Fed Reserve Busted printing $TRILLIONS for elaborate theft by Euro-Super Elite

Author Topic: Fed Reserve Busted printing $TRILLIONS for elaborate theft by Euro-Super Elite  (Read 8457 times)

0 Members and 1 Guest are viewing this topic.

Offline Dig

  • All eyes are opened, or opening, to the rights of man.
  • Member
  • *****
  • Posts: 63,099
    • Git Ureself Edumacated
Fed to Detail Emergency Lending
http://blogs.wsj.com/economics/2010/11/30/fed-to-release-details-on-lending-programs-wednesday/
By Meena Thiruvengadam

The U.S. Federal Reserve is expected Wednesday to release data on financial institutions and foreign central banks to which it made more than $2 trillion in emergency loans during the financial crisis, according to a U.S. senator who has long been pushing the Fed to be more transparent in its actions.

Sen. Bernie Sanders, (I., Vt.) plans to hold a conference call with the media Wednesday afternoon to discuss the data.

Sanders pushed for inclusion in financial overhaul legislation, approved by the Congress earlier this year, of a provision that forces the Fed to disclose the name of every company and foreign central bank that received aid from the Fed since late 2007. The Fed also must disclose the amount of assistance each entity received and disclose the terms under which funds were disbursed.

When the Senate adopted Sanders’ amendment to financial overhaul legislation, he said he hoped it would lift a “veil of secrecy” that surrounds the Fed.

The Fed is required to make the disclosure by Wednesday.
All eyes are opened, or opening, to the rights of man. The general spread of the light of science has already laid open to every view the palpable truth, that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately

Offline Dig

  • All eyes are opened, or opening, to the rights of man.
  • Member
  • *****
  • Posts: 63,099
    • Git Ureself Edumacated
Time for a reckoning!



Court Rules Federal Reserve Must Disclose Emergency Loan Details
http://www.huffingtonpost.com/2009/08/25/court-rules-federal-reser_n_267960.html
First Posted: 08-25-09 08:02 AM   |   Updated: 09-25-09 05:12 AM
Comments 2,820

The Federal Reserve has been ordered to reveal the names of companies that received emergency loans during the financial crisis, after losing a Freedom of Information Act lawsuit brought by Bloomberg News.

Here are the crucial details of Bloomberg's report from earlier this morning:

"The Fed has refused to name the financial firms it lent to or disclose the amounts or the assets put up as collateral under 11 programs, most put in place during the deepest financial crisis since the Great Depression, saying that doing so might set off a run by depositors and unsettle shareholders. "

Of the approximately $2 trillion in Fed assets as of last September, it's unclear just how much of that amount went to the Fed's emergency loan program, which marked an unprecedented entry by the Fed into the mortgage-backed security market. Here's more from Bloomberg:
"The Fed's balance sheet about doubled after lending standards were relaxed in the wake of the collapse of Lehman Brothers Holdings Inc. on Sept. 15, 2008. For the week ended Aug. 19, Fed assets rose 2.3 percent to $2.06 trillion as it continued to buy mortgage-backed securities under a program allowing the central bank to purchase non-government securities for the first time."

The Federal Reserve has not announced whether it will appeal the decision. Matthew Goldstein at Reuters, however, doesn't expect that we'll see the details any time soon. Here's Goldstein:
"Remember, the Fed fought against releasing the names of the banks that got an indirect bailout from the federal government's rescue of American International Group. And the Fed has been less then forthcoming in providing information about the $30 billion in ailing assets it took on from Bear Stearns as part of the forced sale of the failing investment bank to JPMorgan Chase."
All eyes are opened, or opening, to the rights of man. The general spread of the light of science has already laid open to every view the palpable truth, that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately

Offline Dig

  • All eyes are opened, or opening, to the rights of man.
  • Member
  • *****
  • Posts: 63,099
    • Git Ureself Edumacated
CFR wants the Fed to get even more power to avoid such audits and be immune to having to interact at all with the slave class:



Debating a New Role for the Fed
http://www.cfr.org/publication/21020/debating_a_new_role_for_the_fed.html
Author:    Roya Wolverson, Staff Writer
December 18, 2009

The role of the Federal Reserve has come under increasing scrutiny in the wake of the global financial crisis. While the U.S. central bank took unprecedented actions to mitigate the effects of the crisis, some experts argue that its policies over the past decade actually contributed to the financial meltdown by encouraging excess borrowing and exercising loose regulatory oversight of banking activity. As Congress considers legislation to overhaul supervision of U.S. financial institutions, some policymakers have called for a substantial expansion of the Fed's regulatory authority to monitor so-called "systemic risk" and prevent future crises. Others have suggested stripping the Fed of its responsibility to oversee banking institutions, monitoring expanded Fed powers through a government audit, or broadening how Fed policies are measured and reported to increase its accountability. While most experts agree that regulating systemic risk is a needed element of financial reform, many disagree about whether assigning this task to the Fed, along with individual bank regulation and monetary policy, would strengthen or weaken the overall financial system and the Fed's performance.
The Federal Reserve's Role

The Federal Reserve, established in 1913 after a series of financial panics in the United States, has two main responsibilities. The first is to manage U.S. monetary policy; the second is to regulate bank holding companies and other member banks, which include state-chartered banks and foreign banks operating in the United States.
Monetary Policy: Historically, the Fed's main tool for conducting monetary policy has been to vary its fed funds target by altering its purchases and sales of U.S. Treasuries and federal agency securities. The purpose of the fed funds target is to achieve the central bank's so-called "dual mandate," which, as defined by the Federal Reserve Act of 1913, is to maximize price stability and minimize unemployment while maintaining moderate interest rates. The current benchmark for judging the aptness of Fed policy is the so-called Taylor's rule, a formula developed by Stanford economist John Taylor which indicates that interest rates should be raised when inflation or employment rates are high and lowered under the opposite conditions.
Bank Regulation: The Fed also has authority to decide what constitutes allowable financial activities within bank holding companies and member banks and which banks should be allowed to merge. This authority came from the Gramm-Leach-Bliley Act of 1999, which legalized the merger of securities, insurance, and banking institutions that were formerly separated under the 1933 Glass-Steagall Act. It supervises the day-to-day activities of these bank holding companies and some banks and is responsible for ensuring banks' soundness by enforcing existing "micro-prudential" or individual bank regulations such as minimum capital requirements, banking consumer protections, anti-trust laws, and prevention of money laundering.
Holes in the System: Origins of "Systemic Risk"

