Who Created The Fed

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castlewp's picture
castlewp
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Who Created The Fed

Just watch them squirm at CNBS. Rick Santelli is sure to hear about this from his bosses.

 

DrKrbyLuv's picture
DrKrbyLuv
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 1995
Re: Who Created The Fed

castlewp - thanks for the great video, you rarely see anyone take on the Fed.

The best part was the Hoenig quote shown on the screen:

"I wish money were really free and there was a painless way to move from severe recession and high leverage to robust."

What a crock!  They do create their money for virtually free...and so can we.  And, there is an almost painless way "to move from move from severe recession and high leverage to robust" - fire the Fed and issue our own national money free from banker debt!

Larry

ashvinp's picture
ashvinp
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Posts: 412
Re: Who Created The Fed

Rick Santelli is definitely the best commentator appearing regularly on CNBC (they don't exactly set the bar high over there), but I never quite understood his statements about deflation being an illusion manufactured by the government and Fed to "further an agenda". Yes, they have definitely used the threat of deflation to transfer massive amounts of taxpayer wealth to financial elites, but that doesn't mean deflation isn't a real thing. Deflation is the natural outcome of a massive credit bubble imploding, and we will enter a deflationary spiral as soon as the government and Fed steps out of the way and lets the economy run its course. Raising interest rates would certainly set that spiral in motion since both the private and public sector are now caught in a liquidity trap. It will most likely happen even if they don't step out of the way or raise rates, because they are increasingly helpless to do anything about it, as we are beginning to witness now. Who knows, maybe deflation is a key part of their "agenda".

ao's picture
ao
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Posts: 2220
Re: Who Created The Fed

Ron reminds me of a highly paid criminal layer attempting to defend his accused murderer client in court when the client was caught bent over the bleeding body of the deceased with a bloody knife in his hand pulling a wallet out of the deceased's pocket.  The body language says it all. 

Wouldn't you love to see a top level debate on a national network on the issue of the Federal Reserve? 

DrKrbyLuv's picture
DrKrbyLuv
Status: Diamond Member (Offline)
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Posts: 1995
Re: Who Created The Fed

ao wrote:

Wouldn't you love to see a top level debate on a national network on the issue of the Federal Reserve?

YES!  Babies would smile and kittens would be born!

Larry

V's picture
V
Status: Platinum Member (Offline)
Joined: Dec 14 2009
Posts: 849
Re: Who Created The Fed
DrKrbyLuv wrote:

ao wrote:

Wouldn't you love to see a top level debate on a national network on the issue of the Federal Reserve?

YES!  Babies would smile and kittens would be born!

Larry

And we would all be ice skating in hell.

V

machinehead's picture
machinehead
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Joined: Mar 18 2008
Posts: 1077
Re: Who Created The Fed

Rick Santelli does a nice job of pointing out the circularity of the Fed's MBS portfolio, just before the clip ends. Ron Insana claims that the Fed is making $90 billion a year on its portfolio, to the government's benefit. But Santelli counters that at least for the MBS portion -- mostly guaranteed by the bankrupt Fannie Mae and Freddie Mac -- the Treasury is advancing the funds ($146 billion to date) for the payments to be made.

So the Treasury makes the payments on behalf of Fannie and Freddie, and the Federal Reserve round-trips them back to the Treasury. 

I'd suggest that both parties -- the Treasury and the Fed -- be investigated for money laundering. Laughing

 

Gilligan's Island, not Jekyll Island! Can you spot the bankster?

 

Thomas Hedin's picture
Thomas Hedin
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Posts: 815
Re: Who Created The Fed

It really doesn't matter who created the fed, what matters is who gets the benifit.  Clearly its the bankers, and not the american people.

earthwise's picture
earthwise
Status: Platinum Member (Offline)
Joined: Aug 10 2009
Posts: 846
Re: Who Created The Fed
machinehead wrote:

 

Gilligan's Island, not Jekyll Island! Can you spot the bankster?

 

No, but I can spot the incongruity of  two bikini-clad gals wearing high heels on a desert island. Got cheesecake?

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