fed // Current TV

Rewritten Headlines: Small Frogs to NFL Draft

News rewritten the way it should be.

TonyDiGerolamo
added this
28 days ago
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The Fed Wants More Power

The Federal Reserve is preparing to open its kimono a bit wider in order to offer more... more

Anonmaly
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1 month ago
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1 comment

Why on Earth Would We End the Fed

Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders."

– The Honorable Louis McFadden, Chairman of the House Banking and Currency Committee in the 1930s

The Federal Reserve (or Fed) has assumed sweeping new powers in the last year. In an unprecedented move in March 2008, the New York Fed advanced the funds for JPMorgan Chase Bank to buy investment bank Bear Stearns for pennies on the dollar. The deal was particularly controversial because Jamie Dimon, CEO of JPMorgan, sits on the board of the New York Fed and participated in the secret weekend negotiations.1 In September 2008, the Federal Reserve did something even more unprecedented, when it bought the world’s largest insurance company. The Fed announced on September 16 that it was giving an $85 billion loan to American International Group (AIG) for a nearly 80% stake in the mega-insurer. The Associated Press called it a "government takeover," but this was no ordinary nationalization. Unlike the U.S. Treasury, which took over Fannie Mae and Freddie Mac the week before, the Fed is not a government-owned agency. Also unprecedented was the way the deal was funded. The Associated Press reported:

"The Treasury Department, for the first time in its history, said it would begin selling bonds for the Federal Reserve in an effort to help the central bank deal with its unprecedented borrowing needs."2

This is extraordinary. Why is the Treasury issuing U.S. government bonds (or debt) to fund the Fed, which is itself supposedly "the lender of last resort" created to fund the banks and the federal government? Yahoo Finance reported on September 17:

"The Treasury is setting up a temporary financing program at the Fed’s request. The program will auction Treasury bills to raise cash for the Fed’s use. The initiative aims to help the Fed manage its balance sheet following its efforts to enhance its liquidity facilities over the previous few quarters."

Normally, the Fed swaps green pieces of paper called Federal Reserve Notes for pink pieces of paper called U.S. bonds (the federal government’s I.O.U.s), in order to provide Congress with the dollars it cannot raise through taxes. Now, it seems, the government is issuing bonds, not for its own use, but for the use of the Fed! Perhaps the plan is to swap them with the banks’ dodgy derivatives collateral directly, without actually putting them up for sale to outside buyers. According to Wikipedia (which translates Fedspeak into somewhat clearer terms than the Fed’s own website):

"The Term Securities Lending Facility is a 28-day facility that will offer Treasury general collateral to the Federal Reserve Bank of New York’s primary dealers in exchange for other program-eligible collateral. It is intended to promote liquidity in the financing markets for Treasury and other collateral and thus to foster the functioning of financial markets more generally. . . . The resource allows dealers to switch debt that is less liquid for U.S. government securities that are easily tradable."

"To switch debt that is less liquid for U.S. government securities that are easily tradable" means that the government gets the banks’ toxic derivative debt, and the banks get the government’s triple-A securities. Unlike the risky derivative debt, federal securities are considered "risk-free" for purposes of determining capital requirements, allowing the banks to improve their capital position so they can make new loans. (See E. Brown, "Bailout Bedlam," webofdebt.com/articles, October 2, 2008.)

Continued............

http://www.globalresearch.ca/index.php?context=va&aid=10489Some people think that the Federal Reserve Banks are United States Government... more

PetEr_Alan_ColE
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1 month ago
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2 comments

"Banker Man"

My home town ain't no town, it ain't no home.... banker came and took away... more

paulfogarty
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4 months ago
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Police admit FED is private property, NOT federal land

apparently youtibe is trying to take this vid down, so i thought to spread it

Itsbatman_Durr
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4 months ago
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16 comments

Independence Day - Time For History To Repeat Itself

by David Shirk on July 4, 2011 in Uncategorized { edit }

July 4th, 1776. A divided continental congress was forced to unite in a cry for independence against England when a handful of the bunch told England that they were through. Subsidies, high taxes, the imprisonment of political renegades, and the favoritism showed by those in power to their favorite producers had gone to far. The declaration was recieved with a myriad or responses, some in shock, others in wounded pride. The sum of the resulting confusion and chaos cannot be crammed into a mere short article so I will spare everyone the history lesson.

