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THE FEDERAL RESERVE: A DIFFERENT VIEW

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Author: oldreb

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“What difference does an increase in the National Debt make? We owe it to ourselves.” virtually every congress-critter has declared. Such a paraphrased statement, reflecting on the exoskeleton structure of the Federal Reserve, ignores the inner historic mechanisms of Rothschild banking, the intense subterfuge and arm-twisting of the Fed’s creation, and the proven destructive forces inherent but hidden therein. 1

The medieval Rothschild Banks established a line of credit for the King provided the King issued a written promise to pay gold, with interest, to the bank at a time in the future. The book-entry Rothschild credit was used to pay for obligations incurred by the king. The credit continued to be circulated in the kingdom between merchants. The bankers sold the king’s interest bearing promise of gold to investors. The promise was renewed by the king on its maturing date and became perpetually rolled-over. 2

VOILA !!! The king made the suppliers of services happy with Rothschild credit; the bankers had the gold from investors; the investors had a promise the king would eventually pay them in gold—which would never happen. 3 Everything went smoothly as long as the bankers could sell the promise and the investors did not demand the gold. 4 As Benjamin Ginsburg has lamented in FATAL EMBRACE; (bankers) AND THE STATE 5, eventually the schemes, which stole the wealth from the people with book-entry fiat money, would come to a catastrophic climax. 6

The Federal Reserve system, claimed to be “staffed and run by Council on Foreign Relations members” 7 does the same thing for the U.S. government’s deficit spending. Their wizard is hiding behind Frank Baum’s curtain as obscurant to any public inquiry.8

The Federal Reserve Bank of New York will grant credit (not “create money”) in an account of the US government with an amount that the government will pledge. 9 The government will expend the book-entry-credit account (deficit spending) to pay for goods and services consumed by the government. The suppliers are content. Evidence that the supplier has received a credit voucher is obvious. [It is touted to the public as a loan.10] The heading of the currency given to the supplier by a local commercial bank is Federal Reserve Note; i.e., a debt obligation of the Federal Reserve also identified as a “tender” (substitute) required by law to be accepted for an imprinted number of dollars. 11 More

Fed’s Latest Plan for Bailing Out Wall Street Banks: Let Them Overdraft their Accounts at the Fed

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By Pam Martens and Russ Martens: October 31, 2019 ~

Victoria Guida, Reporter for Politico, Was First Reporter to Question Fed Chair Powell on Repo and Liquidity Problems on Wall Street During Fed’s October 30, 2019 Press Conference

Yesterday, following the announcement of another 1/4 point interest rate cut by the Federal Reserve’s Open Market Committee, Fed Chairman Jerome Powell held a press conference at 2:30 p.m. It proved to be an embarrassing and shameful example of New York City-centric business journalism.

Seven business journalists from leading business news outlets that cover Wall Street asked questions in the first 23 minutes of the press conference. Not one of these reporters asked about the liquidity crisis on Wall Street that has resulted in the Fed offering $690 billion a week to 23 Wall Street securities firms and one foreign bank as well as a newly launched “don’t call it QE4” operation by the Fed to buy up $60 billion a month in Treasury bills from Wall Street dealers.

The Fed began its repo loan interventions on September 17 of this year for the first time since the financial crisis. That crisis grew into the worst economic collapse in the U.S. since the Great Depression. What the Fed is now doing has all the same earmarks as the actions it took in the early days of the last crisis. (See our ongoing series of articles on the Fed’s actions and the liquidity stresses on Wall Street.) And yet, despite these frightening similarities, not one of the following reporters (in this order of asking questions within the first 23 minutes of the press conference) could summon the nerve to broach the subject: Michael McKee, Bloomberg TV; Heather Long, Washington Post; Jeanna Smialek, New York Times; Steve Liesman, CNBC; Nick Timiraos, Wall Street Journal; Edward Lawrence, Fox Business; and Brendan Greeley, Financial Times.

It was not until the eighth reporter was handed the microphone that we heard a question on the most critical financial topic of the day. More

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