(M)End The Fed (July 11, 2011)
. . .
K “The vocal critics of the Fed are missing the point. Stated simply, every nation needs a central bank, but the Big Banks own and operate the Federal Reserve. Stated another way, the country tolerates a misunderstood institution – the Federal Reserve – that is an unrestrained cancer and at the same time lacks an institution it desperately needs – a central bank independent of excessive political and any private interference.”
L “A transparent central bank?”
K “Call it whatever you want.”
L “A responsive central bank?”
K “Responsive to something other than Big Banks. Bernanke* should have the intellect to understand the problem and the integrity to compel change, yet even he may take his marching orders from others.”
L “He, Geithner and the others either assisted in creating the problem or allowed it to fester and permutate. Now O’Bama is serving the interests of the financial industry at a time when his Department of Justice should be serving members of the financial industry with sub poenas and criminal indictments. What incentive it there for him to reform the financial industry or the Fed. Simply look at who he is soliciting for campaign contributions.”
K “He was caught. He simply could not get elected and cannot get reelected without the money. No one is able to identify one industry in America that is not completely monopolized today. Banks are among the biggest offenders. Without a market, there is not a market and are not market forces. Change likely will not come until there is a complete economic collapse. That situation may generate enough sustained interest and desperation among those who can change affairs to reform the system.”
L “Or the catastrophe may not leave any choice.”
. . .
Bumper stickers of the week:
Antitrust Chief Flees; Monopolies Reign Freely
Because you don’t have to do the time, do the crime
Big sticker; small font sans serifs; big bumper:
UNITED STATES OF AMERICA
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Written Agreement by and between
New York, New York
FEDERAL RESERVE BANK OF NEW YORK,
New York, New York
. WHEREAS, in recognition of their common goal to maintain the financial soundness of Big Bank (the “Big Bank”), a nationally chartered bank that is a member of the Federal Reserve System, the Big Bank and the Federal Reserve Bank of New York (the “Reserve Bank”) have mutually agreed to enter into this Written Agreement (the “Agreement”).
. NOW, THEREFORE, the Bank and the Reserve Bank agree as follows:
- Within ninety (90) days of this Agreement, the board of directors of the Big Bank shall submit to the Reserve Bank a written plan to divest itself of any and all deposits and assets in excess of one hundred billion dollars ($100,000,000,000.00) . . . .