Sunday, July 26, 2009

The Fed is Now Officially a Laughingstock

On July 21st, Rep. Alan Grayson (D-FL) was taking the testimony of Fed Chairman Bernard Bernanke and his inquiries focused on the Federal Reserve's inexplicable largesse to several foreign banks. At one point, Grayson, who already had a mischievous smile on his face, asked Bernanke,
Grayson: "Well, look at the next page of your report, the very next page has the U.S. dollar nominal exchange rate, which shows a 20 percent increase in the U.S. dollar nominal exchange rate at exactly the same time that you were handing out half a trillion dollars. You think that's a coincidence?"

Bernanke: "Yes."

Grayson: "Nyuk nyuk nyuk nyuk!"

Personally, I would've started laughing when Bernanke confessed to not knowing the history of the banking institution that he purports to head, such as not even knowing the year the Federal Reserve Act was passed (1913, one of Woodrow Wilson's greatest failures and one for which he'd profusely apologized).

Bernanke's insistence that the 20% jump in the dollar nominal exchange rate and the Fed simultaneously handing out well over half a trillion dollars without any apparent oversight or traceability being a coincidence should've made everyone in the chamber howl with laughter.

If Alan Greenspan didn't provide the White House with an indelible reason for abolishing the Fed and overturning the Federal Reserve Act, then Ben Bernanke is giving it to us.

Working beyond any binding oversight by Congress or the White House, the Fed essentially makes up the rules as it goes along and is answerable to no one, conducting its shady business in absolute secrecy and all because a corrupt and misguided Congress from 96 years ago said they could.

The whole idea of the Federal Reserve, ostensibly, was to manage the national debt beyond political influence of either branch of government. But the reasons for that autonomy are made redundant when you really look behind the curtains and see who runs with whom and realize that they're all part of the same incestuous family that is dedicated to one ultimate goal: A one world government. Bernanke, Larry Summers, Tim "Erasorhead" Geithner, Paul Volker, and Obama himself, all of them, are all idiots who either belong to the Bilderberg Group, the Council on Foreign Relations or the Trilateral Commission or all three or are puppets for them (I'm speaking of Obama here).

And the artificial depression that's been brought about by the Bilderberg Group and hastened by Obama and his economic policies, the same financial crisis that we were fooled into thinking was brought about by the subprime implosion instead of the thoroughly corrupt derivatives market, is equally dedicated to ultimately crashing our economy after a skillful series of dips and rises. So our government and Fed will look like heroes for a few years once we "pull out" of this depression. Otherwise, if one world government wasn't the ultimate goal, then why the fuck is the Federal Reserve, the ultimate manager of our nation's debt, handing out $3000 in credit to every kiwi in New Zealand when there are millions and millions of struggling US homeowners and small businesspeople who need it more desperately?

If you have about an hour and 53 minutes to spare, I strongly recommend that you watch the video above, "The Obama Deception" by Prison Planet's Alex Jones. Regardless of what your opinion is of Jones (and I admit that he exudes that sweaty, loud and sour ambiance typically associated with conspiracy theorists), give him a fair hearing and pay especial attention to the news articles for which he provides screengrabs that make his points.

Then as I have confirm what you've just seen and heard, as Jones invites you to do at the midpoint intermission, and form your own conclusions. You'll realize that we are in much deeper shit than we ever were under George W. Bush. Look at all the campaign promises that Obama broke just in the first six months of his first term: Pulling us out of Iraq, closing Gitmo, stopping torture, extraordinary rendition and a separate tribunal for political detainees, transparency in government, barring lobbyists from his government, repealing NAFTA, etc (He sent Goolsby right after those remarks to assure jittery Canadian industrialists that he was just blowing smoke up our asses).

This video changed my entire outlook on this government and I'm more convinced than ever that JFK, as Jones says at the beginning, was the last real president we ever had and that Andrew Jackson had the right idea all along when, once he balanced the budget and erased our deficit, then abolished the central bank.

Open, widespread rebellion seems to be the only solution to getting us out of this mess and if that means overthrowing the government and physically locking and chaining the front doors of the Fed, so be it. But it's obvious that to get power back in the hands of the people, where it belongs, it's not going to be through polite, conventional means.


At July 26, 2009 at 4:17 PM, Anonymous Huntski said...

This is snark, right? Otherwise, it's something you'd expect to find at Free Republic...

At July 26, 2009 at 4:41 PM, Blogger jurassicpork said...

No, unfortunately, it's not snark. Obviously, you didn't watch Jones' video. I'd highly recommend doing so.

If I was writing for Free Republic, I'd be merely calling Obama a Socialist and making a big deal about his birth certificate. The truth about this guy is actually much worse.

At July 26, 2009 at 7:35 PM, Blogger Shalom P. Hamou said...

The article: Ben "Systemic Risk" Bernanke proves that Bernanke knowingly maintained a strict monetary policy long after he knew of the sub prime problem as he knew it would cause of the "Depression".

It shows that he probably engineered it on purpose!

If you want to sleep tonight, Don't Read It!

"In contradiction to the prevalent view of the time, that money and monetary policy played at most a purely passive role in the Depression, Friedman and Schwartz argued that "the [economic] contraction is in fact a tragic testimonial to the importance of monetary forces" (Friedman and Schwartz, 1963, p. 300).

The slowdown in economic activity, together with high interest rates, was in all likelihood the most important source of the stock market crash that followed in October.

In other words, the market crash, rather than being the cause of the Depression, as popular legend has it, was in fact largely the result of an economic slowdown and the inappropriate monetary policies that preceded it.