Experts have sought to identify the key drivers of so-called "systemic risk," or the financial interdependencies that allowed a seemingly limited subprime mortgage crisis to culminate in widespread financial panic in the United States and abroad, as well as the failure of some of the country's most prominent financial institutions. Some critics of Fed policy consider its actions from 2003 to early 2005 at least partially to blame. During this period, the Fed, under the direction of then-chairman Alan Greenspan, kept the federal funds rate at a low 1 percent and allowed for significant credit expansion. In the 2009 book The Road Ahead for the Fed, Carnegie Mellon's Tepper School of Business professor Allan Meltzer writes that, judging by the Taylor's rule guidelines on setting interest rates, Greenspan's Fed policy was too expansive, considering that short-term interest rates remained negative as the economy continued to grow. Greenspan attributed this policy to his belief that the U.S. economy faced a risk of deflation (a decline in prices due to a tightening supply of credit) similar to Japan's experience in the 1990s.

Other experts point to the 1999 repeal of the Glass-Steagall Act, which led to a significant escalation in the number of non-bank institutions responsible for issuing credit. The share of credit extended by banks in the United States dropped from 60 percent half a century ago to 20 percent in 2009. Mauro Guill�n, professor of management at the University of Pennsylvania's Wharton School of Business, says the repeal of Glass-Steagall was part of a regulatory "race to the bottom" between Britain and the United States in the 1980s and 1990s as they competed to woo financial firms. Federal Reserve Chairman Ben Bernanke has also cited lax government regulation and gaps in oversight as causes of the crisis. In a March 2009 speech at the Council on Foreign Relations, he said, "The risk-management systems of the private sector and government oversight of the financial sector in the United States and some other industrial countries failed to ensure that the inrush of capital was prudently invested, a failure that has led to a powerful reversal in investor sentiment and a seizing up of credit markets."
Proposed Changes to the Fed's Role

Some see the Federal Reserve as an ideal candidate for monitoring systemic risk, since it already acts as a regulator of market cyclicality through its monetary policy. Others say using the Fed in this role would reduce accountability in financial regulation, since the Fed is not overseen by Congress and many attribute past crises to its light touch regulation. "A strong single regulator with a Senate-confirmed head would be better able to avoid gaps in coverage and improve accountability," says Brookings Institution senior fellow Martin Baily. The three main proposals on reforming the Fed's role are outlined as follows:

"A strong single regulator with a Senate-confirmed head would be better able to avoid gaps in coverage and improve accountability. " � Martin Baily, Brookings Institution

WHITE HOUSE: Under the Obama administration's proposal (PDF), the Fed's responsibilities would expand to include supervising all institutions that could pose a threat to financial stability, such as insurance conglomerate American International Group or large hedge funds, rather than just bank holding companies and member banks. The Fed would be responsible for monitoring both the day-to-day operations of individual banks and systemic risk and would be advised by a new Financial Services Oversight Council, chaired by the Treasury secretary to identify firms that could pose systemic risk.

SENATE: The Senate bill (PDF), spearheaded by Banking Committee Chairman Christopher Dodd (D-CT), would curb the Federal Reserve's power. The bill proposes a separate single banking regulator to monitor the day-to-day operations of all federal banks, a council of regulators to monitor systemic risk and the country's biggest and most complex financial institutions, and the creation of a Consumer Financial Protection Agency to regulate consumer financial products such as mortgages and credit cards. The plan would limit the Fed's ability to offer emergency loans to companies and eliminate its banking supervisory powers and banking consumer protection oversight. It would also give Congress and the White House some authority on determining how the Federal Reserve's twelve regional banks are governed.

HOUSE: The bill sponsored by Financial Services Committee Chair Barney Frank (D-MA), which passed in December, supports the Obama administration's proposal to have the Fed regulate systemically important institutions and a Financial Services Oversight Council to monitor emerging systemic risks. The bill also gives the Government Accountability Office more oversight power to audit all aspects of the Fed's balance sheets and its regional banks, while exempting Fed interest rate discussions from the audit. The Fed would have to disclose after one year the names of recipients of emergency lending and would curb its authority to lend money to individual institutions in "unusual and exigent" circumstances, requiring the Council's and Treasury's approval. The bill also removes consumer protection power from the Fed, transferring it to a new Consumer Financial Protection Agency.
Conflict of Interest Concerns

Were the Federal Reserve charged with overseeing systemic risk, experts question how it could best respond to systemic threats while still being held accountable for its "dual mandate" of taming inflation and unemployment. Some argue that managing monetary policy (by varying the fed funds rate) and systemic risk simultaneously would make it more difficult to define a clear set of objectives for the Fed and assess its performance.

"It's fair game to say the Fed reached to the edges of its authority, but had it not done so, there's little doubt we'd be in a far more tragic situation today. " � Darrell Duffie, Stanford University

In a September 2009 Cato Institute paper, American Enterprise Institute visiting fellow Charles Calomiris writes that under these circumstances, the Fed might be able to justify straying from its fed funds targets based on the need to maintain financial stability. Its departure from the Taylor rule from 2002 to 2005, says Calomiris, encouraged easy credit and "helped set the stage for the subprime crisis." More recently, its decision to hold interest rates near zero and then take further steps to purchase and support various private securities makes it "extremely hard to predict monetary policy, or to hold the Fed accountable to achieving its unannounced and unobservable goals." For these reasons, Calomiris argues that policy tools to respond to systemic risk should not be factored into measurements that assess the Fed's monetary policy, as some economists have proposed. Instead, he says systemic risk regulation--whether conducted by the Fed or another regulator--should be measured and evaluated in terms of increased minimal capital standards, provisioning standards, and reserve requirements.

