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Kucinich: A Revelation - The Fed Works for Banks, Not The Rest of America

http://kucinich.house.gov/News/DocumentSingle.aspx?DocumentI...

“The Federal Reserve extended extraordinary support to financial institutions that crashed the economy with reckless speculation, and on that support many of the firms made billions in profit and paid obscene bonuses. The Fed asked for nothing from these firms in return and that is because the Federal Reserve works first and foremost for the welfare of private financial institutions, not the American economy.

“The message that emerges from these revelations for Americans who have lost their jobs, lost their homes, or watched their retirement nest eggs disappear is that we have unlimited resources available for the banks, but nothing for the American people,” Kucinich stated.

The Bloomberg report is the result of a court-ordered release of over 29,000 pages of Federal Reserve documents and records of more than 21,000 transactions. Through direct lending, loan guarantees and enhanced lending limits, the Federal Reserve supported national and international financial firms with as much as $7.77 trillion as of March 2009. The $7.77 trillion provided dwarfs the $700 billion Troubled Asset Relief Program (TARP) cap mandated by Congress.

Congressman Kucinich introduced legislation that would impose transparency on the Federal Reserve. The National Emergency Employment Defense (NEED) Act, HR 2990, would incorporate the Federal Reserve within the United States Treasury. The bill would establish fiscal integrity, reassert Congressional sovereignty and allow the federal government to correct crippling national deficiencies in infrastructure repairs and education nationwide by spending money into circulation without increasing the national debt or causing inflation.

More: http://kucinich.house.gov/News/DocumentSingle.aspx?DocumentI...



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The Rules of Monopoly

The Bank "never goes broke." If the Bank runs out of money, the Banker may issue as much as needed by writing on any ordinary paper. Sound familiar?

(moved)

.

Hmm.. MMT!?

It sounds like Kucinich wants to give Modern Monetary Theory (MMT) a try.

Not sure that I dig it.

When injustice becomes law - rebellion becomes duty.

http://www.facebook.com/parishbenjamin

Maybe

Might be able to mess with it.

I'm undecided on it.

One thing is for sure. The fed needs reformed.

When injustice becomes law - rebellion becomes duty.

http://www.facebook.com/parishbenjamin

NO. The Fed Works for the Fed.

Think... How could or why would an entity that can simply create money out of nothing work for anyone, it is ludicrous to even suggest it. The Banks feed off the system of the Fed's loose money.

Ron Paul would never support a bill that replaces the Quasi Government-Private (Mercantalist) Monopoly for a Government Monopoly to create money. Instead he supports an end to this Monopoly with something called The Open Competition of Currency. Thus allowing the FED, The US Treasury, and Private Business, Local Communities, ect.. all to compete openly in a free market. Gold and Silver have proven through out history to win this competition but if you still want to accept US Treasury paper notes your free to do so.

Did Ron Paul cosign or

Did Ron Paul cosign or sponsor the Bill?

bump for...

info

"First they ignore you, then they laugh at you, then they attack you, then you win!"
GANDHI

"The belief is worthless if the fear of social and physical punishment overrides the belief."

$16 trillion?

I thought the Fed's secret loans in this time period were 16 trillion, not 7.7. That audit that came out around summer time showed 16 trillion in loans by the Fed to the biggest banks between 2007-2010. Anyone know the difference between the two? Was this 7.7 part of that period, just at a 0% interest rate?

I think that came from Bernie Sanders' office

adding the numbers wrong from the GAO audit.

Sometimes Dennis gets

it right but he is no Ron Paul. Dennis is on his way out of the congress. The Democrats desperately want him out of their hair so they redrew his voting district to put him at great disadvantage. Say goodbye to Dennis. Party loyalty? Haaahaahaaaaahaaaaaaaaaaaa!

similarities >> differences

Kucinich has been saying this for a long time. And actually state Republicans did the redistricting in Ohio that hurts Kucinich (D). But the bigger point is not the more minor differences but that Paul and Kucinich very much agree and support each other! When he was running for president, Kucinich said his first choice running mate was Ron Paul! Paul once said he'd like Kucinich in his cabinet (foreign policy). This may be a way to reach apathetic liberals!

