The banking industry now owns the US. Face it. It is true, and our good friend Ben Bernanke is there to help...
* JULY 27, 2009Bernanke Feared a Second Great Depression
Taking His Case to the People, Fed Chairman Defends Aggressive Actions to Stem Financial Crisis, Calls for Regulatory Overhaul
By SUDEEP REDDY
KANSAS CITY, Mo. -- Federal Reserve Chairman Ben Bernanke on Sunday said he engineered the central bank's controversial actions over the past year because "I was not going to be the Federal Reserve chairman who presided over the second Great Depression." [...]
Well, he does have his ego to support, however one very telling thing is his total disregard for the US Constitution:
"I don't think that's consistent with independence," he said. "I don't think people want Congress making monetary policy."
Mr. Bernanke, that actually IS part of their job. Let's look at Article I, section eight, shall we?
Article I, Sec. 8:
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
To borrow money on the credit of the United States;
To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;
To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; [...]
Take a look at your paper money; it says "Federal Reserve Note" at the top. That says "counterfeit" to my mind. We have also seen that General Motors got special treatment in their bankruptcy as well as major financial institutions getting huge sums of money to PREVENT bankruptcy. You cannot expect that same treatment for that little local diner or other local owned/operated non-chain small business. Article one, section eight as regards bankruptcies is not being properly applied. Too big to fail? MY ASS!!!
I am a Conservative. I am a Capitalist. We have neither in this country, right now. We have a corporate oligarchy.
But getting back to my point, it IS CLEARLY the job of Congress to set monetary policy. It is time they stepped up to the plate and actually did their jobs instead of letting the lobbyists write our legislation and run our economy while providing generous kickbacks to our elected officials. Bernanke should be FIRED and the Federal Reserve dissolved.