But Darrell Duffie, professor of finance at Stanford University, says conflicts with monetary policy would exist regardless of whether the Fed regulates systemic risk, since it would be in charge of providing liquidity to systemically important banks in distress regardless of whether another agency were identifying those risks. Duffie also notes that the Fed's biggest shortcomings during the recent crisis resulted from its lack of authority over systemically important financial firms, rather than incompetence. "It's fair game to say the Fed reached to the edges of its authority, but had it not done so, there's little doubt we'd be in a far more tragic situation today," he says.
Accountability vs. Independence

Experts also question whether the Fed should be subjected to more oversight, given its unprecedented actions during the financial crisis and the potential fallout for the American taxpayer. By increasing its balance sheet from roughly $800 billion at the outset of its bailout plan to more than $2.2 trillion a year later, and by purchasing an unprecedented amount of illiquid assets, some lawmakers and economists say the Fed worked too closely with the Treasury department, sacrificing its independence and leaving the country vulnerable to the risk of inflation. Others say the Fed's inconsistent decisions, allowing some institutions to fail while arranging supports or takeover for others, encouraged the problem of "moral hazard," whereby banks take on more risk and increase leverage assuming that Congress, the administration, or the Fed will bail them out, since there is no clear policy to follow.

"It's not obvious to me that [the Fed] can or should take on the role of manager of the entire financial system and remain both obscure and independent." � John Cochrane, University of Chicago

Some members of Congress, led by Rep. Ron Paul (R-TX), support legislation that would require the Government Accountability Office to audit all Fed activities. Many economists strongly oppose this idea. In a November 2009 Wall Street Journal op-ed, University of Chicago Business school professor Anil Kashyap and Columbia University business school professor Frederic Mishkin argue that subjecting the Fed to the political pressure of GAO monitoring might lead the central bank to seek to lower unemployment more in the short run, ignoring the long-term threat of inflation. In a July 2009 petition signed by more than four hundred economists, Kashyap and Mishkin said such oversight would put upward pressure on interest rates without lowering unemployment in the long run, raising the risk of inflation and causing borrowing costs to rise.

Rep. Mel Watt (D-NC) has proposed an alternative amendment (PDF) to allow the GAO to audit the Fed's new lending facilities while exempting the Fed's normal monetary policy actions from such oversight. The proposal would disclose the borrowers from these facilities one year after the facilities close, enabling Congress to oversee them without creating a "stigma problem," in which borrowing from emergency lending facilities makes it harder for borrowers to operate because investors know the borrower is having financial difficulties.

Others question whether the Fed should be taking on emergency measures at all. Carnegie Mellon's Meltzer says the Fed's role should be pared down to monetary policy and serving as the lender of last resort for distressed banks, "provided they have good collateral. If not, the [banks] should fail," he says. John Cochrane, professor of finance at the University of Chicago, says the Fed's independence has historically been predicated on its powers being limited to monetary policy. "It's not obvious to me that [the Fed] can or should take on the role of manager of the entire financial system and remain both obscure and independent," he says.
All eyes are opened, or opening, to the rights of man. The general spread of the light of science has already laid open to every view the palpable truth, that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately

Offline citizenx

  • Member
  • *****
  • Posts: 9,086
Time for a reckoning!
This is going to be good, and long overdue.  And, of course, a complete audit going back to the beginning of time (1913) is in order.


Audit the Fed! (End the Fed.)

Offline Kilika

  • Member
  • *****
  • Posts: 8,864
  • Thank you Jesus!
Quote
John Cochrane, professor of finance at the University of Chicago, says the Fed's independence has historically been predicated on its powers being limited to monetary policy. "It's not obvious to me that [the Fed] can or should take on the role of manager of the entire financial system and remain both obscure and independent," he says.

Out of Chicago of course. And yet another from Obama's stomping grounds. And it sounds to me like he is talking about a financial coup of the US via the private Federal Reserve Bank. If the US government were to give the Fed control of the US financials, that would be basically a surrender to the enemy. I guess they figure it's alot less messy than a full-on tyrannical insurrection. ::)
"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
1 Timothy 6:10 (KJB)

Offline Dig

  • All eyes are opened, or opening, to the rights of man.
  • Member
  • *****
  • Posts: 63,099
    • Git Ureself Edumacated
And guess what...it is what we knew all along...the bill was to bail out foreign banks and not for the US!  And it was not $700B, it was (as of 2 years ago and what has been admitted to) $3.3 Trillion!



New data shows foreign banks biggest recipients of Fed money
http://www.rawstory.com/rs/2010/12/data-show-foreign-banks-biggest-recipients-fed-money/
By David Edwards
Wednesday, December 1st, 2010 -- 3:46 pm


The Federal Reserved released documents Wednesday identifying the recipients of $3.3 trillion in emergency aid provided at the height of the financial crisis. "Two European megabanks -- Deutsche Bank and Credit Suisse -- were the largest beneficiaries of the Fed's purchase of mortgage-backed securities," The Huffington Post's Shahien Nasiripour reported. More than $290 billion worth of mortgage securities were sold to Deutsche Bank, a German lender. Credit Suisse, a Swiss bank, got more than $287 billion in mortgage bonds. "The mortgage purchase program has come under withering criticism by economists and financial experts who believe the Fed's initiative has unnecessarily inflated the housing market, and prevented the cleansing that pretty much all experts believe is necessary for a full economic rebound," Nasiripour wrote. "In addition, the Fed disclosed details of 'swap' arrangements with foreign central banks," the Associated Press reported. "These occurred when the Fed traded much-in-demand dollars for foreign currencies to try to ease credit. The foreign central banks, in turn, lent the dollars to banks in their countries that needed dollar funding. The Bank of Canada, the Bank of England, the European Central Bank, the Swiss National Bank and the Bank of Japan were involved in the exchanges." Banks weren't the only recipients of Fed money. Corporations like Caterpillar, General Electric, Harley Davidson, McDonald’s, Verizon and Toyota also relied the programs. In 2008, as commercial loans dried up, the Fed became the only source of loans for otherwise creditworthy corporate borrowers. The data, which took months to compile and had previously been secret, was released Wednesday to comply with July's Dodd-Frank law overhauling financial regulation.  "The information spans six loan programs as well as currency swaps with other central banks, purchases of mortgage-backed securities and the rescues of Bear Stearns Cos. and American International Group Inc," Bloomberg noted. "We see this not as the end of a process but really a significant step forward in opening the veil of secrecy that exists in one of the most powerful agencies in government," Sen. Bernie Sanders (I-VT) told reporters on Nov. 17. "The act requires the Fed, after a two-year delay, to identify firms that, following the law’s passage, borrow through its discount window and participate in its purchases or sales of assets such as mortgage-backed securities and Treasuries," Bloomberg observed.
All eyes are opened, or opening, to the rights of man. The general spread of the light of science has already laid open to every view the palpable truth, that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately

Offline Dig

  • All eyes are opened, or opening, to the rights of man.
  • Member
  • *****
  • Posts: 63,099
    • Git Ureself Edumacated
HEY LOOK...WE ARE ABOUT TO GIVE THEM ANOTHER $10-$100 TRILLION!



