Bernanke Admits Printing $1.3 Trillion Out Of Thin Air
Fed Chairman Ben Bernanke admitted the central bank created $1.3 trillion out of thin air to buy mortgage backed securities. This shocking admission came from the Joint Economic Committee hearing on Capital Hill last week. I was dumbfounded when I saw Bernanke shake his head in the affirmative as Representative Ron Paul said, “Well, where did you get the money? You created this money. So you did monetize debt, and that went into the banking system.” I was amazed he admitted this. I looked up the original hearing on C-Span to make sure the clip was not edited. It was not.
What is even more shocking is I could not find a single mainstream news agency that covered this revelation. Congress just finished voting on the bitterly contested Obama health care bill that is supposed to cost nearly a trillion dollars over ten years. (Some contend it will be more than twice that amount.) The mainstream media doesn’t even bat an eye over the Fed creating $1.3 trillion in a little more than a year to buy worthless debt no one else will touch. I do not get it. I guess we could have asked the Fed to print up a trillion dollars to pay for health care and avoided that drawn out battle in Congress.
Then, Rep. Paul brings up printing another $105 billion to bailout Greece. Bernanke answers by saying, “. . . I think one of the agreements that the G20 leaders came up with was sort of a mutual commitment to put more money into the IMF as a way of addressing the financial crisis around the world. . .” Notice how Bernanke used the term “mutual commitment.” I think what that really means is an agreement between all the G-20 nations of a “mutual debasement of their currencies.” I think this is why gold has been rising in price around the globe. I have been saying for months that we are going to have some very big inflation. (Real inflation is already at 9.5% according to shadowstats.com.) I wrote about this last November in a post called “The Fix Is In.”
I think Bernanke just opened the Fed playbook and revealed money will be printed to fix all financial problems. I don’t think he’s even trying to hide it anymore. Rep. Paul also brought up the big debt trouble coming soon with many, many bankrupt cities and states such as Los Angeles and California. I think they will all be bailed out one way or another by the printing press.
New York Fed President William Dudley seems to be on the same page as his boss. Dudley recently said, “The fact that our foreign indebtedness is for the most part denominated in our own currency is a huge advantage in the event the dollar were to come under significant downward pressure.” (Zero Hedge has a complete text of Dudley’s speech, click here) Is Dudley making a not so subtle hint about devaluing the U.S. dollar? Once again, I say yes.
Anyone with a savings account or money market denominated in dollars should be terrified. You have scrimped and saved only to have the Fed print money and devalue what you have worked so hard for! Inflation has been chosen for you by the Federal Reserve, and we the taxpayers can’t even audit its actions. Below is the video from the Joint Economic Committee Hearing last week. Watch for yourself Bernanke nod yes to printing $1.3 trillion:
Hey Ken and Greg,
Ken’s opinion is right-on. The press, and Americans in general, have been trained to believe in an ideology and to not think critically (believe and belief = religion). PC and redistribution are now our cultural norms. Thinking beyond stage-one is not performed anymore.
Greg has explained several times that what he digs-up does not require a rocket-science mentality, as he is just connecting the dots using linear processes. Abstract thought is not required. (I paraphrased what he wrote and said–I hope I understood him correctly!)
I think most reporters would answer: “paying off the debt” if asked, “What does monetizing the debt mean?”
Is the premise that $1.3 billion was just printed up and distributed for no consideration? It seems to me that the purchased securities have some value, probably a lot closer to $1.3 trillion than Zero. (I doubt it was an investment worthy of $1.3 trillion).
Where was the fed supposed to get $1.3 to buy the securities (assuming they felt compelled to do so), raise a poll tax? Tax the banks? Pass the hat? I’m not sure I understand the revelation.
I’m not saying the nationalization of these mortgage backed securities was a good idea – particularly at the price. Far from it.
I’m also not sure it guarantees an inflationary spiral starting.
My compliments to you and Ron Paul – thanks for the hard work.
The American public is much more interested in Jessica Simpson’s weight gain, Kate Gosselin’s new hairdo and Tiger Woods “indiscretions” than things that might actually impact their future. That or we are too stupid to realize what’s actually important thereby deserve all of the financial pain that is coming our way.
