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The Federal Reserve Dictatorship Runs Amok Against Savers

Originally published at http://www.commondreams.org/views/2020/03/18/federal-reserve-dictatorship-runs-amok-against-savers

I agree Ralph and the whole shit show is even more evil and parasitic than you mention trying to describe its unconstitutional presence in society. The whole Fed money as debt game has run it’s course as evidenced by the 0% bankster rates here but there are trillions of dollars in bonds earning negative rates elsewhere. This system is exposed now more than ever. Trillions have gone into the wall street casino since Septemeber 2019 and hardly mentioned anywhere, but 1 Trillion in stimulus to the 99% must be debated and amended by half wits in congress who sit there as protectors of this bullshit. Bernie 2020 !

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This line is being peddled by every grifter on Wall Street right now, using pensioners and savers as a human shield for their intergalactic greed and corruption.

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The coronavirus will cause other economies to demand much more capital to aid their citizens and industry, which will make less capital available to the US. I have always wondered what event would cause the world to stop dumping money in the US, causing our government bond sales to crater. Having to create that amount of money from thin air won’t be easy.

If the US suffers this fate, going to Walmart is going to be like going to Nieman Marcus.

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When are common workers going to realize they are wage slaves and the US government keeps the labor force in line; daylight savings squeezes a little more out of people, for example.

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The entire question of the economy – including full employment – are questions
for our Congress to be debating on the floor of the House and Senate – not something
for a private Bank to be deciding over the future of all Americans.

Yet the fact that it is a private bank is something the public doesn’t understand – and
which is often still denied.

After ignoring the largely unproductive spiral in corporate debt, now a staggering $9.3 trillion, the risk of a domino effect from underwater “zombie companies” is pushing the Fed toward an orgy of printing money for an anticipatory bailout of profitable corporations – not depleted savers.

The Federal Reserve is our version of what other countries call a Central Bank. The Fed is not funded by Congress; its budget comes primarily from interest on government securities and fees from financial institutions. Bankers influence who gets appointed to its Board of Governors. Bankers can also elect three directors directly to the boards of the Fed’s regional Boards.

The Fed decides in secret the fate of the monetary policy, which includes the interest rates paid on your savings. There are no public hearings or open dockets for submission of views. No real explanations by the Fed; just dictates. It is a government of its own inside our government – the epitome of corporate socialism.

The President nominates members to the Board of Governors and they have to be confirmed by the Senate. This is almost an automatic process by a supine Senate. These nominated “governors” and Chairman Jerome H. Powell have allowed themselves to be publically bullied by Trump who, as a failed lifelong debtor, wants zero interest rates.

Why have savers not filed a class action law suit against the Fed for violation of the due process clause of the Fifth Amendment?