September 27, 2021
How the Fed Stole America
Timothy Birdnow
Ron Paul is exactly right.
The Biggest Federal Reserve Scandal
Other beneficiaries of the Fed are big-spending politicians. The Federal Reserve's purchase of federal debt instruments keeps the federal government's debt servicing costs manageable. This is why, despite Chairman Powell's recent suggestion that the Fed will soon begin "tapering†its purchases of Treasuries, the Fed is unlikely to significantly reduce its purchase of Treasuries or allow interest rates to significantly increase.
Powell is also unlikely to upset President Biden and Biden’s congressional allies as long as progressives are urging Biden not to reappoint Powell. Progressives want to replace Powell with someone more committed to fighting climate change and systemic racism, two boogeymen routinely bought out as excuses for vast expansions in government spending and power.
Another major scandal involving the Fed is Congress’ refusal to pass the Audit the Fed bill and let the American people know the truth about the Fed’s operations. Audit the Fed authorizes a Government Accountability Office (GAO) audit of the Fed’s dealing with foreign governments and central banks, the Fed’s discount window operations, reserves of member banks, securities credit, interest on deposits, and open market transactions. Audit the Fed would finally reveal the truth about the Fed’s operations.
A limited audit authorized by the Dodd-Frank Act found that between 2007 and 2010, the Federal Reserve committed over 16 trillion dollars to foreign central banks and politically influential private companies. Imagine what a full audit would find. It is time to end the scandal of allowing a secretive central bank to have so much power over the economy and our liberty. It is time to audit, and end, the Fed.
Chester McAteer adds:
In 1972, Richard Nixon pulled an FDR trick, he closed the foreign Gold Window and renegned on all foreign obligations. In 1933 FDR renegned on all Domestic obligations. These were unofficial defaults on U.S. debts, but the real, underlying effect was the conversion of the Federal Reserve Notes into a totally Fiat Currency that is a double liability on both sides of the ledger, in other words a debt-based currency system.
This is what the Government, in conjunction with the Federal Reserve Bank, has done to our money and, as a consequence, our Country and it's People!
It is an on-going criminal act that affects every person and indeed, the future fiscal welfare of this Land.
Today, it takes $2763.30 to buy what a $100.00 bill would buy in 1913 when a Dollar was, in a very real sense, a Dollar backed by both Gold and Silver.
People clamor for $15.00 an hour in wages, yet that $15.00 has the same purchase power of $0.54 cents in 1913 real money. To put that in another way, a person with $1 Million Dollars today has the same purchasing power as someone with $36,188.58 Dollars in 1913.
The Restoration of this Country cannot and will not be accomplished until our currency is once again restored and bound to gold and silver.
Tim adds:
During the "Roaring 20's the Fed kept inflating the currency. They then sharply contracted it - by almost a third - and triggered the Great Depression https://www.sjsu.edu/faculty/watkins/depmon.htm which mightily benefitted the Democrats and the socialists. It drastically changed America.
Ron Paul is exactly right.
The Biggest Federal Reserve Scandal
Following revelations that Federal Reserve officials made trades
in financial assets while the Fed was taking extraordinary efforts to
"stimulate†the economy, Federal Reserve Chairman Jerome Powell ordered
a review of the Fed’s ethics rules. While these trades appear
problematic, they pale in comparison to the biggest Fed scandal — the
Fed’s impoverishment of ordinary Americans, enrichment of the elites,
and facilitation of government debt and deficits.
The depression induced by coronavirus, though really caused by so-called public health actions government took in response, was the official reason for the Fed’s increased asset purchases last year. However, the Fed actually started ramping up its money creating activities in September of 2019, when it began pouring billions a day into the repo markets, which banks use to make short-term loans to each other, in order to keep repo market interest rates low.
Coronavirus was just a convenient excuse for the Fed to do more of what it was already doing. Now, the Fed is using the limited reopening as a scapegoat for rising prices. Of course, anyone who understands Austrian economics understands that rising prices are a symptom, not a cause, of inflation. Inflation is the very act of money creation by the Fed.
Rising prices that diminish the average American’s standard of living are not the only result of the Fed’s manipulation of the money supply. The manipulation distorts economic signals, producing results including booms, bubbles, and busts.
Inflation has always benefited the well-connected elites who
receive the Fed’s newly created money before the new money causes
widespread price increases. The true motivation behind Fed policies was
revealed by former Fed official Andrew Huszar in 2013. Huszar, writing
for the Wall Street Journal, confirmed that quantitative easing kept
stock prices high, instead of helping Americans struggling with the
aftereffects of the 2008 meltdown.The depression induced by coronavirus, though really caused by so-called public health actions government took in response, was the official reason for the Fed’s increased asset purchases last year. However, the Fed actually started ramping up its money creating activities in September of 2019, when it began pouring billions a day into the repo markets, which banks use to make short-term loans to each other, in order to keep repo market interest rates low.