I guess I must give you the only thing an unemployed citizen from Redneckistan can afford to give…a heartfelt Thank You. I hope it is enough…
The fact has never been hidden, its strange, because they have these auctions of government bonds all around the world where you get private investors some of whom actually buy from deposit but it has never accured to them that the member banks who also bid are not buying from their own deposits, they are creating the money. People need to understand its all backwards its the same method as when you write a cheque the cheque is an asset, its the real money, you deposit your cheque(asset) at the bank on the private side hence your endorsed signature and the bank then takes that asset and puts into the asset side of its ledger which means its reserves have increased they can now apply at their central bank to extend those reserves 10:1 from the central Reserve bank, because you just deposited wealth in their bank get it!? so talk about backwards, people think they have been borrowing from banks all this time when in fact they have been lending, which must be true because the true source of all wealth is peoples energy not the private intellectual property of banks(their credit). so the same process happens with bonds the government issues the bond deposits it to the bank when they bid they created PUBLIC credit to the amount of the bond because they now have it as an asset on the ledger and extend public credit to the government for spending which in some cases they even give back to the banks as a bailout did you see that circle?…
It should be fully understood by congress because the banking cartel does not and has not ever hidden this information. I would encourage people to read “Modern money mechanics” first link in google which is a publication from the fed that explains it all.
Let’s face it, they took the market down to chase the common investor out of the market, and since then they have pumped it unstoppably up, all the while claiming it’s a bear market rally or it is going to be a ‘W’ or some such, when the government itself is the only one with the resources to do this much pumping. All the while I don’t think the common investor can see what is right before his nose. They kicked you out pal, and they’re not letting you back in. It’s their money now, and you are not part of the elite. Come and buy our CDs and you might or might not stay ahead of inflation SUCKER!
The modern banking industry is modeled on the Bank of England, founded in 1694. This bank was happy to disseminate banknotes not backed by gold when they made “loans”, and then collect interest on this faux money (gold coins gladly accepted as payment!)
The whole mechanism of money creation in the modern world utilizes the same method and basically represents a legal privilege granted to a financial elite to run economies through the power given to them to issue fiduciary media as a nation’s currency.
The members of this elite qualify as entrepeneurs in this sense only: they are experts in the business of screwing their fellow man through legal privilege.
The world is waking up, one person at a time, because of the internet.
Are you serious? you needed Ben’s addmission in the hearing to understand where the money’s coming from. Naïveté in the extreme! I was numbfounded when i read your article.
Yes call your Congress person and see what happens. Change the leadership in Congress from one party to the other and see what happens. Vote in a president from the opposite side of the fence where from the side where you are and see what happens. How about demonstrate in the streets, do that too, see what happens. Nothing. Already been tried, Obama is continuing the disastrous bellicose foreign policy many hated so much under Bush. The public who know this are in shock because they are just now seeing how REALLY REALLY BAD things are, and wondering how to get a 3rd party sweep, something the powers that be will fight tooth and nail. The American public is not stupid, they’re very unhappy and many are angry, I think they’re reeling from the magnitude of the problems, and I hope the solutions they choose to implement are political and not physical.
4:43, Ron Paul asserts that the US is bankrupt, Bernake goes “um”. That is a sound that in the West means “Yes, I agree with that, I do not take issue with that.”
So there you have it, Bernake agrees with Ron Paul that the US is bankrupt.
Question from the gathering: Rabbi Rabinovich, what about the various religions after the Third World War?
Rabinovich: THERE WILL BE NO MORE RELIGIONS.
Not only would the existence of a priest class remain a constant danger to our rule, but belief in an after-life would give spiritual strength to irreconcilable elements in many countries, and enable them to resist us.
We will, however, retain the rituals and customs of Judaism as the mark of our hereditary ruling caste, strengthening our racial laws so that no Jew will be allowed to marry outside our race, nor will any stranger be accepted by us.
(Note: Protocol of Zion No. 17 para. 2, states: ‘Now that freedom of conscience has been declared everywhere (as a result of their efforts they have previously stated) only years divide us from the moment of the complete wrecking of that [Hated] Christian Religion. As to other religions, we shall have still less difficulty with them.’)
We may have to repeat the grim days of World War II, when we were forced to let the Hitlerite bandits sacrifice some of our people, in order that we may have adequate documentation and witnesses to legally justify our trial and execution of the leaders of America and Russia as war criminals, after we have dictated the peace.