US Ready to Back Bigger EU Stability Fund: Official
http://www.cnbc.com/id/40454469
Published: Wednesday, 1 Dec 2010 | 2:20 PM ET

The United States would be ready to support the extension of the European Financial Stability Facility via an extra commitment of money from the International Monetary Fund, a U.S. official told Reuters on Wednesday. "There are a lot of people talking about that. I think the European Commission has talked about that," said the U.S. official, commenting on enlarging the 750 billion euro ($980 billion) EU/IMF European stability fund. "It is up to the Europeans. We will certainly support using the IMF in these circumstances."  "There are obviously some severe market problems," said the official, speaking on condition of anonymity. "In May, it was Greece. This is Ireland and Portugal. If there is contagion that's a huge problem for the global economy."  The remarks foreshadow a visit to Europe this week by a U.S. Treasury envoy who is expected to visit Berlin, Madrid and Paris to hold talks on the ramifications of the debt crisis.  The developments have echoes of the pressure applied by Washington on European capitals last May to create the near $1 trillion EFSF safety net that was last week used to rescue Ireland after its banking crisis spiraled out of control.  The IMF, whose biggest single shareholder is the United States, has committed 250 billion euros to the EFSF.  While reluctant to dictate to Europe how it should address the unfolding debt crisis, the U.S. government is growing concerned about the global fallout of Europe's predicament.  U.S. Treasurys' prices fell and the euro strengthened against the dollar on Wednesday after the news that the United States would be prepared to support an enlarged EFSF.  Germany, whose leaders have expressed frustration at the market backlash against their plans to solve the euro zone's debt problems, does not want to make the stability fund larger.
All eyes are opened, or opening, to the rights of man. The general spread of the light of science has already laid open to every view the palpable truth, that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately

Offline Dig

  • All eyes are opened, or opening, to the rights of man.
  • Member
  • *****
  • Posts: 63,099
    • Git Ureself Edumacated
and they say we have no money and need to raise taxes...WTF? total ponzi scheme scam live in color!
All eyes are opened, or opening, to the rights of man. The general spread of the light of science has already laid open to every view the palpable truth, that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately

Offline lee51

  • Member
  • *****
  • Posts: 1,420
US to bail out EU
« Reply #8 on: December 01, 2010, 08:01:05 pm »
This is our money!!

http://www.drudgereport.com/

Offline Monkeypox

  • Member
  • *****
  • Posts: 16,849
  • He Loved Big Brother
    • Monkeypox
Re: US to bail out EU
« Reply #9 on: December 01, 2010, 08:11:49 pm »
I'm getting really, really, really sick of this.
War Is Peace - Freedom Is Slavery - Ignorance Is Strength


"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty."

—Thomas Jefferson

Offline decepticon

  • Member
  • *****
  • Posts: 1,497
  • Bury the past, rob us blind, leave nothing behind.
Re: US to bail out EU
« Reply #10 on: December 01, 2010, 08:18:23 pm »
This is our money!!

Correction, this was our money.
Ron Paul 2012...because Liberty is too big to fail.
Beat Bailout Barry!!!!!!!!

Offline larsonstdoc

  • Member
  • *****
  • Posts: 21,743
Re: US to bail out EU
« Reply #11 on: December 01, 2010, 10:52:49 pm »


  Someday the whole system is going to collapse.  It's all FIAT MONEY.  All these central banks are doing is printing more phony money.

Offline usefulidiot,uselesseater

  • Member
  • *****
  • Posts: 1,016
  • Useful Idiot/Useless Eater
Re: US to bail out EU
« Reply #12 on: December 01, 2010, 11:01:34 pm »

  Someday the whole system is going to collapse.  It's all FIAT MONEY.  All these central banks are doing is printing more phony money.

At the end of The Great Depression there was something like 130 different types of scrip in common circulation in various parts of the United States. Wonder what will happen this time around.
"The central challenge of our time is posed not by global terrorism, but rather by the intensifying turbulence caused by the phenomenon of global political awakening. That awakening is socially massive and politically radicalizing."-Zbigniew Brzezinski

Offline Valerius

  • Member
  • *****
  • Posts: 4,708
Re: US to bail out EU
« Reply #13 on: December 01, 2010, 11:35:26 pm »
And if you don't like it, on a list you go.


"No man can put a chain about the ankle of his fellow man without at last finding the other end fastened about his own neck."  -Frederick Douglass

Offline Valerius

  • Member
  • *****
  • Posts: 4,708
"European banks took big slice of Fed aid"
« Reply #14 on: December 02, 2010, 12:43:56 am »
"European banks took big slice of Fed aid"


If you would like to redistribute this article please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited FT content. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/4dd95e42-fd6d-11df-a049-00144feab49a.html#ixzz16vjeyGPy


By Robin Harding and Tom Braithwaite in Washington and Francesco Guerrera in New York

© Copyright The Financial Times Ltd 2010.

http://www.ft.com/cms/s/0/4dd95e42-fd6d-11df-a049-00144feab49a.html#axzz16vib3pXQ
"No man can put a chain about the ankle of his fellow man without at last finding the other end fastened about his own neck."  -Frederick Douglass

Offline citizenx

  • Member
  • *****
  • Posts: 9,086
Dec
 
01
 
22:03
Federal Reserve Gave 9 Trillion Worth of Emergency Loans to Major Banks At Near Zero Interest Rates
By: Alex2245
Tags: CURRENT EVENTS
Today, the private Federal Reserve was forced to reveal that they loaned upwards of 9 trillion dollars to major financial institutions in emergency overnight loans. These loans were done in complete secret, used to “save” the economy, which had slip into a deep staged economic depression.

