A member of Congress who has been pushing for more transparency, including an audit, of the Federal Reserve for years says the announcement today from the Rothschild agency aka; federal reserve, is going to print more money to try to help the U.S. economy isn’t surprising.
Nor is it smart, said U.S. Rep. Ron Paul.
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Rep. Ron Paul (R-TX) questions Federal Reserve Board chairman Ben Bernanke at the House Financial Services Committee hearing in Washington.
RON PAUL: FED’S QE3 ‘DETACHMENT FROM REALITY’
“No one is surprised by the Fed’s action today to inject even more money into the economy through additional asset purchases. The Fed’s only solution for every problem is to print more money and provide more liquidity,” Paul said.
“Mr. Bernanke and Fed governors appear not to understand that our current economic malaise resulted directly because of the excessive credit the Fed already pumped into the system.”
The Federal Reserve said today it is launching its third attempt to revive the U.S. economy, once again by printing more money.
According to a report in CNN, this edition of the program will involve having the government buy $40 billion in mortgage-backed securities per month – with no set end date.
There is a petition process set up to urge members of Congress to act on plans to audit the Fed.
The report says the central bank’s objective is to keep interest rates low, and thus trigger more spending and more hiring.
The Fed has been trying to impact the economy just about since Barack Obama took over the White House, but its usual tool – lowering interest rates – is ineffective now since those rates have been approaching zero for most of that time.
“For all of its vaunted policy tools, the Fed now finds itself repeating the same basic action over and over in an attempt to prime the economy with more debt and credit,” Paul said. “But this latest decision to provide more quantitative easing will only prolong our economic stagnation, corrupt market signals, and encourage even more misallocation and malinvestment of resources.
“Rather than stimulating a real recovery by focusing on a strong dollar and market interest rates, the Fed’s announcement today shows a disastrous detachment from reality on the part of our central bank. Any further quantitative easing from the Fed, in whatever form, will only make our next economic crash that much more serious,” he warned.
There are answers to your questions about the complicated Federal Reserve issue in “End the Fed,” “No More National Debt” and “The Case Against the Fed.”
Paul for years has advocated a full audit of the Federal Reserve, which routinely shrouds its actions in secrecy. Just this week, the U.S. House on a 327-98 vote adopted a bill that would set an audit process in motion.
It now is going to the Senate, where Sen. Harry Reid previously has been receptive to the idea, although there’s no word whether he’ll take time for it now.
 U.S. Rep. Ron Paul, R-Texas |
Paul long has argued that the Federal Reserve simply is illegal. Some of his concerns have revolved around Article 1, Section 8 of the Constitution, which assigns to Congress the right to coin money.
There is no mention in the Constitution of a central bank, and it wasn’t until the Federal Reserve Act of 1913 that the Fed was created.
Paul previously has said, “Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95 percent of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy.”
And he’s proposed repeatedly the idea of auditing the Fed to determine exactly what it has been doing and then begin making corrections. With a book titled “End the Fed,” he’s made no secret of his ultimate goal.
That the Fed is at least partly to blame for the financial problems that have developed in the U.S. seems not to be in dispute.
It was longtime Federal Reserve chairman Ben. S. Bernanke who admitted as much.
Bernanke said it was the Fed that caused the Great Depression, the worldwide economic downturn that persisted from 1929 until about 1939. It was the longest and worst depression ever experienced by the industrialized Western world. While originating in the U.S., it ended up causing drastic declines in output, severe unemployment and acute deflation in virtually every country on earth. According to the Encyclopedia Britannica, “the Great Depression ranks second only to the Civil War as the gravest crisis in American history.”
At a Nov. 8, 2002, conference to honor economist Milton Friedman’s 90th birthday, Bernanke, then a Federal Reserve governor, gave a speech at Friedman’s old home base, the University of Chicago.
After citing how Friedman and a co-author documented the Fed’s continual contraction of the money supply during the Depression and its aftermath – and the subsequent abandonment of the gold standard by many nations in order to stop the devastating monetary contraction – Bernanke added:
Before the creation of the Federal Reserve, Friedman and [Anna] Schwartz noted, bank panics were typically handled by banks themselves – for example, through urban consortiums of private banks called clearinghouses. If a run on one or more banks in a city began, the clearinghouse might declare a suspension of payments, meaning that, temporarily, deposits would not be convertible into cash. Larger, stronger banks would then take the lead, first, in determining that the banks under attack were in fact fundamentally solvent, and second, in lending cash to those banks that needed to meet withdrawals. Though not an entirely satisfactory solution – the suspension of payments for several weeks was a significant hardship for the public – the system of suspension of payments usually prevented local banking panics from spreading or persisting. Large, solvent banks had an incentive to participate in curing panics because they knew that an unchecked panic might ultimately threaten their own deposits.