I am sure you will need little preparation for such a duty, for sacrifice has always been the watchword of our people, and the death of a few thousand lesser Jews in exchange for world leadership is indeed a small price to pay.
To convince you of the certainty of that leadership, let me point out to you how we have turned all of the inventions of the White Man into weapons against him. His printing presses and Radios are the mouthpieces of our desires, and his heavy industry manufactures the instruments which he sends out to arm Asia and Africa against him.
Our interests in Washington are greatly extending the Point Four Program (viz. Colombo Plan) for developing industry in backward areas of the world, so that after the industrial plants and cities of Europe and America are destroyed by atomic warfare, the Whites can offer no resistance against the large masses of the dark races, who will maintain an unchallenged technological superiority.
And so, with the vision of world victory before you, go back to your countries and intensify your good work, until that approaching day when Israeli will reveal herself in all her glorious destiny as the Light of the World.” (Note: Every statement made by Rabinovich is based on agenda contained in the “Protocols of Zion.”)
The Jewish Encyclopedia:
“Khazars, a non-Semitic, Asiatic, Mongolian tribal nation who emigrated into Eastern Europe about the first century, who were converted as an entire nation to Judaism in the seventh century by the expanding Russian nation which absorbed the entire Khazar population, and who account for the presence in Eastern Europe of the great numbers of Yiddish-speaking Jews in Russia, Poland, Lithuania, Galatia, Besserabia and Rumania.
Encyclopedia Britannica (15th edition):
“Khazars, confederation of Turkic and Iranian tribes that established a major commercial empire in the second half of the 6th century, covering the southeastern section of modern European Russia… In the middle of the 8th century the ruling classes adopted Judaism as their religion.
The Encyclopedia Judaica, Vol. 10, (1971) relates the following about the Khazars (Chazars):
“Khazars, a national group of general Turkic type, independent and sovereign in Eastern Europe between the seventh and tenth centuries A.D. During part of this time the leading Khazars professed Judaism.”
Academic American Encyclopedia, Deluxe Library Edition, Volume 12, page 66 states:
“The Khazars, a Turkic people, created a commercial and political empire that dominated substantial parts of South Russia during much of the 7th through 10th centuries. during the 8th century the Khazar aristocracy and the Kagan (King) were converted to Judaism.
Collier’ s Encyclopedia, Volume 14, page 65 states:
“Khazars [kaza’rz], a semi-nomadic tribe of Turkish or Tatar origin who first appeared north of the Caucasus in the early part of the third century…in the Eighth Century Khaghan Bulan decided in favor of the Jews and accepted Judaism for himself and for his people.
The Cadillac Modern Encyclopedia, page 822, states:
“Khazars (khah’-zahrz), a S Russian people of Turkic origin, who at the height of their power (during the 8th-10th cent., A.D.) controlled an empire which included Crimea, and extended along the lower Volga, as far E as the Caspian Sea. The Khazar Royal Family and aristocracy converted to Judaism during the reign of King Bulan (768-809 A.D.) and Judaism was thereafter regarded as the State Religion.
Arthur Koestler (The Thirteenth Tribe).
Kevin Alan Brook (The Jews Of Khazaria).
Adam Shear (The Kuzari And The Shaping Of Jewish Identity, 1167-1900).
Shlomo Sand (The Invention of The Jewish People).
BIBLE (REVELATION 2:9,3:9).
It looks to me we have a war of the money. In one hand we have rupert murdochs fox news feeding the obscure facts to anyone who will listen while over in the other hand we have george sorrows buying bodies to marshall a smoke and mirror campaign over the confused rabble.
In the middle we have the money launderers doing their magic of making something out of nothing.
Smile, your on candid camera!
Well done on the article. Ron Paul is gaining in the polls & November isn’t too far away. Of course, I’m still not happy about either political party. Both are the cause of our present problems. Hopefully, we’ll have a good, solid party or Republican candidate in 2012.
Great info and insight! Keep telling the truth, and maybe..just maybe we can save this once great republic!
Reagan was wrong. There has never been an empire more powerful nor more evil in the history of the world than the U.S. government. They are literally stealing the hard earned money out of people’s pockets by creating their counterfeit out of thin air. Inflation is an official policy for paying off illegitimate debts they have run up with something worth far less. The U.S. government is a huge Ponzi scheme, only in this case the suckers holding an empty bag are the first ones into the game rather than the last. And what is the money being used for? To destroy our middle class and previously great culture while supporting regimes covertly and not so covertly hostile to our existence, for example, Bernanke’s, Paulson’s, Greenspan’s, and Madoff’s first allegiance.
