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Fed Up with the Fed:
While the Fed has recently released an unprecedented amount of information on its activities, there is still much that remains unknown. Predictably, every push towards transparency has been fought tooth and nail. It took disclosure requirements enacted within the Dodd-Frank Act to get the Fed to provide data on its emergency lending facilities. It took lawsuits filed by Bloomberg and Fox News to provide data on discount window lending during the worst parts of the financial crisis. And it will take further concerted action on the part of Congress, the media, and the public to keep up pressure on the Fed to become and remain transparent.
Transparency is not a panacea, however, as a fully transparent organization is still capable of engaging in all sorts of mischief. Ironically, one of the Fed's more egregious recent actions, adopting an explicit inflation target, was hailed by many as another wonderful example of transparency. Yet if you think about what this 2% inflation target actually is, you realize that it is an explicit policy to devalue the dollar and reduce its purchasing power. And it adds up quickly over time. Two percent annual price inflation means that prices rise 22% within a decade, and nearly 50% within two decades.
It is worse than that, however.
This explicit 2% target also fails to take into account that whatever measure is used to determine price inflation, be it CPI, core CPI, PCE, etc., will always be chosen with an eye towards underreporting the true rate of inflation and price rises. Pressure will be exerted on those calculating the price indices, so as not to alarm the public when prices begin to accelerate. Of course, government officials claim that price increases do not affect the average American because they can always substitute hamburger for steak, or have cereal instead of bacon to protect their family budget as prices rise.
But the American people don't overlook the fact that their quality of life has suffered because of the Federal Reserve and price inflation. What will they substitute when hamburger and cereal go sky high? The Federal Reserve continues to keep interest rates low in the hopes of boosting lending and consumption. But keeping interest rates at zero discourages saving. Why stick money in a savings account earning 0.05% if it is guaranteed to lose at least 2% every year? The Federal Reserve created the largest debt bubble the world has ever known with these sorts of policies.
The extended zero interest rate policy only eviscerates thrift and savings—the true building blocks of prosperity. Capital will continue to be depleted, infrastructure will fall into disrepair, and the United States will be a mere shadow of its former self. It is well past time to end the failed monetary policy that encourages this mistaken preference for cheap money now, rather than real wealth in the long run.
Transparency and a full audit of the Federal Reserve is a start and something we must continue to pursue. And, if those in power don't have the stomach to bring the Fed out into full daylight, the American people deserve at least the right to conduct their economic transactions in the medium of exchange of their choosing.
World Government = Global Death!
The elites establishing world government have openly stated a plan to exterminate 6 billion people. The system is not run by people who are just corrupt, it is controlled by blood lusting control freaks who are unspeakably evil
.
Real Shocking Crimes caught on camera: "Warning Graphic."
What your mainstream media never tell you: Marvel at the al-Jazeera film crew whipping the crowd to hysteria. This is what most UK/american mainstream media do ; get the crowds TO ACT for the cameras. Ever noticed the STAGED gun shots or in-the-lens chanting? It's all fake, staged propaganda for the liars at Sky/ITN/BBC?CNN/Fox. اسامہ بن لادن ہلاکओसामा बिन लादेन को मार डाला قتل أسامة بن لادن Oussama Ben Laden tué Osama Bin Laden getötet Usama bin Ladin dödas DURBAN, South Africa -- “No high hopes for Durban.” “Binding treaty unlikely.” “No deal this year.” Thus ran the headlines. The profiteering UN bureaucrats here think otherwise. Their plans to establish a world government paid for by the West on the pretext of dealing with the non-problem of “global warming” are now well in hand. As usual, the mainstream media have simply not reported what is in the draft text which the 194 states parties to the UN framework convention on climate change are being asked to approve. Behind the scenes, throughout the year since Cancun, the now-permanent bureaucrats who have made highly-profitable careers out of what they lovingly call “the process” have been beavering away at what is now a 138-page document. Its catchy title is "Ad Hoc Working Group on Long-Term Cooperative Action Under the Convention -- Update of the amalgamation of draft texts in preparation of [one imagines they mean 'for'] a comprehensive and balanced outcome to be presented to the Conference of the Parties for adoption at its seventeenth session: note by the Chair.” In plain English, these are the conclusions the bureaucracy wants. The contents of this document, turgidly drafted with all the UN's skill at what the former head of its documentation center used to call “transparent impenetrability”, are not just off the wall – they are lunatic.
