Other than humanism in general, IE mans revolt against Gods revealed word, the Federal reserve is enemy number one. An Organized crime syndacate.
This is from Gary Norths member's side.
Bernanke's Nightmare: A Bureaucratic Bloodhound Named Barofsky
....Bernanke Caught Swapping Currencies
On the same day Barofsky was briefing Congress on his 250-page report, a film clip on YouTube showed Congressman Alan Grayson grilling the Federal Reserve's Ben Bernanke, who admitted to swapping $500 billion of US funds to central bankers in Europe in one day (this represents 25% of what the US collects in taxes in an entire year), in what appears to have been an attempt to alter the value of the US dollar and to influence the price of oil and the value of stocks. (Bernanke's testimony can be viewed here: YouTube - Alan Grayson: "Which Foreigners Got the Fed's $500,000,000,000?" Bernanke: "I Don't Know."
Federal Reserve Operates Out A Hidden Entity
Financial commentator Karl Denninger writes that Federal representatives may have opened multiple undisclosed-type accounts thru an entity known as State Street Global Advisors, located in Boston, over the past few months.
All of these accounts are allegedly handled by one single trader, writes Denninger, a trader "who is cocooned and isolated from interaction with other partners."
Denninger writes: "If, indeed, the Federal Reserve or other derivatives of the administration, are now directly involved in trading, managing repo terms, stock lending, collateral distribution and other liquidity-crucial aspects of what was once an efficient market, then indeed this recent stock market rally could be written off not merely as the biggest short covering rally of all time, but one that has been explicitly orchestrated by those who should be most impartial to an efficiently working market."
Denninger goes on to say that the Federal Reserve is explicitly barred from buying into anything that doesn't have the full faith and credit of the US government behind it (Federal Reserve Act Sections 13 & 14). This means the Fed's purchase of Fannie Mae and Freddie Mac paper are also outside the law.
Furthermore, the Fed's charter and operations manual state that liquidity operations are to be performed solely through the New York Fed's dealing desk so as to maintain transparency. The use of State Street Global Advisors in Boston would be outside that mandate.
The Fed Crushes American's Personal Investments
By examining activity at the New York Fed's dealing desk, Denninger detected a huge decline in liquidity of the stock market on September 24 of 2008, three days before the equity markets collapsed. Bernanke orchestrated this collapse via huge withdrawals of liquidity at the New York Fed dealing desk. This appears to have been an attempt to pressure Congress which was deliberating the TARP economic bailout package at that very moment in time.
By withdrawal of massive amounts of liquidity from the banking system, The Federal Reserve caused a 30% decline in the value of IRA and 401k accounts owned by millions of Americans.
The S&P 500 dropped from 1185 to 747.
Limitless Liquidity, Limitless Power
Denninger asks: "Do we want the Federal Reserve operating with essentially limitless liquidity to game the markets any time they'd like in violation of the law?"
If there is no transparency, and the Federal Reserve is working discretely through a sole agent (State Street Global Advisors), Denninger maintains that the Fed should be dissolved and criminal prosecution should follow.
Saturday, July 25, 2009
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