In its effort to maintain the cloak of secrecy that conceals financial wheeling and dealing at the Fed, the consortium of private bankers has won a temporary stay of execution on the order to reveal who it's been lending money to. The misnamed "Fed" now has 30 days to appeal the ruling that it must reveal details of how and where it lends money to other financial institutions.
In its argument at court the Fed pleaded: "Immediate release of these documents will cause irreparable harm to these institutions and to the board's ability to effectively manage the current, and any future, financial crisis." So what we have been told, in effect, is that if we tell the truth about the banks the system will suffer "irreparable harm." If we know why banks need Fed funds, the damage would be so severe that is could not be reversed. That's pretty sobering talk. The argument itself is blatant testimony to all I have been saying about the inherent insolvency of the banking system. It is a system that has been running on liberal loans from Fed programs, government bailout money and a healthy dose of secrecy and lies. Yet all this money, in trillion dollar truckloads, has failed to really restore balance or solvency. According to the Fed's own admission the mere knowledge of the real condition of bank balance sheets would cause "irreparable harm."
I predict the Fed will lose its appeal, a resolution in congress will demand an audit , and the movement to eventually end this gargantuan institution that has caused such grievous harm to the nation will gather momentum. Think otherwise? Consider the value of the dollar today compared to where it was when the private bankers calling themselves "the Fed" took over control of managing the money supply with a pledge to protect the dollar in the process. The Fed's appeal is an effort to conceal truth, perpetuate denial, and protect the secret collusion of banks that has ruined the nation. When you ask for a loan these days you are now almost asked to give blood and submit to DNA typing in addition to the many intrusive questions about your income, assets and financial status. But when banks ask for money their real financial condition must remain a secret, carefully guarded, lest "investors" learn the truth and invest elsewhere.
This basic unfairness is beginning to register as a slowly simmering anger on Main Street; slowly filtering down through the rank and file of "the people." On a recent road trip I came across this bumper sticker mounted prominently on the back of a burly cyclist's rig. The old men on fast motorcycles have it right. Nuff Said.
In its argument at court the Fed pleaded: "Immediate release of these documents will cause irreparable harm to these institutions and to the board's ability to effectively manage the current, and any future, financial crisis." So what we have been told, in effect, is that if we tell the truth about the banks the system will suffer "irreparable harm." If we know why banks need Fed funds, the damage would be so severe that is could not be reversed. That's pretty sobering talk. The argument itself is blatant testimony to all I have been saying about the inherent insolvency of the banking system. It is a system that has been running on liberal loans from Fed programs, government bailout money and a healthy dose of secrecy and lies. Yet all this money, in trillion dollar truckloads, has failed to really restore balance or solvency. According to the Fed's own admission the mere knowledge of the real condition of bank balance sheets would cause "irreparable harm."
I predict the Fed will lose its appeal, a resolution in congress will demand an audit , and the movement to eventually end this gargantuan institution that has caused such grievous harm to the nation will gather momentum. Think otherwise? Consider the value of the dollar today compared to where it was when the private bankers calling themselves "the Fed" took over control of managing the money supply with a pledge to protect the dollar in the process. The Fed's appeal is an effort to conceal truth, perpetuate denial, and protect the secret collusion of banks that has ruined the nation. When you ask for a loan these days you are now almost asked to give blood and submit to DNA typing in addition to the many intrusive questions about your income, assets and financial status. But when banks ask for money their real financial condition must remain a secret, carefully guarded, lest "investors" learn the truth and invest elsewhere.
This basic unfairness is beginning to register as a slowly simmering anger on Main Street; slowly filtering down through the rank and file of "the people." On a recent road trip I came across this bumper sticker mounted prominently on the back of a burly cyclist's rig. The old men on fast motorcycles have it right. Nuff Said.