It was in large part to improve the management of banking panics that the Federal Reserve was created in 1913. However, as Friedman and Schwartz discuss in some detail, in the early 1930s the Federal Reserve did not serve that function. The problem within the Fed was largely doctrinal: Fed officials appeared to subscribe to Treasury Secretary Andrew Mellon’s infamous “liquidationist” thesis, that weeding out “weak” banks was a harsh but necessary prerequisite to the recovery of the banking system. Moreover, most of the failing banks were small banks (as opposed to what we would now call money-center banks) and not members of the Federal Reserve System. Thus the Fed saw no particular need to try to stem the panics. At the same time, the large banks – which would have intervened before the founding of the Fed – felt that protecting their smaller brethren was no longer their responsibility. Indeed, since the large banks felt confident that the Fed would protect them if necessary, the weeding out of small competitors was a positive good, from their point of view.
In short, according to Friedman and Schwartz, because of institutional changes and misguided doctrines, the banking panics of the Great Contraction were much more severe and widespread than would have normally occurred during a downturn. …
History records that in 1913 President Woodrow Wilson approved the Federal Reserve Act but later reflected that his actions “unwittingly ruined my country.”
Wilson said that since the U.S. system of credit is concentrated in the hands of a few, “we have become … one of the most completely controlled and dominated governments in the civilized world.”
WHY WE FOUGHT AND DIED TO ESTABLISH THE UNITED STATES OF AMERICA!
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The following are 10 shocking quotes about what QE3 is going to do to America….
#1 Ron Paul
“It means we are weakening the dollar. We are trying to liquidate our debt through inflation. The consequence of what the Fed is doing is a lot more than just CPI. It has to do with malinvestment and people doing the wrong things at the wrong time. Believe me, there is plenty of that. The one thing that Bernanke has not achieved and it frustrates him, I can tell—is he gets no economic growth. He doesn’t do anything with the unemployment numbers. I think the country should have panicked over what the Fed is saying that we have lost control and the only thing we have left is massively creating new money out of thin air, which has not worked before, and is not going to work this time.”
#2 Peter Schiff, CEO Of Euro Pacific Capital
“This is a disastrous monetary policy; it’s kamikaze monetary policy”
#3 Michael Pento, The Founder Of Pento Portfolio Strategies
“This is the nuclear option for them. This is a never-ending weapon that is being fired at the middle class”
#4 Donald Trump
“People like me will benefit from this.”
“Quantitative easing—a fancy term for the Federal Reserve buying securities from predefined financial institutions, such as their investments in federal debt or mortgages—is fundamentally a regressive redistribution program that has been boosting wealth for those already engaged in the financial sector or those who already own homes, but passing little along to the rest of the economy. It is a primary driver of income inequality formed by crony capitalism. And it is hurting prospects for economic growth down the road by promoting malinvestments in the economy.”
#6 John Williams Of Shadowstats.com
“That’s absolutely nonsense. The Fed is just propping up the banks.”
#7 Marc Faber
“I happen to believe that eventually we will have a systemic crisis and everything will collapse. But the question is really between here and then. Will everything collapse with Dow Jones 20,000 or 50,000 or 10 million? Mr. Bernanke is a money printer and, believe me, if Mr. Romney wins the election the next Fed chairman will also be a money printer. And so it will go on. The Europeans will print money. The Chinese will print money. Everybody will print money and the purchasing power of paper money will go down.”
#8 Mesirow Financial Chief Economist Diane Swonk
“I think this will end up being a trillion-dollar commitment by the Fed”
#9 Federal Reserve Chairman Ben Bernanke
“I want to be clear — While I think we can make a meaningful and significant contribution to reducing this problem, we can’t solve it. We don’t have tools that are strong enough to solve the unemployment problem”
#10 Credit Rating Agency Egan-Jones
“[T]he FED’s QE3 will stoke the stock market and commodity prices, but in our opinion will hurt the US economy and, by extension, credit quality. Issuing additional currency and depressing interest rates via the purchasing of MBS does little to raise the real GDP of the US, but does reduce the value of the dollar (because of the increase in money supply), and in turn increase the cost of commodities (see the recent rise in the prices of energy, gold, and other commodities). The increased cost of commodities will pressure profitability of businesses, and increase the costs of consumers thereby reducing consumer purchasing power. Hence, in our opinion QE3 will be detrimental to credit quality for the US….”
We have reached a major turning point in the financial history of the United States.
It would be hard to overstate how much damage that QE3 could potentially do to our financial system. If the rest of the world decides at some point that they no longer have confidence in our dollars and our debt then we are finished.
Sadly, the mainstream media does not seem to understand this, and most Americans gleefully believe whatever the mainstream media tells them.
So what do you think about QE3? Please feel free to post a comment with your opinion following this article….
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Remember when Bernake & Geithner demanded new mega bailout scheme of Europe fell on deaf ears?
They then decided to choose QE3 as the mechanism to hyper-inflate The USA into collapse for Rothschild!
Bernanke’s Stimulus Simply Following Global Elite’s Directives to Implode the US Dollar
According to the Census Bureau , 15% of the US population descended into poverty in 2011. That amounts to 46 million Americans at or below the poverty threshold with an average household income of $23,200.00 annually for a family of four.