Coronavirus was just a convenient excuse for the Fed to do more of what it was already doing. Now, the Fed is using the limited reopening as a scapegoat for rising prices. Of course, anyone who understands Austrian economics understands that rising prices are a symptom, not a cause, of inflation. Inflation is the very act of money creation by the Fed.
Rising prices that diminish the average American’s standard of living are not the only result of the Fed’s manipulation of the money supply. The manipulation distorts economic signals, producing results including booms, bubbles, and busts.
Other beneficiaries of the Fed are big-spending politicians. The Federal Reserve's purchase of federal debt instruments keeps the federal government's debt servicing costs manageable. This is why, despite Chairman Powell's recent suggestion that the Fed will soon begin "tapering†its purchases of Treasuries, the Fed is unlikely to significantly reduce its purchase of Treasuries or allow interest rates to significantly increase.
Powell is also unlikely to upset President Biden and Biden’s congressional allies as long as progressives are urging Biden not to reappoint Powell. Progressives want to replace Powell with someone more committed to fighting climate change and systemic racism, two boogeymen routinely bought out as excuses for vast expansions in government spending and power.
Another major scandal involving the Fed is Congress’ refusal to pass the Audit the Fed bill and let the American people know the truth about the Fed’s operations. Audit the Fed authorizes a Government Accountability Office (GAO) audit of the Fed’s dealing with foreign governments and central banks, the Fed’s discount window operations, reserves of member banks, securities credit, interest on deposits, and open market transactions. Audit the Fed would finally reveal the truth about the Fed’s operations.
A limited audit authorized by the Dodd-Frank Act found that between 2007 and 2010, the Federal Reserve committed over 16 trillion dollars to foreign central banks and politically influential private companies. Imagine what a full audit would find. It is time to end the scandal of allowing a secretive central bank to have so much power over the economy and our liberty. It is time to audit, and end, the Fed.
Chester McAteer adds:
In 1972, Richard Nixon pulled an FDR trick, he closed the foreign Gold Window and renegned on all foreign obligations. In 1933 FDR renegned on all Domestic obligations. These were unofficial defaults on U.S. debts, but the real, underlying effect was the conversion of the Federal Reserve Notes into a totally Fiat Currency that is a double liability on both sides of the ledger, in other words a debt-based currency system.
This is what the Government, in conjunction with the Federal Reserve Bank, has done to our money and, as a consequence, our Country and it's People!
It is an on-going criminal act that affects every person and indeed, the future fiscal welfare of this Land.
Today, it takes $2763.30 to buy what a $100.00 bill would buy in 1913 when a Dollar was, in a very real sense, a Dollar backed by both Gold and Silver.
People clamor for $15.00 an hour in wages, yet that $15.00 has the same purchase power of $0.54 cents in 1913 real money. To put that in another way, a person with $1 Million Dollars today has the same purchasing power as someone with $36,188.58 Dollars in 1913.
The Restoration of this Country cannot and will not be accomplished until our currency is once again restored and bound to gold and silver.
Tim adds:
During the "Roaring 20's the Fed kept inflating the currency. They then sharply contracted it - by almost a third - and triggered the Great Depression https://www.sjsu.edu/faculty/watkins/depmon.htm which mightily benefitted the Democrats and the socialists. It drastically changed America.
Posted by: Timothy Birdnow at
01:00 PM
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1
I'm looking for and want to comment "The main points of your post are great" Good job!
Posted by: บาคาร่าสด at September 28, 2021 01:16 AM (TnyT5)
2
In addition to breaking up Fakebunk, Twitter and Google, the Fed should be "deactivated."
Posted by: Dana Mathewson at September 28, 2021 10:15 PM (hDkRW)
3
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Posted by: Kianna Landry at September 29, 2021 03:43 AM (PlDqw)
4
Yes, we need an end to it. The concept of a central bank was promoted by Hamilton and other big government types, and it was Andrew Jackson who killed it off (wisely) when he was President. We managed to avoid having one until the Federal Reserve Act which I believe was 1913, although I may be wrong.
It's been of no help to anyone except the very wealthy, who have grown far wealthier under it.
It's been of no help to anyone except the very wealthy, who have grown far wealthier under it.
Posted by: Timothy Birdnow at September 30, 2021 07:07 AM (7U2xK)
5
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Posted by: writing at December 24, 2024 12:00 AM (fyYW6)
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