Fed Refuses to Release Bank Data, Insists on Secrecy

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DrKrbyLuv's picture
DrKrbyLuv
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 1995
Fed Refuses to Release Bank Data, Insists on Secrecy

 

[quote=Bloomberg]March 5, 2009 -- The Federal Reserve Board of Governors receives daily reports on loans to banks and securities firms, the institution said in response to a Freedom of Information Act lawsuit filed by Bloomberg News.

The Fed refused yesterday to disclose the names of the borrowers and
the loans, alleging that it would cast "a stigma" on recipients of more
than $1.9 trillion of emergency credit from U.S. taxpayers and the
assets the central bank is accepting as collateral.

Maybe a couple of subpoenas would help get the information. Get rid of the Fed and we get rid of 80% of all of problems.

A Quick Primer on the Fed

The Federal Reserve Banks forms a private monopoly that is owned by banking corporations. They operate under a special contract with the government; we pay them to control our monetary system (they determine interest rates and the availability of money) and the issuance of our currency (except coins). Decisions are made in private, behind closed doors and no one in the MSM seems to question if this isn't a giant conflict of interest.

The most bizarre part of this scheme is in the way our currency is issued. We borrow over 97% of our money from the Fed - with interest added. US government bonds are accepted by the Fed as collateral for new loans that are issued as money (Federal Reserve Notes).

This year alone, our interest payment will be around $500 billion dollars - why? Instead of issuing bonds, the government could simply issue money (United States Notes) - which would save the interest and more important; we would regain control of our monetary system.

Consider this scary possibility - the Federal Reserve may unilaterally decide to abruptly contract our money supply sending us into deep depression. That's what they did to bring on the last great depression - it's an old scam, central bankers have been doing this for hundreds of years in many nations.

The crashes are engineered; first they inflate the economy until the profitable credit bubble pops, then they consolidate their money making monopoly and increase their fortunes by buying up what's left at nickels to dollars.

machinehead's picture
machinehead
Status: Diamond Member (Offline)
Joined: Mar 18 2008
Posts: 1077
Re: Fed Refuses to Release Bank Data, Insists on Secrecy
From Article I of the U.S.Constitution -- 'No money shall be drawn from the treasury, but in consequence of
appropriations made by law; and a regular statement and account of
receipts and expenditures of all public money shall be published from
time to time.'
 
How difficult is that to understand? Kongress may
have farmed out its constitutional money-coining duty to a
quasi-private entity called the Federal Reserve. But it can't evade the
constitutional requirement for transparency in its accounts.
 
The Federal Reserve would have us believe that
publishing its accounts would heap 'stigma'  on the borrowers. It
might; but maybe they should have thought of that before taking
government money. As everyone knows, government money comes with
strings attached. If you can't live with those strings, then don't take
the money.
 
The fact is that Hank Paulson, Tim Geithner and Ben
Bernanke have presided over history's largest LooterFest. These guys
are sitting on a volcano. They are at very significant risk of being
deprived of life and liberty, either by judicial or extrajudicial
processes ... such as public rage. If they had any sense, they would
resign today, get a new face at a plastic surgery clinic, and retire in
obscurity to some dusty, distant nation outside the global fast lane.

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