I enjoyed your article, maybe the bar was set a little too low for maybe 5% of the readers, but I believe the ordinary Joe six pack type (95% of the public) doesn’t have a clue of what is happening, and has no idea of the coming inflation that is due to an increase in the money supply, a.k.a. monetizing the debt, God help us all.
I tell all of my friends about your website, and a few of my other favorites, and you know what? They dont read them, they are too busy with other things, (IDOL, DANCING WITH THE STARS, HOCKEY BASEBALL),
KEEP UP THE GOOD WORK, ONE DAY IT WILL START TO SINK IN
The USA is NOT bankrupt: it simply needs to repossess the Fed !
Money is not printed out of thin air. Money is an monetary measure of productive potential and by definition is an inexact science. Macro-economic theory studies the supply of money supply such as M1, M2 etc. and the impact of market forces by expanding or contracting the bandwidth. The bandwidth of money is always a heated topic of debate as the underlying issue is societal direction and control gauged by requisite levels of social justice. Keynesians and Monetarists each seek to empower their own political bases and gain the upper hand.
The same people that ran the USSR also run the USA. They know exactly what they are doing. There are no mistakes or short sightedness on their behalf. They created an Empire called the USA and built it up to go around the world spreading “Democracy and freedom” which is code talk for smashing people into submission to accept THEIR money system and government they put in place, a footstep towards world government (which they will control).
When the USA has run it’s course they will pull the rug out and smash it too. You can clearly see those days are not far away.
What will the people do? Fight? or cower like little girls?
It’s kill or be killed. These creatures killed 40 million in Russia from 1917-53, so how can anyone think they will not hesitate to kill millions of Americans in one way or another is beyond me. You cannot “talk” or reason with these creatures, or even “hope” that things will turn out good. It’s going to mean people getting off their backsides and fighting for their lives, and the lives of their children.
Most Americans can’t even name the 50 states of America, or locate them on a map, how are they supposed to understand these creatures who have been playing this game for 2000 years and are a well oiled, tightly knit machine?
The worst part is MOST people have been taught to SELF CENSOR. Years of propaganda and programming have made people not look at certain people as a group. This group has been kicked out of 84 countries 109 times in 2000 years! They have pulled the same scams over and over!
This group FIRMLY runs America, and it’s become VERY OBVIOUS.
Why can’t Americans see it and deal with it?
These creatures are UNAMERICAN, and get other peoples kids to die in wars that ONLY BENEFIT THEM.
It should be the focus of every American to deal with this problem, before things get way out of control and these creatures instigate a race war.
Only THEN can you possible get in a good government that looks after the people, and GUARDS against these foreign invaders from ever taking control of the money, media and government ever again.
Anything less is wasting time, and signing your own death warrant.
It’s not against the law to kick out the subversives, and kick out the government. It’s written to do just that!
Many thanks for keeping us abreast of our “Miracle Money”.
I continue to do research regarding ,”protocols, bilderberg, unfederal non-reserve etc; Most people have no clue as to what is truly going on, but I retain my faith, and share my knowledge with with anyone willing to listen. I’m adding you to my prayer list, that God will continue to bless you, and keep you safe, because we know thing will get worse. We, who have a heart for others, will be rewarded, so stay strong, stay loving, because we know who wins at the end. Bless you and your family. Vivian
If the stated value, of “Federal” Reserve notes, declines enough with respect to copper and nickel, the 1946-2009 U.S. Mint nickels, composed of cupronickel alloy, could become somewhat rare in mass circulation.
The April 30th metal value of these nickels is “$0.060351” or 120.7% of face value, according to the “United States Circulating Coinage Intrinsic Value Table” available at Coinflation.com .
Thanks Greg for your article and efforts to sound the alarm. I do hope one day we will have “good” government. It is hard to believe all that has happened in only a few short years.
If you really want to know the game firstly read up on the illuminati and what they have done over thousands of years on this planet. Then read about thier off-plantet ET kin who have been running dark agendas for many millions of years- Read Voyagers I and II by Deane.
There is a warm place in Hell waiting for Bernake.
God speed him on his way.