Most of the money has been paid back, yet the interest rates that these major institutions received were near ZERO. That’s right, The Federal Reserve bailed out their partners on Wall Street at near zero interests rates while everyday American citizens have been continually blasted by high interests rates around every corner.


http://whatreallyhappened.com
------------------------------------------------------------------------------------------

Federal Reserve Gave 9 Trillion Worth of Emergency Loans to Major Banks At Near Zero Interest Rates
December 1, 2010 by Alex   
Filed under Featured, War/Economy
Leave a Comment
The Intel Hub

Today, the private Federal Reserve was forced to reveal that they loaned upwards of 9 trillion dollars to major financial institutions in emergency overnight loans.  These loans were done in complete secret, used to “save” the economy, which had slip into a deep staged economic depression.

Most of the money has been paid back, yet the interest rates that these major institutions received were near ZERO. That’s right, The Federal Reserve bailed out their partners on Wall Street at near zero interests rates while everyday American citizens have been continually blasted by high interests rates around every corner.

CNN Money


Sen. Bernie Sanders, the Vermont independent who had authored the provision of the financial reform law that required Wednesday’s disclosure, called the data that was released incredible and jaw-dropping.

“The $700 billion Wall Street bailout turned out to be pocket change compared to trillions and trillions of dollars in near zero interest loans and other financial arrangements that the Federal Reserve doled out to every major financial institution,” Sanders said.

He said that even if the Fed was right to make the loans to keep the economy from toppling into a depression, it should have made stronger demands that the banks help American consumers and small businesses.

“They may have repaid their loans, but that’s not good enough,” he said. “It’s clear the demands the Fed made were not enough.”

A total of nine companies, including five foreign, where able to borrow at interests rates under 1%. Two European firms, Deutsche Bank and Credit Suisse were actually the largest recipients of mortgage backed securities!

Huffington Post

NEW YORK — For the lucky few on Wall Street, the Federal Reserve sure was sweet.

Nine firms — five of them foreign — were able to borrow $5 billion in U.S. government securities, which effectively act like cash on Wall Street, for four weeks at the minuscule interest rate of 0.0077 percent.

As if that wasn’t enough, the Feds in Atlanta gave SunTrust Banks 6 loans while the CEO of that company set on the board of directors of the Atlanta Fed. Unfortunately, this isn’t much of a surprise as the Federal Reserve is known for taking care of their own.

This latest release by the private Federal Reserve has brought the FED to the forefront of the mainstream media. This is a perfect time to call into major shows and let their listeners know that the Fed is a criminal private enterprise.

link:

http://theintelhub.com/2010/12/01/federal-reserve-gave-9-trillion-worth-of-emergency-loans-to-major-banks-at-near-zero-low-interest-rates/


Offline citizenx

  • Member
  • *****
  • Posts: 9,086
Dec
 
01
 
22:30
NOT A BAILOUT, BUT A BUYBACK! - Fed Opens Books, Revealing European Megabanks Were Biggest Beneficiaries.

Tags: COVER-UP/DECEPTIONS/PROPAGANDA ECONOMY EUROPE POLITICS/ELECTIONS/CORRUPTION
Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.

The data had previously been secret. It was released Wednesday per the recently-enacted law overhauling the federal financial regulation. The Fed, ferociously backed by the Obama administration, fought lawmakers' desire for full disclosure throughout the financial reform debate.

Webmaster's Commentary:
This is what appears to be surfacing.

As detailed in "Bankers Gone Wild", mortgages were cranked out by unscrupulous mortgage brokers, then resold into mortgage securities, which were in turn re-sold to investors as triple-A investments, even though the bundles included sub-prime mortgages already defaulting as US jobs were shipped overseas.

Worse, we now know that individual mortgages were pledged as collateral to multiple security bundles, which is illegal! This is mentioned at 3:48 in the next video.



The criminal fraud even went further than that! In the case of Countrywide (now part of Bank of America) the actual titles were never really transferred, leaving the investment bundles entirely unsecured!

What appears to have happened is that the European banks realized that the American investment firms selling those mortgage-backed securities were engaging in fraud! Greenspan has admitted to such.


Obviously, the European banks are never going to sit still for fraud, even from Wall Street, even from the USA! No doubt the European banks demanded a refund on those fraudulent investment packages. No doubt the Wall Street mortgage fraudsters refused, suggesting that the bankers of Europe dump their losses on their populations just as the American banks were being forced to do. That some European banks did so explains why so many European nations are in financial trouble, with Iceland just one example. However, the larger European banks may have decided to "get tough" with the Americans, and this may explain the mysterious electronic run on the US financial system in February 2009, which almost crashed the US economy. Strangely, the American people were never informed who had initiated the financial transfers, even though obviously this information is recorded in the transactions on the computer systems.

This "attack" may have been a warning from the European main banks to the US to make good on the bad investments, or risk full public exposure for the mortgage backed securities fraud!

Soon after, we learned that the Federal Reserve was handing out trillions and trillions of dollars, loans which the American people are expected to repay, only the Federal Reserve refused to say who was getting the money, and even implied that exposure of the recipients of these trillions of dollars might pose a threat to the US economy. Now, nearly two years later, we find out that the Federal Reserve was buying back the mortgage-backed securities from European banks including Deutsche Bank and Credit Suiss.

In other words, the American people were looted to make good on the fraud perpetrated by Wall Street not only against American financial institutions, but bankers in the Eurozone as well.

The Wall Street Fraudsters should have gone to jail. But they walk free and clear, heading into a wonderful holiday with record-setting bonuses to spend while ordinary Americans have been made jobless, homeless, and hungry to keep the criminals out of prison.

The Mortgage Backed Securities fraud is the biggest fraud in the history of the United States, and as today's revelations make clear, we still do not know the full scale of the financial rape this nation has suffered.

http://whatreallyhappened.com
------------------------------------------------------------------------------------------------------------------
Fed Opens Books, Revealing European Megabanks Were Biggest Beneficiaries

by Shahien Nasiripour - Common Dreams

NEW YORK -- The Federal Reserve on Wednesday reluctantly opened the books on its monumental campaign to save the financial system in the midst of the recent crisis, revealing how it distributed some $3.3 trillion in relief.

