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FEDS: Destroying itself? - Destroying us first?

Annette 2010/11/05 12:36:19
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Taipan Daily: The Fed May Destroy Itself -- If Not Us First

by Justice Litle, Editorial Director, Taipan Publishing Group



How best to describe what is happening now?


Where are the words when bureaucrats go
mad, trying to convince the world that 2 + 2 = 5 as they advocate the
equivalent of financial suicide?


Sometimes it takes a song. The tune that comes to mind is "We Can't Make It Here Anymore" by James McMurtry:



Will work for food, will die for oil
Will kill for power, and to us the spoils


The billionaires get to pay less tax


The working poor get to fall through the cracks...


So let 'em eat jellybeans, let 'em eat cake


Let 'em eat s—t, whatever it takes


They can join the Air Force, or join the Corps


If they can't make it here any more...



America the beautiful, America the broke. The Federal Reserve could hardly devise a more effective plan to kill the country if it tried.


In its bid to fight deflation, Ben Bernanke
is putting a knife into the heart of the poor, the middle class, and
anyone else who spends a meaningful portion of their take-home pay
(assuming they have a job) on things like food, groceries and gasoline.


Worse still, this is all being done in the service of a lie that no one believes.


In a rare op-ed piece, published in The Washington Post, Mr. Bernanke wrote the following in justification of his actions:



The Federal Reserve's objectives -- its dual mandate, set by Congress -- are to promote a high level of employment and low, stable inflation.


Unfortunately, the job market remains quite weak; the national unemployment rate
is nearly 10 percent, a large number of people can find only part-time
work, and a substantial fraction of the unemployed have been out of
work six months or longer...



First off, how in the world is the Fed
supposed to promote "a high level of employment?" And what have they
done to pursue this objective in the past?


Perhaps Alan Greenspan pursued his "full employment"
mandate by ginning up millions of extra real estate brokers and
construction workers by way of the housing bubble. Perhaps Mr. Bernanke
is following a similar "full employment" strategy for the gold and
silver and copper mines. In respect to "low, stable inflation" --
and, amusingly enough, low inflation is what the Fed claims we still
have -- isn't it about time we stopped believing lies so bold they can
barely be communicated with a straight face?


It is true that we do not have the generalized sort of inflation that comes with rising wages and economic activity.


But what we do have is a doggedly stupid
Federal Reserve -- one that somehow believes oil at $120 a barrel
alongside unemployment at 10% is a good thing for the U.S. economy.


The good news is, at the current pace,
the Federal Reserve is going to destroy itself. The main question is
whether or not it destroys the country first.


In their mandate to save the megabanks
and the financier class, and to juice paper asset prices come hell or
high water, Bernanke and co. are ready and willing to crush middle
America -- and small-business America -- into powder. Their secret
recipe provides for something between inflationary recession and
hyperinflationary depression.


And to provide cover in doing this, they
are willing to tell lies to the public so brazen, and so repetitive, as
to rival the brainwashing propaganda of the old Soviet Union, or perhaps the Ministry of Truth in Orwell's 1984.


"Today, most measures of underlying
inflation are running somewhat below 2 percent," wrote Mr. Bernanke on
Thursday. What a fantastic statement, with copper and gold both up more
than 3% on the very same day.


Bernanke is like a man standing in front of a raging forest fire: "There is no smoke. There are no flames."

Even as the hollow men send paper asset
prices soaring with their right hand, they throttle true economic
recovery with their left. Part of the reason the real U.S. economy is
so weak -- and why unemployment is so high -- is because America's
blood and treasure was consumed by government-sponsored Ponzi schemes and Wall Street
bailout orgies in the first place. The country's economic heritage was
raped, then pillaged... and is now being raped and pillaged again.


Ignorance and cowardice are killing us
now. The survivors are the ones who will take refuge, sheltering from
dollar debasement strategies in high-quality hard assets and other
vehicles with a Fed-protective element.


As for the survival of the country, or at
least our understanding of America as we used to know it, that is
another question. One must wonder, can the insanity still be purged from
the system? Or has the system become insanity itself?


Which will go down first -- the Fed, or the country? At what point will there be riots? At what point will there be violence?




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  • Striker 2010/11/05 20:12:29 (edited)
    Destroying itself
    Striker
    +1
    Well, actually "destroying itself" takes a bit of help from the free market.

    As circumstances have remained for 93 years now, Congress created the Monster Fed and even today has no clue how to end it, nor the courage to End the Fed, knowing they would be blamed for the chaos which would surely ensue.



    There is a very simple way - simply compete The Fed and fiat dollars right out of business! Return to the free market, issue SECURED private money, and bingo, The Fed would disappear in a cloud of dust, and all people would have real, protected money.

    http://no-ruler.net/blog/comp...
  • Annette Striker 2010/11/05 20:14:32
    Annette
    +1
    Interesting idea. I will check out your source.
  • jubil8 BN-0 PON 2010/11/05 17:43:51
    Destroying us first
    jubil8 BN-0 PON
    +1
    It's hard to see how the Fed could destroy itself without destroying the country on the way unless it voluntarily shut down -- and somehow with another Trillion coming our way I don't "voluntary shut down" on the agenda, do you? If there is a way it can destroy itself without taking the US down with it, I'd be good with that.
  • enlightened one 2010/11/05 13:27:02
    Destroying us first
    enlightened one
    +1
    The Federal Reserve Bank is still a part of the foreign bank cartel. They have devalued our dollar and help lead to the economic crisis here. I have long been a supporter of ending the FED. They at least need to be audited. The Audit the Fed bill by Ron Paul went to committee then the Washington insiders watered it down. They are the major factor in our dollar value here in the United States and should be audited and accountable to what they do.
  • Annette enlight... 2010/11/05 18:22:39
    Annette
    Fully agreed. Along with that decision by the FED, here is Brazil's response to it: http://www.ft.com/cms/s/0/326...
    On top of that we have a warning from China and Germany is very concerned about it. Our dollar will now be worth 80 cents! Grief - that is huge!!
  • Striker Annette 2010/11/05 20:14:36
    Striker
    +2
    Our dollar is now worth less than FOUR cents compared with 1913 dollar.
  • Annette Striker 2010/11/05 20:16:12
    Annette
    +1
    I know, and that is tragic. What fools we are.
  • Striker Annette 2010/11/05 20:21:21
    Striker
    +2
    Let's not have a guilt trip! Our only fault is free people abandoning their ideals within the free market. Talk doesn't cut it - it always requires Action!
  • Annette Striker 2010/11/05 20:33:45
    Annette
    +1
    My comment isn't a guilt trip. We are ridiculous fools for letting it get this far in the first place, and fools because we have allow PC to blind us to speaking the truth and facing facts! That is not a guilt trip, that is truth!!
  • Striker Annette 2010/11/05 20:35:22
    Striker
    +1
    Nor are mine! Most people aren't blind, they just have their thinking caps pulled down over their eyes!
  • enlight... Annette 2010/11/05 22:10:16
    enlightened one
    +1
    Yes, I can't believe that we are now just working to survive. The dream of again being able to buy a home and property is no guarantee. All because the FED has run rampart with our treasury and what gold we used to have. Remember the stories of gold in Fort Knox? I guess since our dollar is not backed by gold, silver, petroleum, it is now backed by promissory notes from lenders all over the world. Makes my 40 cent raise a joke.

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