Of course, the stock market crash only worsened the economic situation, hurting consumer and business confidence and contributing to a still deeper downturn in 1930."

Governor Ben S. Bernanke
Money, Gold, and the Great Depression.
At the H. Parker Willis Lecture in Economic Policy, Washington and Lee University,
Lexington, Virginia.
March 2nd, 2004

You can read also: Preparing for the Crash, The Age of Turbulence Update: 27/07/09., which tries to accomplish Greenspan Mission Impossible:

"That is mission impossible. Indeed, the international financial community has made numerous efforts in recent years to establish such oversight, but none prevented or ameliorated the crisis that began last summer.

Much as we might wish otherwise, policy makers cannot reliably anticipate financial or economic shocks or the consequences of economic imbalances.

Financial crises are characterised by discontinuous breaks in market pricing the timing of which by definition must be unanticipated - if people see them coming, then the markets arbitrage them away.


The clear evidence of underpricing of risk did not prod private sector risk management to tighten the reins.

In retrospect, it appears that the most market-savvy managers, although conscious that they were taking extraordinary risks, succumbed to the concern that unless they continued to "get up and dance", as ex-Citigroup CEO Chuck Prince memorably put it, they would irretrievably lose market share.

Instead, they gambled that they could keep adding to their risky positions and still sell them out before the deluge. Most were wrong."

Alan Greenspan
The Age of Turbulence: Adventures in a New World [Economic Order?].

The Age of Turbulence: Plea for a New World Economic Order. explains the nature and causes of economic depressions and proposes a plausible alternative solution.

At July 26, 2009 at 8:12 PM, Blogger jurassicpork said...

Shalom: Thanks so much for that article. Keep getting the word the word out, dude. Next month, this blog's about to kick into a higher, faster gear and things aren't going to be the same in Pottersville.

At July 26, 2009 at 10:11 PM, Blogger nunya said...

William Greider wrote "Secrets of the Temple" (c) 1987, which I am attempting to slog through all 700 pages of. He is disenchanted with the Fed.

At July 27, 2009 at 2:21 AM, Blogger William N. Grigg said...

J.P., you rock. How anyone of any political persuasion possessed of a scintilla of honesty can support the incurably corrupt corporatist fraud called the Federal Reserve defies my understanding.

This really is an issue that should transcend partisanship. Witness the collaboration of Ron Paul and Bernie Sanders in legislation to audit the Fed.

The Washington Post was so put out about this that it actually called Sanders a "socialist"! When was the last time the Post got is red-baiting freak on? (Probably the last time the Fed's "independence" was threatened, I'm guessing.)

I wouldn't dissuade anyone from reading Greider's book. I'd suggest, however, that a more reader-friendly alternative would be Murray Rothbard's "The Case Against the Fed" and Thomas Woods' "Meltdown."

Taken together they are a little more than half the length of Greider's book, while being rich in detail and very easy to read.

At July 27, 2009 at 7:11 AM, Blogger jurassicpork said...

That's hilarious, William, because Sanders is a Socialist, the only one in Congress, in fact. Flinging that in Sanders' face as an imprecation is about as efficacious as calling Barney Frank a cocksucker.

At July 27, 2009 at 8:03 AM, Blogger William N. Grigg said...

You know what's even funnier?

Back when I worked for a conservative publication we used to "grade" Congressmen based on fidelity to an originalist view of the Constitution and commitment to limited spending. Rep. Ron Paul routinely scored 100%.

When he was in the House of Reps, Bernie Sanders, self-described socialist, would often score in the high 30s or 40s.

And -- here's the kicker -- more than half the House GOP would be to the "left" of Sanders, meaning their scores would be lower than his.

I once made Sen. Russ Feingold's day by mentioning to him that his most recent "Conservative Index" score was higher than that of Orrin Hatch (whom I utterly despise, incidentally). "Could you send me a copy?" he asked gleefully. "Heck, I'll send you a dozen!" I replied.

It got to the point that I couldn't care less what Sanders calls himself, given that by most metrics I care about most Republicans are at least as "socialist" as he is -- but not as honest about it. I did love grinding all of this in the face of talk radio bulimics who thought that Orrin Hatch or Newt Gingrich or his ilk were in some sense "conservative."

At July 27, 2009 at 8:16 AM, Anonymous babbu said...

hi ,"That is mission impossible. Indeed, the international financial community has made numerous efforts in recent years to establish such oversight, but none prevented or ameliorated the crisis that began last summer

At July 27, 2009 at 8:16 AM, Anonymous moremony services said...

ben is proves that Bernanke knowingly maintained a strict monetary policy long after he knew of the sub prime problem as he knew it would cause of the "Depression".

At July 27, 2009 at 12:43 PM, Anonymous Anonymous said...

Sign & comment on the Abolish the Federal Reserve Petition to show your displeasure at the real estate and financial meltdown caused to a large degree by easy money policies of Greenspan and the Fed.

At July 27, 2009 at 1:45 PM, Anonymous Anonymous said...

You really don't know shit about money, banking, or how the system works....Your post shows your total ignorance.

I'll bet the government handles debt better than you.

At July 27, 2009 at 2:07 PM, Blogger jurassicpork said...

Really, now? Show me how I'm ignorant.

By the way, I don't owe anyone a penny. All my bills are paid off

At July 28, 2009 at 2:57 AM, Anonymous kim said...

Is that video called "The Money Masters" still available? What do you think of that one?
If you haven't seen it, it's pretty interesting, but it was almost 3 hours.


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