Federal Reserve Chairman Ben Bernanke. The data revealed that the Fed's aid was scattered much more widely than previously understood (to cover fraudulent derivative sales? - ed.)The data revealed that the Fed's aid was scattered much more widely than previously understood. Two European megabanks -- Deutsche Bank and Credit Suisse -- were the largest beneficiaries of the Fed's purchase of mortgage-backed securities (also known as "toxic derivatives" - ed.)

The Fed's dollars also flowed to major American companies that are not financial players, including McDonald's and Harley-Davidson, through unsecured short-term loans.

The measure, initiated in Jan. 2009 to stimulate the flow of credit and keep household borrowing costs low, led the nation's central bank to purchase more than $1.1 trillion in mortgages packaged into the form of securities. The mortgage bonds are backed by Fannie Mae and Freddie Mac, the twin mortgage giants now owned by taxpayers.

Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.

The data had previously been secret. It was released Wednesday per the recently-enacted law overhauling the federal financial regulation. The Fed, ferociously backed by the Obama administration, fought lawmakers' desire for full disclosure throughout the financial reform debate.

Source:  Every news feed on the planet ...

http://beforeitsnews.com/story/289/458/Ever_wonder_why_European_banks_were_so_angry_with_us:_Something_about_not_making_good_on_some_toxic_garbage_we_sold_them_-_until_The_Bailout.html



Offline EvadingGrid

  • Toxophillite
  • Global Moderator
  • Member
  • *****
  • Posts: 12,546
  • Rat Catcher
    • Mystery Babylon - MP3 Archive
European banks took big slice of Fed aid
The Financial Times
http://www.ft.com/cms/s/0/4dd95e42-fd6d-11df-a049-00144feab49a.html#axzz16wCawDpI

Foreign banks were among the biggest beneficiaries of the $3,300bn in emergency credit provided by the Federal Reserve during the crisis, according to new data on the extraordinary efforts of the US authorities to save the global financial system.

The revelation of the scale of overseas lenders’ borrowing underlines the global nature of the turmoil and the crucial role of the Fed as the lender of last resort for the world’s banking sector.

However, news that banks such as Barclays of the UK, Switzerland’s UBS and Dexia of Belgium borrowed billions of dollars at favourable terms from US authorities may further anger critics already enraged about the Fed’s rescue of Wall Street.

READ MORE
http://www.ft.com/cms/s/0/4dd95e42-fd6d-11df-a049-00144feab49a.html#axzz16wCawDpI
We few, we happy few, we band of brothers; For he today that sheds his blood with me, Shall be my brother;

Global Gulag

Offline citizenx

  • Member
  • *****
  • Posts: 9,086
Eyes on the Fed
Fed made $9 trillion in emergency overnight loans



Top recipients of overnight loans made by the Federal Reserve under special program that ran from March 2008 through May 2009.

 By Chris Isidore, senior writerDecember 1, 2010: 6:05 PM ET


NEW YORK (CNNMoney.com) -- The Federal Reserve made $9 trillion in overnight loans to major banks and Wall Street firms during the financial crisis, according to newly revealed data released Wednesday.

The loans were made through a special loan program set up by the Fed in the wake of the Bear Stearns collapse in March 2008 to keep the nation's bond markets trading normally.

1123Email Print CommentThe amount of cash being pumped out to the financial giants was not previously disclosed. All the loans were backed by collateral and all were paid back with a very low interest rate to the Fed -- an annual rate of between 0.5% to 3.5%.

continued:

http://money.cnn.com/2010/12/01/news/economy/fed_reserve_data_release/index.htm?hpt=T1


Offline larsonstdoc

  • Member
  • *****
  • Posts: 21,743
European banks took big slice of Fed aid
« Reply #19 on: December 02, 2010, 06:46:27 am »
http://www.ft.com/cms/s/0/4dd95e42-fd6d-11df-a049-00144feab49a.html#axzz16xQJSfYT


  Drudge calls this is bombshell.  HA HA HA

  It is only a bombshell if you haven't been listening to Tarpley.  He has been saying this for months.  He was even saying this in the Summer of 2009.


Foreign banks were among the biggest beneficiaries of the $3,300bn in emergency credit provided by the Federal Reserve during the crisis, according to new data on the extraordinary efforts of the US authorities to save the global financial system.

The revelation of the scale of overseas lenders’ borrowing underlines the global nature of the turmoil and the crucial role of the Fed as the lender of last resort for the world’s banking sector.

Offline Dig

  • All eyes are opened, or opening, to the rights of man.
  • Member
  • *****
  • Posts: 63,099
    • Git Ureself Edumacated
Let's see...

They are now busted stealing $trillions from the US coffers in an elaborate scheme...

Well, there is only one thing to do...

SEIZE ALL FED RESERVE ASSETS TO BE GIVEN TO US TREASURY WHILE DR. RON PAUL CHAIRS THE COMMITTEE TO APPROPRIATELY MANAGE THE TRANSITION OF MONETARY POLICY BACK TO THE CONSTITUTIONAL ROOTS!
All eyes are opened, or opening, to the rights of man. The general spread of the light of science has already laid open to every view the palpable truth, that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately

Offline larsonstdoc

  • Member
  • *****
  • Posts: 21,743
Let's see...

They are now busted stealing $trillions from the US coffers in an elaborate scheme...

Well, there is only one thing to do...

SEIZE ALL FED RESERVE ASSETS TO BE GIVEN TO US TREASURY WHILE DR. RON PAUL CHAIRS THE COMMITTEE TO APPROPRIATELY MANAGE THE TRANSITION OF MONETARY POLICY BACK TO THE CONSTITUTIONAL ROOTS!

  Let's hope Ron paul can pull this off. 

Offline Dig

  • All eyes are opened, or opening, to the rights of man.
  • Member
  • *****
  • Posts: 63,099
    • Git Ureself Edumacated
 Let's hope Ron paul can pull this off.  

he is just one of 300 million, we the people are the ones who need to defend the constitution and expose blatant theft and plans for economically induced genocides
All eyes are opened, or opening, to the rights of man. The general spread of the light of science has already laid open to every view the palpable truth, that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately

Offline larsonstdoc

  • Member
  • *****
  • Posts: 21,743
he is just one of 300 million, we the people are the ones who need to defend the constitution and expose blatant theft and plans for economically induced genocides

  We the people---I wish there were more of us awake. 

