Despite stonewalling by Federal Reserve Chairman Ben Bernanke and his cronies in the moneyed institutions of privilege, the recent partial Fed audit and dribbled-out documents sought by news organizations under the Freedom of Information Act are revealing an astounding level of corruption in the institution.
There is a revolving door between the Fed boards and the “too-big-to-fail” financial institutions like Citibank, Bank of America, JP Morgan, Goldman Sachs, Wells Fargo, etc. This, of course, we knew. What we didn’t know — but suspected — was the speed at which the door revolved.
At the time we were being warned by President George W. Bush and former Treasury Secretary Hank Paulson (formerly of Goldman Sachs) that something had to be done to save the large financial institutions that were teetering on the brink of bankruptcy because of their own debauchery, there were 18 Federal Reserve Board members who were previously high-level executives of the “too big to fails” that were in line to receive the bailouts, according to a GAO report. And 76 percent of Fed board members also own or owned stock in those same institutions.
After spending time on the Fed board and determining whether those financial institutions lived or died and acquiring insider information available only to Fed board members, those members then return to the banks as executives who set the future policy for those banks. Now, according to Senator Bernie Sanders (I-Vt.), the top six financial entities have assets the equivalent of 65 percent of the United States gross domestic product.
Those entities spend billions of dollars to lobby Congress and finance Congressional campaigns and buy Presidents (they own both Barack Obama and Mitt Romney).
While laws in Europe and Australia prevent their central bank board members from similar conflicts of interest, there are no such laws regulating Federal Reserve board members.
The Federal Reserve is a criminal enterprise that is looting the savings and investments of Americans for the benefit of a privileged elite class. Very few people understand this, even though I and others have been saying it for many years, enduring ridicule and disdain all the while. But thanks to the efforts of people like Bernie Sanders and Ron Paul in Congress, and a very few diligent reporters like Dylan Ratigan, the truth is getting into the mainstream for all to see.
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