Friday, December 02, 2011

The Greatest Hoax in the History of Money: The Fed, The Banks, The Lies | Crooks and Liars

The Greatest Hoax in the History of Money: The Fed, The Banks, The Lies | Crooks and Liars
It took the journalists at Bloomberg News two years - and presumably lots of legal fees - to pry information out of the Federal Reserve that should have been made public long ago. We now know that the Fed's secret $7.7 trillion lending program wasn't just the most massive bank bailout ever seen, and it wasn't just free money for mega-bankers - though it was certainly both of those things. It was also the greatest hoax in stock market history.

No, scratch that. It was the greatest hoax in the history of money. And it was built on lies. How many? Let us count the ways.

The Fed printed trillions of dollars so they could lend it to the banks that crashed our economy at 0.01% interest (also to foreign banks and a number of very wealthy individuals). I think I could make a profit with that money. Don't you? How hard would it be to find somebody who wanted to borrow it at, oh, say 2.0%? Then the Fed kept it a secret. Not even Congress knew about it. When Bernie Sanders and a few other members of the US Congress had the temerity to ask for an audit of the Fed, they were told that such an idea was horrifying and would compromise the independence of the Fed. But a partial audit was ordered and done and it turned up this gigantic stinking obscenity.

But even so, what percentage of the public has read the news coverage of this? Compare that number with the percentage who know all the remaining contestants on the most popular reality show (whatever that is), or who know the current win-loss records of all NFL teams?

Thanks to Mystery Reader for this link.

1 comment:

Anonymous said...

We should be grateful to the super-rich, as this comic strip

explains why.