The banking cartel uses left and right to divide us, but it's not important. The real divide is establishment vs. the people, liberty & prosperity. Every president since Jackson has favored the establishment. It's time to reset the federal government! Balance budget, pay down debt, fix phony money, enjoy prosperity!

What an idiot.

"The National Emergency Employment Defense (NEED) Act, HR 2990, would incorporate the Federal Reserve within the United States Treasury. The bill would establish fiscal integrity, reassert Congressional sovereignty and allow the federal government to correct crippling national deficiencies in infrastructure repairs and education nationwide by spending money into circulation without increasing the national debt or causing inflation."

Not sure what you mean??? (response aimed at "member")

Sounds like it puts the power of the peoples money back into the hands of the Treasury as stated in the Constitution. Why is he an idiot for wanting to do that? By the way, welcome to DP 5 day member.

The fed must go.

Perhaps you could use a refresher on constitutional money:
http://www.youtube.com/watch?v=k6gMkKmQSW4

The part that reveals that Kucinich, as nice and/or honest as the guy may be, is dangerously ignorant when it comes to economics is this part:

"spending money into circulation without ... causing inflation"

Our congress doesn't even bother to pass a budget. To expect them to restrain their spending and money printing enough to avoid inflation, which would require them to pass cuts of the same magnitude as what Ron Paul is proposing, is beyond fantasy.

The fed MUST go. Gold, silver, platinum (and various other commodities) need to be unleashed as currency. Gold in your hand (or savings nest-egg) can't have its value destroyed by congress printing too much gold -- because they can't print gold. FRNs (federal reserve notes) can and WILL be destroyed by printing too many. Taking the printing press away from the fed and giving to congress will only cause FRNs to be destroyed that much faster.

The big picture is in this video

What we need right now are votes. Some of these votes could come from Democrats or Liberals who are on the borderline about Ron Paul. From the many people I've spoken with on my college campus, they do disagree with small things. However, these people believe some big views Ron Paul has pertaining to wars and the fed. Showing this to some of your Democrat friends who agree with Kunicnich could guide them into backing up Ron Paul when it matters most: during the Primaries. Maybe they'll come out and vote in the Republican primaries just to make sure it isn't someone corrupt & money hungry like Newt and Romney.

Just a thought :)

Brooke Day

I can see, now, why Dr, Paul does not align with Kucinich

Despite the agreement with principles, the delivery is stale, old, worn, has-been, what we've seen a million times, arrogant, arcane.
Dr. Paul does not ridicule as much as state the obvious.
Let's stick with principled politicians.
Nice try, Mr. Kucinich. Keep watching.
John

JJ Jones, Singer / Performance Artist. "You're the Wrong One, Mr. Gingrich" and "Ron Paul - The Downtown Song" available on iTunes http://itunes.apple.com/us/album/ron-paul-the-song-parody-do...

Wow, just wow. Kucinich is

Wow, just wow. Kucinich is one of the few members of Congress who is willing to call out the Fed and bring attention to issues as important as this, and you still want to tell him "Nice try, keep watching" just because he doesn't agree with all the principles Ron Paul does. That my friend, shows arogance.

Read the article.

He just wants to put the Fed into the Treasury Department. He doesn't want to get rid of the Fed. And he's against a gold standard.

I understand all of that, but

I understand all of that, but that's not my point. My point is that regardless of the fact he doesn't want to abolish the Fed, he is still bringing attention to the corruption of the Fed which is something the large majority of Congress will never understand.

He doesn't even agree on principles on this.

He opposes sound money.

Watch his video

http://youtu.be/oUpXDZFtEHw

I think he has already shown his support for Dr Paul, he knows Dr Paul is the most viable candidate and already has the supporters.

just commented on his youtube clip

*

Thanks for posting

My appeal to Dennis Kucinich is:

Please tell your supporters in Iowa to vote Dr. Ron Paul.

LL on Twitter: http://twitter.com/LibertyPoet
sometimes LL can suck & sometimes LL rocks!
http://www.dailypaul.com/203008/south-carolina-battle-of-cow...
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15

He won't do that. Then he

He won't do that. Then he can't ride on Obama's big plane again.