments strapped with big municipal debt burdens, saying the Fed had limited legal authority to help and little will to use that authority.
"We have no expectation or intention to get involved in state and local finance," Mr. Bernanke said in testimony before the Senate Budget Committee. The states, he said later, "should not expect loans from the Fed.""
http://latimesblogs.latimes.com/money_co/2011/01/muni-bonds-bernanke-congress-gop-california-state-budget-deficits.html
But they did illegally pass funds through AIG to pay off derivative gamblers (at a dollar on a dollar, which the counterparties never even expected) and illegally/unconstitutionally helped foreign banks.
Audit, investigate, indict, imprison.
They could simply have printed money (their main technique) to keep state and local governments running until the economy picks up. But no . . .
The Fed to the Middle Class: Die
http://www.washingtonsblog.com/2011/07/confirmed-federal-reserve-policy-is-killing-lending-employment-and-the-economy.html
Well, the Fed is not a private group. But the problem is more credit than money. See my article on banking theory, it can be downloaded free from the SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1908310
Also what do you think of a measure such as lengthy 40,50,75 and 100 year mortgages to shore up the economy, prevent homelessness for children espeically, create affordable housing for the young, keep communities in tax, properties on the tax rolls and once mortgage holder earns more money they can pay off quicker or pay at steady pace and pass down in family to help create intergenerational land ownership vs intergenerational homelessness
It depends on who will hold the mortgages and how they will be serviced. We did not have a problem with people paying mortgages, rather that we have been building expensive houses that we cannot pay for and then sold them to people who had not the means to buy them and then bundled the mortgages as bonds which were sold to pension funds that were then worthless and robbed people of their futures. We need more regulation.
I do not agree -- Fed caused housing boom with low interest rates and housing and economy bust by raising rates. Bernanke made a 2003 speech how the Fed caused and worsened the Depression doing this ...http://www.federalreserve.gov/boarddocs/speeches/2003/20030531/default.htm I think something else is at play...all this stuff was securitized and lots more money could be made by all of this stuff going into default...WSJ in august 2008 likened what was going on to having a 500k Ferrari and taking a triple 1.5 m policy on it (AIG) then blowing it up and collecting the money.
Please weigh in on what we see as the possibly cruelty of the Federal Reserve System seemingly and recklessly manipulating the interest rates in to historic lows in '01-02 to drastically raising rates rates in '03-'06 -- causing foreclosure crisis in one arena and cdo and cds redemptions, double and triple insurance redemptions, vast derivative plays and ultimatley bringing the world financial system to near meltdown. Ideas come to mind -- the system is gamed, system is filled with tricks and traps that the financial elite are only privy too (Citibank recently settled with the SEC for creating CDO and CDS packages luring clients to invest in them and then betting against them (I am reading your article now)
the reason they cant raise the interest rate is because the government debt would sky rocket.the debt interest is a variable rate. they can only raise inflation so when they finally pay the debt in the future the money wont be worth the same
Remember the Fed was in the hands of a free market true believer, an Ann Rand devotee, Alan Greenspan. He was doing what anti-government radicals wanted him to do.
Please help explain how the Federal Reserve is not a private group...are you thinking of using the term "quasi-governmental"?
THe Federal Reserve System was a compromise created in 1914 in response to the collapse of 1907. It is a Federal Agency and its organization is described in the book, The Federal Reserve System put out by the Governors of the System. Dry, but direct. Details on how the System has worked are described by W. Randolph Burgess, Deputy Governor in 1930 in the book Interpretations of Federal Reserve Policy. However, stock in the Federal Reserve District banks is sold to banks and other entities an examination of who owns this stock is described in an essay : http://www.usagold.com/federalreserve.html .
Woodrow Wilson regrets over Federal Reserve --- quote "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence
He should never have been President. I agree here with Gore Vidal, he is responsible for WWII.
Federal Agency? But, but . . .they've never let the federal government audit it! Bwah, ha, ha ha. Oh, that's a good one. Maybe you should become a professional comedian rather than a professional whore.
and here we are today...still paying for the deeds of this man...so what is the solution? (btw...I don't buy the too much house scenario expoused by the elites...more like predatory lending to the economic blind)