Offline Dig

  • All eyes are opened, or opening, to the rights of man.
  • Member
  • *****
  • Posts: 63,099
    • Git Ureself Edumacated
  We the people---I wish there were more of us awake. 

show them that the Fed Reserve stole over $11 Trillion paid to elite eurocrats who are planning martial law when we are at our weakest point. But yeah, some people are committed to never putting on the "They Live" sunglasses.
All eyes are opened, or opening, to the rights of man. The general spread of the light of science has already laid open to every view the palpable truth, that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately

Offline chris jones

  • Member
  • *****
  • Posts: 18,038
 Equality? Since when??
 This should be front page mainstream news, is it?? Each and every taxpaying citizen should be in the streets calling for justice, will they??
  We look to RP and other  patriotic officials to head up the cry for justice,lets get behind them,,, now is the time to flood the net with citizens demanding justice be served!!!!!!!!!!!
  You can bet your bippy the elitists are prepared for this, however they are not ready for the American people to unite in MASS and demand JUSTICE.............lets flood  these ratbastards with e mails, each and every pol. Ya we know the people will not take to the streets but they can sit down and send off mail, lets flood them. MSM, GOV, the entire system. Tie up the net, make it impossible for them to ignore us.
 

Offline agentbluescreen

  • Member
  • *****
  • Posts: 7,510
This whole mortgage securities fraud was designed, purposed and engineered to prop up the false Home Depot/WalMart imported slave tooling/goods "home building economy" that they put in place to temporarily replace the productive manufacturing export economy so that they could get their Global-Corporatist "FREE FOR US-ONLY TRADE" garbage enacted and looking ok (for a while...).

In order to entice people to go deeper in debt to become entrapped in these "new" far more highly profitable slave-labor-import subsidized more expensive debt-prisons (of theirs) , they had to sell-off the used housing stock to undeserving and fraudulent "buyers" at higher prices as well.

The way the did that was lending fraud. And then they bailed themselves out of their own bankruptcies by socializing their losses, and putting them on taxpayer debt. Now they are monetizing that debt further by devaluing their rented-out slave-labor-exchange currency so that they can further consolidate their global-mercantile stranglehold monopolies on all other resource-commodity properties of value.

Offline Kilika

  • Member
  • *****
  • Posts: 8,864
  • Thank you Jesus!
  Let's hope Ron paul can pull this off. 

Manworship will get you into trouble! Ron Paul is no saviour regardless of his patriotism, and mankind cannot be trusted to do anothers work. The people must fend for themselves instead of being caught up in wanting others to solve their problems for them.

Ron Paul cannot do what people expect of him. "We the people" need to pull it off!
"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
1 Timothy 6:10 (KJB)

Offline africknamerican

  • Member
  • ****
  • Posts: 341
  • Born "Truther"
Manworship will get you into trouble! Ron Paul is no saviour regardless of his patriotism, and mankind cannot be trusted to do anothers work. The people must fend for themselves instead of being caught up in wanting others to solve their problems for them.

Ron Paul cannot do what people expect of him. "We the people" need to pull it off!


AMEN  8)

THe problem with the agenda of putting the "right men" in Washington is, it still leaves us focused on 1) men and 2) Washington.

I dunno about all y'all, but I'm about ready to say forget waiting for Washington to fix things. I'm tired of D.C. drama and tired of funding it all and lending a veneer of legitimacy as being one of "the People" whom they allegedly represent.  The election was a useful barometer of the national mood but it cannot be taken as a sign that They are going to fix things for us. "Republicans" in Congress are not going to restore the republic. We have to figure out how to defund them, withdraw our consent, and start over rebuilding from the bottom up.

Offline Kilika

  • Member
  • *****
  • Posts: 8,864
  • Thank you Jesus!
Quote
We have to figure out how to defund them, withdraw our consent, and start over rebuilding from the bottom up.

A start might be to make illegal political parties and mandate that all political contributions go into a general fund for ALL candidates to use equally, and then give ALL candidates equal time in the media. Take the money out of elections and you reduce corruption in the process.

The whole problem I think is in how they dilute the votes by flooding the choices with their own bought and paid for candidates that have their party's interests at heart more than the country they want to serve. It does nothing but cause divisions and arguments, as evidenced by such comments as "the other side of the isle" and "bi-partisan". How obvious can it get?

Get rid of the party system.
"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
1 Timothy 6:10 (KJB)

Offline Monkeypox

  • Member
  • *****
  • Posts: 16,849
  • He Loved Big Brother
    • Monkeypox
Wow, what a concept.  The Fed has to tell the Taxpayers what they did with $trillions of their money.
War Is Peace - Freedom Is Slavery - Ignorance Is Strength


"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty."

—Thomas Jefferson

Offline Monkeypox

  • Member
  • *****
  • Posts: 16,849
  • He Loved Big Brother
    • Monkeypox
Manworship will get you into trouble! Ron Paul is no saviour regardless of his patriotism, and mankind cannot be trusted to do anothers work. The people must fend for themselves instead of being caught up in wanting others to solve their problems for them.

Ron Paul cannot do what people expect of him. "We the people" need to pull it off!

If you don't want your elected representatives to "pull it off" in our Republic, then I guess you're advocating some sort of uprising or revolution?

 ???
War Is Peace - Freedom Is Slavery - Ignorance Is Strength


"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty."

—Thomas Jefferson

Offline citizenx

  • Member
  • *****
  • Posts: 9,086
Fed Withholds Collateral Data for $885 Billion in Financial-Crisis Loans           

Caroline Salas and Matthew Leising
Bloomberg
December 2, 2010

The Federal Reserve withheld details on individual securities pledged as collateral by recipients of $885 billion in central bank loans, denying taxpayers a measure of the risks they faced from its emergency aid.

The central bank yesterday released data on 21,000 transactions from $3.3 trillion in emergency lending to stem the financial crisis. July’s Dodd-Frank law required the Fed to disclose the names of borrowers, the size and interest rates of loans, and “information identifying the types and amounts of collateral pledged or assets transferred.”