In the end, many people died for many different reasons. Some felt it was their duty, some thier wellbeing, and others for a crack at a name for themselves. In the end, a high death toll, an economical disaster, and a fractured idea of what to do next plagued the newly free people. In spite of the odds, the people got back onto their feet, and began to rebuid and regroup.

Less then a decade after the fighting ceased, all of that would come to nothing. Ideas of grandeur began to seep into the heads of the politically powerful. The idea that America needed to become an Empire became the driving factor into the minds of those that held the power, and the rest as they say, is history.

So here we are, celebrating the 235 year old demopublic. The conditions of today are no different that those found in 1776 – high taxes, corpatism, subsidies, iron clad rule, and enough regultation to make a drill sergeant cringe. Of course its not all bad – never was, and until the breaking point is reached, nor will it be. There is a plus side to America’s paciveness to its government, and that is the acknowledgement that violent revolutions only replace one tyrant with another. In point of fact, violent revolutions often bring forward the most misguided, and in the midst of the confusion, grants them power.

Personally I hate the idea that i find myself questioning things to the level that i do. Ignorance in many cases was bliss as it aloud me the simple minded belief that we were doing well as a country, and that we just hit a bump in the road. History is a very disturbing wake up call.

I say we stop this pattern. Nations come and go, and the US is no different having already proved herself more then apt to inheret the ideals of failing societies the world over. The truth is that the colonial experiment was hijacked by the American Experiment – ripped from the hands of the people and turned over to the hands of politicians and bureaucrats.

You see long before the Stars and Stripes, there was liberty, and i have become all to aware of the difference between the two. Many of our so called ‘leaders’ follow in the foosteps in their predecessors. Arrogantly assuming that a law bent on the futile notion of solving the foibles of the human condition was a possible task, they have enacted law upon law on themselves until liberty has become no more then a fleeting vision.

I would like to remind people on this day of where we came from and what made us. After 235 years, its time we grew up, and rid ourselves of the notion that socialism, and statist mindsets are the keys to ‘civilized living’. These are nothing more then theives shaking right hands with you and robbing you with their left. The truth is that no Nation nor Empire can ever exist in pusruance with the ideals of liberty – for that is something that can only truly be had and maintained by the individual.

So lets have a revolution. Screw the state and the horse it rode in on. Its power is great only because it carries the threat and use of force. Yet the people hold a far greated power – one that never ceases to rise against the odds and overcome, and that is the power of individuals truly united upon the foundations of human rights. Violence is not the answer and will solve nothing. You cannot force your fellow man to your views – thats the states job. So be better then that – set an example. Show them by example that civilization needs no force to exist save that used in true defense. Educate yourselves and never stop, for in the end, it will yeild far more benefit then gold.

In the immortal words of Frederic Bastiat “Away, then, with quacks and organizers! Away with their rings, and their chains, and their hooks, and their pincers! Away with their artificial methods! Away with their social laboratories, their governmental whims, their centralization, their tariffs, their universities, their State religions, their inflationary or monopolizing banks, their limitations, their restrictions, their moralizations, and their equalization by taxation! And now, after having vainly inflicted upon the social body so many systems, let them end where they ought to have begun—reject all systems, and try liberty” – The Law.

http://peacefreedomprosperity.com/5368/independence-day-time-for-history-to-repeat-itself/by David Shirk on July 4, 2011 in Uncategorized { edit } July 4th, 1776. A divided... more