Too Obvious To See?
“The $16 trillion in secret bailout loans made by the Fed that the GAO had located in 2011 was only the tip of the iceberg. When the Levy Economics Institute added in other Fed bailout programs that the GAO had not included, the actual tally came to $29 trillion.
“While the Fed was secretly conducting the most unprecedented bailout of Wall Street banks in history from December 2007 through at least the middle of 2010, millions of Americans were struggling to make the mortgage payment on their home as a result of losing their job to an economic crisis caused by these very banks. Then those same banks moved in to foreclose on millions of homeowners, while secretly receiving these windfall bailouts from the Fed.” — Pam Martens and Russ Martens: July 21, 2020
The unfathomable amount of money the Fed handed out might become Exhibit A when the Trump-Musk cleansing machine arrives at the Fed’s door, but really, what would you expect of an institution created for the purpose of keeping the big boys flush with ”elastic currency” while insisting it is really an inflation fighter?
Should Trump-Musk scold the Fed for its embarrassing “mathematically-impossible” episodes — the Great Depression, the stagflation of the 1970s, the Great Recession (see above) — or try something else?
On rare occasions a Fed member or even the Chairman will state in plain language what the Federal Reserve does — print money — but most people seem to forget it as soon as the words leave his mouth. Certain others who don’t forget it profit from the scam and trust in the public’s indifference to protect them. So far their trust has been well-placed. With few exceptions people don’t connect printing money with counterfeiting.
The Fed is a central bank with the appearance of decentralization to suggest it is somehow consonant with founding American values. Contrary to those values, its home in Washington, D.C., the Eccles Building, is huge and imposing, suggesting that something great and important is going on inside that’s none of our business.
It’s operating arm, the Federal Open Market Committee (FOMC), alone determines “monetary policy,” as if it were acting independent of any other influence, yet the most influential member of the FOMC is appointed by the President.
One of its goals is to stabilize prices. In 1985 a gallon of gas cost around $1.20. And today? As for the dollar itself, it’s worth abou
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LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.
