The Economic Collapse
September 16, 2011
For a moment, imagine that there is a privately-owned
organization in the United States that can create U.S. dollars out of thin air
whenever it wants and can loan that money to whoever it wants to. Imagine that
this organization is able to act with the full power of the U.S. government
behind it, but that nobody in the organization is ever elected by the American
people, and that for all practical purposes the organization is not accountable
to the president or to Congress. Imagine that the organization is able to make
trillions of dollars of secret loans to banks, to foreign governments and even
to their close friends without ever having to face a comprehensive audit. Does
that sound preposterous? Well, such an organization actually exists. It is
called the Federal Reserve, and today we found out that once again the Fed is
going to be taking huge piles of your money and
loaning it to commercial banks in Europe.
The Congress cannot
overrule this decision. Neither can Barack Obama. Because it has so much
power, many refer to the Federal Reserve as "the fourth branch of government",
but unlike the other three branches of government, there are basically no
significant "checks and balances" on the Federal Reserve. If you don't like the
fact that the Federal Reserve is racing in to help big foreign banks survive the
European debt crisis that is just too bad. The Federal Reserve pretty much gets
to do whatever it wants to do, and the folks over at the Fed simply do not care
whether you like that or not.
So what in the world just happened today? The following is how an article on
CNBC
explained it....
Just ahead of the Wall Street open Thursday, the European Central Bank,
along with the U.S. Federal Reserve, Bank of England, Bank of Japan and Swiss
National Bank announced they would offer three-month dollar loans to Europe's
commercial banks, easing dollar funding constraints.
It must be nice to do whatever you want without having to get the approval of
anyone else.
What do you think Barack Obama would give for such power right about now?
The Federal Reserve and other major central banks around the world decided
that lending big European banks gigantic piles of dollars would be a good idea,
so they are just doing it.
No debate, no votes and no democracy - they just tell us how things are going
to be and that is that.
Read the entire article