The Fed is not OUR Fed. We’ve been screwed by the wily stranger…
The Federal Reserve sounds like a governmental organization, doesn’t it? Doesn’t it?
Like OUR Federal Reserve?
Its not.
We have no say about the monetary policy that Bernanke has pushed on us, that Greenspan pushed on us.
And now, while the United States is stumbling and wonders how long recovery will take (two to four years, minimum to get where we were half way thru the crash), Americans FINALLY discover the truth:
We have NO SAY over the Federal Reserve, according to the awesome and easy to read article in Rolling Stone by Matt Taibbi:
“None other than disgraced senator Ted Stevens was the poor sap who made the unpleasant discovery that if Congress didn’t like the Fed handing trillions of dollars to banks without any oversight, Congress could apparently go fuck itself — or so said the law. When Stevens asked the GAO about what authority Congress has to monitor the Fed, he got back a letter citing an obscure statute that nobody had ever heard of before: the Accounting and Auditing Act of 1950. The relevant section, 31 USC 714(b), dictated that congressional audits of the Federal Reserve may not include “deliberations, decisions and actions on monetary policy matters.” The exemption, as Foss notes, “basically includes everything.” According to the law, in other words, the Fed simply cannot be audited by Congress. Or by anyone else, for that matter.”
So when Bernanke had his four page TARP and got it funded, he didn’t have to give us any backup information about where the money is going? NOPE.
When we discovered that American Taxpayers’ hard earned money was going to buy toxic assets, could be complain and see results? NOPE.
We’ve been played, peeps.
By a non-governmental organization who screwed us and took the money from our wallets, all the while flying around the world in corporate jets…
The Federal Reserve is in cohoots with banks and Wall Street. The American people have no rights against this.
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