Socialist programs like social security benefits assured that 21 million people were kept out of poverty. At the same time unemployment benefits floated 2.3 million people from being totally destitute. Food Stamps have increased to help 3.9 million people.
The fact of low-paying jobs and the unemployed are causing our American economy to continue to flounder. This is a direct causation to the destruction of the middle class in America.
Retirement and investments is the last thing on American’s minds when they are trying to make current ends meet on $4000 per month.
As the majority of Americans become impoverished, the wealthiest 1% have seen their net worthskyrocket above 288 times the average median household.
The crux of Americans is living on savings, trying to stay afloat while their stream of income rapidly dwindles. This trend will come bearing down on US citizens as hope for the future becomes a financial unreality. These days of eliminating unnecessary expenditures are proving to be impossible as Americans can no longer cut out any more money from their daily standard of living.
A result of the planned implosion of 2008 has taken the homes of most Americans, yet they either built tent-cities to live in or moved in with relatives who had not been foreclosed on. When the economy removed more than half of the employment in America, those who lost their jobs simply stood in welfare and food stamp lines for a hand-out. At what point will the American public stand up against this banking cartel-controlled destruction of our Constitutional Republic?
Ben Bernanke, chairman of the privately-owned central bank called the Federal Reserve was expected to announce their technocratic answer to the manufactured destruction of our American economy and US dollar.
Bernanke stated that the Fed would purchase $1 trillion in mortgage-backed securities over a 2 year period, thereby combining feudalism with monetary implosion. Without determining the exact time frame of this “policy stimulus”, the Fed will have over-reaching control as never before.
The technocrats, an arm of the global Elite, have Wall Street and Capitol Hill waited with baited breath, wondering how US stocks, investors and the value of our monetary system will be dealt with. The Fed will release projections concerning the economy including import and export. There is the threat of the Fed printing more money misleadingly called quantitative easing which encompasses US Treasury bond purchases, mortgage-backed securities and debt issued by government-backed agencies such as Fannie Mae.
In April, Bernanke announced that in the event of another stock market crash, the Fed would take over using monetary policy as an excuse to usurp more power over the financial future of the American public.
The Fed’s policymaking committee has stated that they will buy an estimated $40 billion of mortgage-backed securitized debt that was created by the mega-banks within America at the directive of the central banking cartels. The statement reads: “If the outlook for the labor market does not improve substantially, the committee will continue its purchase of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability.”
The US dollars’ worth continues to fall while US stocks gain ground and gold soars.
The inception of QE3 is the next step in the implosion of the US dollar by the banking cartels.
Citigroup released a study last June that claimed when governments force banks to purchase government debt, this act will only worsen the financial crisis.
Hans Larenzen, Citigroup strategist asserts: “Captive bank demand can buy time and can help keep domestic yields low. However, the distortions that build up over time can sow the seeds of an even bigger crisis, if the time bought isn’t used very prudently. Specifically, having banks loaded up with domestic sovereign debt will only increase the domestic fallout if the sovereign ultimately reneges on its obligations.”
As the recent audit of the New York Federal Reserve Bank showed “we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world. This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”
Before the audit took place, Bernanke came out and threatened the American public for pursuing the inquiry by attempting to deter Congress with assertions that the dealings of the Fed are private matters. Bernanke told Capitol Hill that their political meddling would produce a “nightmare scenario”.
The globalist puppet Obama jumped onboard to say that he believed the legislation was a “really, really bad idea.”
Senator Ron Paul, who introduced the Federal Reserve Transparency Act of 2012, refused to be shaken from his path.
In 2008, the technocrats gave $700 billion in taxpayer money to the Central Bank of China, as well as other central banks across the globe to pay off their mortgage-backed securitized frauds.
While Bernanke’s threat of QE3 confounds the masses, as of August 9th banks have been given thelegal standing to co-mingle customer secured funds with their own to pay off debts when under duress, have declared bankruptcy or insolvent. The Federal Deposit Insurance Corporation (FDIC) are no longer insuring customers against fraudulent stealing of their monies out of private checking accounts, savings accounts, IRAs, CDs, and all other accounts held by customers.
When a customer deposits money into a bank, the bank essentially issues a promise to have those funds available when the customer returns to withdraw the deposited amount. When the same customer withdraws funds from their account (whether checking or savings) the customer assumes that the bank has enough funds to cover their withdrawal; including the presumption that their monies are separate from the bank’s assets.
Since 2010, the Federal Reserve have collected all mega-bank’s contingency plans for financial collapse in the US; along with investments from those banks into private mercenary security firms such as DynCorp and Blackwater.
Once the US dollar is brought to its knees, after being unseated as the global reserve currency, the International Monetary Fund (IMF), World Bank and UN will step in to introduce the one world currency. According to a report issued by the UN Conference on Trade and Development (UNCTAD), the reset button on the global fiat debacle is the issuance of a global currency issued by the IMF and controlled by the UN. As the Fed grossly distorts the global economy as well as the US dollar with QE3, the government bonds purchased become worth less and less. This feeds directly into their plan to inflate fiat currencies into oblivion.
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