Posts tagged ‘Rich’

The Untold Secrets Of the Federal Reserve


The Untold Secrets Of the Federal Reserve

The Federal Reserve fought tooth and nail for over two years to keep their actions hidden from the American people. The central bank lost part of their battle for secrecy when they were court ordered through a Freedom of Information Act request to release 29,000 pages of documents earlier this year. Although it was just a one-time and limited release of their records, the papers revealed that among the largest recipients of the Fed’s money were foreign banks during the 2008 economic meltdown. Bloomberg News has further examined the thousands upon thousands of pages of transactions to discover more Fed secrets. 

The Federal Reserve had committed $7.77 trillion as of March 2009 to “rescuing” the financial system, according to a new study from Bloomberg News. The Fed also kept secret which banks were in trouble during the height of the financial crisis while bankers were taking in tens of billions of dollars in emergency loans. Bloomberg has calculated that the secret Fed loans helped banks net a whopping $13 billion. All of these numbers are staggering but not exactly surprising. The unelected bureaucrats at the Federal Reserve have fought to keep their dealings behind closed doors for a reason. 

Fed Chairman Ben Bernanke is desperate to protect his privileged secrecy. Bloomberg writes that he “argued that revealing borrower details would create a stigma — investors and counterparties would shun firms that used the central bank as lender of last resort — and that needy institutions would be reluctant to borrow in the next crisis.” Helicopter Ben, a nickname he acquired by essentially stating that the government could “defeat” deflation by dropping money out of helicopter, cares more about protecting the reputation of his cronies than letting the American people know where their money is going. 

Bloomberg reports that Fed officials haven’t told the truth about the bank bailouts. The news agencywrites that, “while Fed officials say that almost all of the loans were repaid and there have been no losses, details suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger.” The Federal Reserve is ripping off the American people by printing money out of thin air which devalues the value of the dollar to bail out the big banks. 

As Senator Rand Paul (R-Ky.) writes, “this is just one more reason why we need a full audit of the Fed.” The court ordered released documents are disturbing enough. But imagine what kind of mischief we would find out through a comprehensive audit. A real audit of the Fed would also inspect how it determines interest rates, which is one of the most crucial activities of the central bank. We still need to pass a true audit of the Fed such as Sen. Rand Paul and Rep. Ron Paul’sFederal Reserve Transparency Act of 2011, which would require comprehensive audits on a regular basis. 

An overwhelming 75% of Americans want a comprehensive audit of the Federal Reserve, according to a recent Rasmussen poll. The calls for a true audit are getting louder and stronger by the day. More Republican presidential candidates are starting to echo Ron Paul’s long held beliefs on the Fed. The fight for transparency is transcending party lines, with fiscal conservatives such as Ron Paul and self-identified Democratic socialist Senator Bernie Sanders working together to remove the Fed’s cloak of secrecy.

We will win our immediate goal when the Fed is thoroughly audited. Then the next step becomes ending the Federal Reserve and finally restoring sound money in America.

 

 
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Federal Budget A Bad Deal Benefiting Only Millionaires And Billionaires


Federal Budget A Bad Deal Benefiting Only Millionaires And Billionaires

 

A bipartisan budget deal to avert another government shutdown comes before the Senate this week. The vast majority of House members from both parties approved the two-year budget agreement last week in a 332-to-94 vote. It is being hailed as a breakthrough compromise for Democrats and Republicans. The bill eases across-the-board spending cuts, replacing them with new airline fees and cuts to federal pensions. In a concession by Democrats, it does not extend unemployment benefits for 1.3 million people, which are set to expire this month. To discuss the deal, we are joined by David Cay Johnston, an investigative reporter who won a Pulitzer Prize while at The New York Times. He is currently a columnist for Tax Analysts and Al Jazeera, as well as a contributing editor at Newsweek.

TRANSCRIPT

This is a rush transcript. Copy may not be in its final form.

AMY GOODMAN: A bipartisan budget deal to avert another government shutdown comes before the Senate this week. The House approved the two-year budget agreement last week in a 332-to-94 vote. The bill eases across-the-board spending cuts, replacing them with new airline fees and cuts to federal pensions. In a concession by Democrats, it does not extend unemployment benefits for 1.3 million people, which is set to expire this month. Republican Congressmember Paul Ryan and Democratic Senator Patty Murray called the deal a win for both sides.

REP. PAUL RYAN: I think this agreement is a clear improvement on the status quo. This agreement makes sure that we don’t have a government shutdown scenario in January. It makes sure that we don’t have another government shutdown scenario in October. It makes sure that we don’t lurch from crisis to crisis.

SEN. PATTY MURRAY: Our deal puts jobs and economic growth first by rolling back sequestration’s harmful cuts to education and medical research and infrastructure investments and defense jobs for the next two years.

AMY GOODMAN: That was Republican Congressmember Paul Ryan and Democratic Senator Patty Murray.

The budget deal is being hailed as a breakthrough compromise for Democrats and Republicans, but not everyone supports it. Democratic Congressmember Mark Pocan of Wisconsin said in a statement, quote, “At the end of the day, the bill abandons 1.3 million Americans who desperately need unemployment insurance, and does nothing to promote economic growth or job creation. Furthermore, the legislation is paid for on the backs of the middle class and military families, while not touching the wealthiest amongst us and allowing corporations to continue to benefit from tax loopholes,” he said.

‘Fiscal cliff’ deal: After rush of relief, debt ceiling clash already looms



'Fiscal cliff' deal: After rush of relief, debt ceiling clash already looms (via The Christian Science Monitor)

Just 10 hours before the New York stock exchange opened on Wednesday, the GOP-controlled House passed the Senate's "fiscal cliff" bill, 257-167, marking the first time that Republicans have, effectively, voted to raise income taxes in 20 years. Markets from Tokyo to Wall Street surged at the news that…

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On The Triple Evils Racism, Ecploitation Of Labor, And War