For three of the Fed’s six emergency facilities, the central bank released information on groups of collateral it accepted by asset type and rating, without specifying individual securities. Among them was the Primary Dealer Credit Facility, created in March 2008 to provide loans to brokers as Bear Stearns Cos. collapsed.

link (includes link to original article):

http://www.infowars.com/fed-withholds-collateral-data-for-885-billion-in-financial-crisis-loans/


Offline Kilika

  • Member
  • *****
  • Posts: 8,864
  • Thank you Jesus!
If you don't want your elected representatives to "pull it off" in our Republic, then I guess you're advocating some sort of uprising or revolution?

 ???

Do violence to no man. You do know that the definition of insanity is continuing to do the same thing each time expecting a different outcome? THINK!
"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
1 Timothy 6:10 (KJB)

Offline Monkeypox

  • Member
  • *****
  • Posts: 16,849
  • He Loved Big Brother
    • Monkeypox
Do violence to no man. You do know that the definition of insanity is continuing to do the same thing each time expecting a different outcome? THINK!

You don't want our Representatives to take care of the problem, so what is your alternative?
War Is Peace - Freedom Is Slavery - Ignorance Is Strength


"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty."

—Thomas Jefferson

Offline Dig

  • All eyes are opened, or opening, to the rights of man.
  • Member
  • *****
  • Posts: 63,099
    • Git Ureself Edumacated
You don't want our Representatives to take care of the problem, so what is your alternative?

he did not say that.

He said:

Manworship will get you into trouble! Ron Paul is no saviour regardless of his patriotism, and mankind cannot be trusted to do anothers work. The people must fend for themselves instead of being caught up in wanting others to solve their problems for them. Ron Paul cannot do what people expect of him. "We the people" need to pull it off!

That, to me is similar to what I said...

he is just one of 300 million, we the people are the ones who need to defend the constitution and expose blatant theft and plans for economically induced genocides

In other words, we the people are ultimately accountable to hold our democratically elected public servants to obey their oaths of office. With Dr. Ron Paul...no problem, but he is only one of over 500 congressmen. So it is great that he and his son have been put into public servant positions by we the people, but we cannot think that is all. We have to be continually vigilant in defending the constitution and expose those who do not. Dr. Ron Paul has been doing the same thing for over 20 years. If he alone had the power, the NWO would already be dismantled. He is simply one person who helps us see what we have to do in order to defend the constitution from all threats foreign and domestic.
All eyes are opened, or opening, to the rights of man. The general spread of the light of science has already laid open to every view the palpable truth, that the mass of mankind has not been born with saddles on their backs, nor a favored few booted and spurred, ready to ride them legitimately

Offline africknamerican

  • Member
  • ****
  • Posts: 341
  • Born "Truther"
A start might be to make illegal political parties and mandate that all political contributions go into a general fund for ALL candidates to use equally, and then give ALL candidates equal time in the media. Take the money out of elections and you reduce corruption in the process.

The whole problem I think is in how they dilute the votes by flooding the choices with their own bought and paid for candidates that have their party's interests at heart more than the country they want to serve. It does nothing but cause divisions and arguments, as evidenced by such comments as "the other side of the isle" and "bi-partisan". How obvious can it get?

Get rid of the party system.


Yeah. As I've been saying, "the party's over!"

We really need an Anti-Party Party. One that has no agenda, except to free the political process from the party system.

But I don't know how you take the money out, without bringing in public financing. Or having some sort of broad economic/financial reform of the type that I advocate along iwth Geolibertarian .. but as with all reforms, political power is required to institute them.

I think that in addition to a movement against parties, there has to be a movement devoted to localism. People have to become more interested in their community, town, and State more than Washington. If people came to an understanding that most of what Washington does is a) unnecessary, or b) criminal, and we are fully justified in withholding our money and defunding Washington, we could force a restructuring of government. Besides a very few things such as legitimate national defense (which is rare in u.S. history), delivering the mail, and the few other constitutional duties, what does Washington do for us that could not be done by or within the States?


Offline Kilika

  • Member
  • *****
  • Posts: 8,864
  • Thank you Jesus!
Quote
what does Washington do for us that could not be done by or within the States?

Excellent question. Take a look again at the Constitution, and you'll see that it is mandated that the representatives show up in Washington a minimum amount of times. Their point was that they wanted to make sure they would show back up in Washington at all after going back home to attend to state business and their personal lives. Nowhere near as much time was spent in Washington years ago, but as government has grown, so has the busywork.

Take one look at the official number of bills that are actually submitted each year. These people sit around making stuff up to vote on, just to attempt to justify their over-paid jobs.
"For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows."
1 Timothy 6:10 (KJB)

Offline worcesteradam

  • Member
  • *****
  • Posts: 4,588
  • Knight Commander of the Old Republic
    • Conspirology
CFR wants the Fed to get even more power to avoid such audits and be immune to having to interact at all with the slave class:



Debating a New Role for the Fed
http://www.cfr.org/publication/21020/debating_a_new_role_for_the_fed.html
Author:    Roya Wolverson, Staff Writer
December 18, 2009

...
Some members of Congress, led by Rep. Ron Paul (R-TX), support legislation that would require the Government Accountability Office to audit all Fed activities. Many economists strongly oppose this idea. In a November 2009 Wall Street Journal op-ed, University of Chicago Business school professor Anil Kashyap and Columbia University business school professor Frederic Mishkin argue that subjecting the Fed to the political pressure of GAO monitoring might lead the central bank to seek to lower unemployment more in the short run, ignoring the long-term threat of inflation. In a July 2009 petition signed by more than four hundred economists, Kashyap and Mishkin said such oversight would put upward pressure on interest rates without lowering unemployment in the long run, raising the risk of inflation and causing borrowing costs to rise.


Have you seen how much these globalists pay themselves

Mishkin has been a full professor at Columbia Business School since 1983.
In 2006, Mishkin co-authored a report called "Financial Stability in Iceland". The report maintained that Iceland's economic fundamentals were strong. The report was commissioned by the Icelandic Chamber of Commerce in response to critical coverage of the Icelandic economy and certain Icelandic companies in the international business media. Mishkin was paid $124,000 to co-author the report.


124k just to coauthor a bullshit propaganda report for the corrupt Chamber of Commerce (whose aim is for the country to default so Rothschild can collect on the collateral)

Imagine if we could get on that gravy train
"I will never apologize for the United States — I don't care what the facts are." - George Bush