http://online.wsj.com/article/SB1000142405…2380461160.html
Federal Reserve Chairman Ben Bernanke on Friday ruled out a central bank bailout of state and local governments strapped with big municipal debt burdens, saying the Fed had limited legal authority to help and little will to use that authority.
“We have no expectation or intention to get involved in state and local finance,” Mr. Bernanke said in testimony before the Senate Budget Committee. The states, he said later, “should not expect loans from the Fed.”
This has to be one of the most glaring examples of how Fed Corp is a private bank with authority over Congress. That fact that Congress supposedly has input on who is put on the Fed Corp chairs clearly has no influence over the fact that the banks can do absolutely anything they want and that it does not serve the Federal government in any useful way.
It also strongly suggests that Fed corp is actively sabotaging the government since it doesn’t mind printing up bails of money to pay for worthless quantitative easing loans which will probably never be repaid. However it won’t open the purse strings for state governments meaning it’s hoping that the state governments fail.
Why Does It Matter If Federal Reserve Is Private Or A Government Agency?
It’s important that Federal Reserve Corp is private because by law the boards of private corporations must make all decisions toward whatever is most profitable for that company.
So in any case where fed corp has the choice to do what Congress wants versus screwing Congress and making a buck it will always choose to make a buck for its shadowy shareholders.
In other words, given the choice to use it influence to send the US into moronic, unwinnable wars versus using its influence to keep the peace, Fed Corp will pit the US into idiotic wars because wars are profitable to banks.
It’s a retarded system that can only end badly, and is ending badly.
Related posts:
- FAQ: How Does Federal Reserve Corporation Create Depressions?
- Why The Banks Are Really The Government, And Not The Congress, POTUS or SCOTUS