Fed Up with the Fed:
While the Fed has recently released an unprecedented amount of information on its activities, there is still much that remains unknown. Predictably, every push towards transparency has been fought tooth and nail. It took disclosure requirements enacted within the Dodd-Frank Act to get the Fed to provide data on its emergency lending facilities. It took lawsuits filed by Bloomberg and Fox News to provide data on discount window lending during the worst parts of the financial crisis. And it will take further concerted action on the part of Congress, the media, and the public to keep up pressure on the Fed to become and remain transparent.
This explicit 2% target also fails to take into account that whatever measure is used to determine price inflation, be it CPI, core CPI, PCE, etc., will always be chosen with an eye towards underreporting the true rate of inflation and price rises. Pressure will be exerted on those calculating the price indices, so as not to alarm the public when prices begin to accelerate. Of course, government officials claim that price increases do not affect the average American because they can always substitute hamburger for steak, or have cereal instead of bacon to protect their family budget as prices rise.
But the American people don't overlook the fact that their quality of life has suffered because of the Federal Reserve and price inflation. What will they substitute when hamburger and cereal go sky high? The Federal Reserve continues to keep interest rates low in the hopes of boosting lending and consumption. But keeping interest rates at zero discourages saving. Why stick money in a savings account earning 0.05% if it is guaranteed to lose at least 2% every year? The Federal Reserve created the largest debt bubble the world has ever known with these sorts of policies.
The extended zero interest rate policy only eviscerates thrift and savings—the true building blocks of prosperity. Capital will continue to be depleted, infrastructure will fall into disrepair, and the United States will be a mere shadow of its former self. It is well past time to end the failed monetary policy that encourages this mistaken preference for cheap money now, rather than real wealth in the long run.
Transparency and a full audit of the Federal Reserve is a start and something we must continue to pursue. And, if those in power don't have the stomach to bring the Fed out into full daylight, the American people deserve at least the right to conduct their economic transactions in the medium of exchange of their choosing.
World Government = Global Death!
The elites establishing world government have openly stated a plan to exterminate 6 billion people. The system is not run by people who are just corrupt, it is controlled by blood lusting control freaks who are unspeakably evil
.
Real Shocking Crimes caught on camera: "Warning Graphic."
What your mainstream media never tell you: Marvel at the al-Jazeera film crew whipping the crowd to hysteria. This is what most UK/american mainstream media do ; get the crowds TO ACT for the cameras. Ever noticed the STAGED gun shots or in-the-lens chanting? It's all fake, staged propaganda for the liars at Sky/ITN/BBC?CNN/Fox. اسامہ بن لادن ہلاکओसामा बिन लादेन को मार डाला قتل أسامة بن لادن Oussama Ben Laden tué Osama Bin Laden getötet Usama bin Ladin dödas DURBAN, South Africa -- “No high hopes for Durban.” “Binding treaty unlikely.” “No deal this year.” Thus ran the headlines. The profiteering UN bureaucrats here think otherwise. Their plans to establish a world government paid for by the West on the pretext of dealing with the non-problem of “global warming” are now well in hand. As usual, the mainstream media have simply not reported what is in the draft text which the 194 states parties to the UN framework convention on climate change are being asked to approve. Behind the scenes, throughout the year since Cancun, the now-permanent bureaucrats who have made highly-profitable careers out of what they lovingly call “the process” have been beavering away at what is now a 138-page document. Its catchy title is "Ad Hoc Working Group on Long-Term Cooperative Action Under the Convention -- Update of the amalgamation of draft texts in preparation of [one imagines they mean 'for'] a comprehensive and balanced outcome to be presented to the Conference of the Parties for adoption at its seventeenth session: note by the Chair.” In plain English, these are the conclusions the bureaucracy wants. The contents of this document, turgidly drafted with all the UN's skill at what the former head of its documentation center used to call “transparent impenetrability”, are not just off the wall – they are lunatic.