The Federal Reserve is simply doing what it has always done–but on a more drastic scale. Andrew Jackson saw that the 2nd Bank of the US was a similar scam: US currency printed by private banks was then given primarily to those same banks. Who gets the money the Fed prints? Its owner banks, not the government, not the productive growth of labor or industry. Just those banks. Which is why Jackson wanted to kill the bank before it killed this nation. An assassin went for Jackson—the first time in US history, of course. Being a soldier, he attacked the assassin… and won handily. Rockefeller, Rothschilds, Warburg and now Goldman—you can see what mafia now owns and runs the Fed bank scam.
And where do you think it’s headed? After generations of mass criminal impunity, those same people don’t even resemble ordinary people, psychologically. You have to take time to simply imagine how far gone they are to really understand antisocial minds of the sort. If we leave it to them, this nation will be ruined, and the entire planet is at risk. How to stop them? Stop the Fed. Ron Paul is just one of many who see that IT MUST GO!
I’m sending you this because you seem to be one of the only “HONEST” ones out there. Please show and comment. It’s another item that the main stream doesn’t seem to one to show and even more serious than Bernanke’s monopoly money. I’ve been following this Greg for some time and was told the situation was a scam. I was even informed that some of the vaccines contained H1N1 in order to spread the virus but fortunately they were sopped and the vaccines in question DID contain H1N1. UNBELIEVABLE that people don’t know about this.
Profitable Depopulation Plot Links JP Morgan-Chase
And Goldman Sachs To Vaccination Contaminations
And BigPharma Corruption
By Dr. Leonard Horowitz
A medical investigation into suspicious outbreaks and propaganda used to sell drugs and vaccines has exposed investment bankers at JP Morgan-Chase (JPMC) and Goldman Sachs (GS) for plotting to shock/stress, frighten, poison, and kill billions of people most profitably–pharmaceutically–according to the Editor-in-Chief of Medical Veritas journal.
While researching a powerful Partnership for New York City (PFNYC), uniting Wall Street’s wealthiest industrialists, Harvard-trained public health expert, Dr. Leonard Horowitz, and investigative journalist, Sherri Kane, discovered shocking evidence of a conspiracy to commit global genocide by generating diseases and death to advance profitable pharmaceutical depopulation.
Population planners at the highest levels of government and industry conspired to spread diseases, vaccines, drugs, and death most profitably, according to research published in the latest issue of Medical Veritas.
In a related Special Report posted on YouTube, Dr. Horowitz urged humanitarian organizations and activist groups worldwide to issue investigations, alerts, civil complaints, and criminal charges to stop the pharmaceutical depopulation plot because it risks genetic inheritance, new pandemics, and the possible extinction of the human race.
“Corruption in the drug industry is rampant and transparent,” Dr. Horowitz explains. “Investment bankers at JPMC and GS, who acquired controlling interests in the largest drug firms during mergers and acquisitions, have placed ‘depopulation’ near the top of their list of geopolitical priorites. Their depopulation agents are now in top positions of government, finance, and industry.
The depopulation plan is supported by the world’s wealthiest people, including Bill Gates, who admittedly funds vaccinations to reduce global populations by 10-15%. Leading population planners and economic developers advance identical plans to cull the world’s population to 1 billion.
“Killing 6-out-of-7 people globally, most profitably, requires planning and an unprecedented conspiracy to commit genocide by applying advances in genetic biotechnologies exclusively available and affordable to drug companies controlled by the investment bankers,” Dr. Horowitz adds.
The doctor points to the fact that US Treasury Department officials previously operated JPMC and GS on behalf of majority stock holders and their partners in pharmaceutical companies heavily represented in the PFNYC and the trade organizations that negotiate multi-billion dollar government purchases of drugs and vaccines.
Researchers, including vaccination contamination expert Dr. Viera Scheibner, reports in the current issue of Medical Veritas that polio virus vaccines are produced in African green monkey kidney cell cultures routinely contaminated with transmissible cancer viruses.
By reviewing drug company patents, Dr. Horowitz learned that the makers of H1N1 swine flu and rotavirus vaccines use the same cultures risking recombinations, genetic mutations, and unstoppable transmissions of deadly agents threatening new pandemics.
“This best explains why public health officials are preparing for vaccine-transmitted H1N1s cloned in monkey cells to recombine with bird H5N1s currently circulating. This threatening and most deadly recombination of flu viruses, officials herald may happen in the Fall,” Dr. Horowitz warned.
Besides the inadequacies of safety testing new vaccines without using placebo controls, it is this issue of reliability of information that concerns more than half of the medical physicians polled since they became aware that the entire medical industry has been hijacked by Wall Street’s pharmaceutical profiteers. Now they are learning from famous people, like Gates, that the world’s wealthiest people are administering vaccinations for depopulation.
“I love vaccines,” Gates stated at a TED conference in February, 2010, while lecturing on ways to reduce global populations to stem environmental pollution.
The links between the directors of major drug companies, mainstream media moguls, and investment bankers at JPMC and GS are so obvious and incriminating, and the dispersion of unsafe vaccines so common and disturbing, only profitable depopulation as a planned outcome of pharmaceutical investments can explain the current situation.
“Complete censorship was the only option officials have had to prevent a meltdown in public opinion about medicine and the pharmaceutical industry,” said Ingri Cassel, a leading vaccine risk awareness activist. “This explains why news of this vaccination depopulation plan has been neglected by the special-interest-influenced media.”
Investigating conflicting pharmaceutical interests influencing news coverage, Sherri Kane, previously a writer for FOX News in Los Angeles, learned that the majority shareholders in FOX, TimeWarner, News Corp., and the Wall Street Journal, are heavily invested in GlaxoSmithKlein and Merck’s CSL Laboratories, both makers of risky drugs and vaccines.
Lloyd Blankfein, the CEO of Goldman Sachs, became a major shareholder in AstraZeneca following his direction of the company’s acquisition of the H1N1 FluMist maker, MedImmune. Blankfein has also leveraged ABC-Disney following their merger with money he raised through GS investors. This resulted in Dr. Oz’s heavy promotion of H1N1 vaccines on ABC last year, when officials learned that the vast majority of Americans were unwilling to risk the exposure.
Rupert Murdoch and Lloyd Blankfein co-chair the PFNYC, founded by CHASE principal, World Bank ambassador, and America’s leading energy industrialist and medical monopolist, David Rockefeller. The PFNYC was chartered by the Royal Family of England–a majority share holder in General Electric–the world’s largest company–that controls NBC/Universal/Comcast, and MSNBC with Bill Gates.
The PFNYC was pledged to play a central role in reconstructing Ground Zero following the 9/11 attacks, according to Kathryn Wylde, President & CEO of the Partnership and current Director of The Federal Reserve Bank of New York. The organization compiled the economic report on the damage done, advanced financial plans for reconstructing the World Trade Center, and advised leading financiers regarding reconstruction investments.
According to 911-Truth movement directors, Wylde and other members of the PFNYC are implicated in the treasonous attacks that scientific evidence says involved thermitic explosives used in controlled demolitions.
These allegations and PFNYC connections to 9/11 events implicating investment bankers at Goldman Sachs are additionally scrutinized in a new feature-length film produced by Dr. Horowitz. PHARMAWHORES: The SHOWTIME Sting of Penn & Teller premieres in theaters across North America this summer. (Quicktime and MP-4 downloadable versions are available through PharmaWhores.com.)
The PFNYC is co-directed by Jeffrey B. Kindler, the Chairman and CEO of Pfizer–the world’s largest drug company. Kindler stewards Pfizer through multi-billion dollar acquisitions also involving JPMC and GS financing.
The Pharmaceutical Research and Manufacturers of America (PhRMA), the drug industry’s main trade organization, is also directed by Kindler. PhRMA officials engage White House and Pentagon officials in private negotiations determining pricing for stockpiles of drugs and vaccines.
Dr. Horowitz views this covert administration of multi-billion dollar pharmaceutical contracts as symptomatic of the industry’s corruption. The “corporate shell game” is played using mergers and acquisitions directed by the same people. Their creation of the PhRMA trade organization provides the illusion of their legitimacy and fair competition. Price fixing occurs behind closed doors, explaining why prices vary so widely internationally.
Another gross example of corrupt government pharmawhores sucking Wall Street’s slime, is Congressman Henry Waxman’s (D-CA) treason against the American people for sneaking dietary supplement regulation language into ‘The Wall Street Reform and Consumer Protection Act of 2009,’ (H.R. 4173).
For years, Waxman has attempted to pass legislation restricting consumer access to nutritional supplements on behalf of BigPharma. The FDA, largely controlled by BigPharma, contends regulating vitamins, minerals, herbs, homeopathics, oils, colloidal silvers, and more natural products protects consumers.
During health care reform negotiations with PhRMA, Waxman feigned concern that drug companies were driving too hard a “bargain” on pharmaceutical prices, but still voted in favor of the cartel’s freedom to set their own limits.
Most telling and ironic, PhRMA’s official negotiator to whom Waxman complained, “PhRMA should contribute more than PhRMA wants to contribute,” was Billy Tauzin, the former congressman who held Waxman’s job as chair of the Energy and Commerce committee
Sweet Lord this is out of control. This crook is robbing this country blind and on national television (unfortunately the honest and ‘boring’ nature of C-SPAN undermines it’s extreme importance to transparency and justice).
Way to go Ron Paul, expose the fraudulent banking system for what it is.
Perhaps you are aware of the Zeitgeist Movement? I highly recommend watching the Zeitgeist Addendum, it really helps in fully understanding the banking system of the USA. In it, is a short clip of Ron Paul making almost the same argument several years ago. The film is incredibly informative! http://www.zeitgeistmovie.com
The press do understand they also understand who pays their wages.
In retrospect to the illicit practice of making more ‘monopoly money’ we have become ants in the grand scheme of things. The 2 sides of this coin are both bad news. The Fed continues to print money on an ‘as needed basis’. It’s wrong and under-handed. This practice has somehow kept the global economy from collapsing like the San Andreas fault line (on a corporate level), albeit a condemning practice to begin with. On the other side of the coin is the option of imploding the flow of ‘bad guy’ money via ‘Financial Reform’ and bringing the monetary enemies into full public view. If all the ‘too big to fail’ entities are broken down and exposed, it would propagate a complete and uncontrolled tanking of the stock markets which would indeed crash the system. Banks, IRAs, pensions, investments would all go stale overnight since they are leveraged out at horrendously high Fractional Reserve Banking ratios. They have invented the sustainable disaster, at our expense, and there is NO way to emerge unscathed.
Debts would triple overnight, which is the systemic parallel of what is happening now in the wall street casino. Damned if we do, and damned if we don’t. Our 2 options are BOTH bitter pills.
Self sufficiency and survival as local communities seems to be the only option. Yes there will be huge sacrifices and re-adapting on our parts, but freedom has never been free.
Audit all the banks and see where the chips fall. Everyone just might find that some have been better at the financial poker game than others. The chance/skill ratio of the game of poker means that over a period of time the smarter player will win more of the money. Sometimes people who lose their shirt maintain that the cards were stacked. A fair game frustrates the hell out of poor losers. Men can handle being rejected by a women. They can deal with ill-health. They will put up with jokes about their character. But they hate to admit that the other man is smarter than them. Most men would rather go to their deaths than face up to their intellectual and spiritual inadequacies.
Why should they shocked? Didn’t they know it? It is the big idea of the monetary system since US dollar detached from gold in 1973 and the US people is prohibited by federal law to own gold except for jewelry. They also knew that the system will not last, there always limit there. This maybe the beginning of the end. Bernanke is US Version of Suasno Duadji from Indonesia. The media also help not to notice this joker system to the US Taxpayers.
The monetization of the mortgage backed securities, at this point, is not inflationary, as long as it stays on the Fed’s balance sheet. This is not really any different than a bank creating a loan, with the difference that the newly created Fed money (monetization) is not directly entering the financial systm. The interesting thing will be what the Fed actually does with these assets that are on its balance sheet. That is the key. However,expect the Fed’s balance sheet to keep growing in the future.
Hey Ben, can you spot me couple Mil? I want to take the family to Europe this summer.
There has always been inflation around, problem today is inflasion is zero or below. It has always been so, better to invest than have cash in the bank.
You dont adjust the interest rate to defend a currency, you print more money to adjust the interest rate. US about to print 30 trillion $ – if ECB can dot it to save the Euro zone, the FED can as well. So print the 30 trillion $ to finance infrastructure, military, growth and the 20 trillion $ debt – Trump probably will.
The reason no one in the press cares is that they have been dumbed down (notwithstanding their intellectual conceits) just like the rest of America. They simply don’t understand the problem.
Ask the average reporter what it means and you will just get a blank stare.