The Consumer "Protection" Racket

Heavens to Betsy! With the Republicans up in arms about Obama's recent recess appointments, it seems many of his critics are missing the bigger picture. There are good reasons to oppose any President's power to simply appoint whomever he wants to whatever tax-feeding agency he wants. However, what Congress should be scrutinizing even more closely is the very existence of the agencies themselves. In this case, there is all sorts of hoopa about the recess appointment of Richard Cordray to the newly created "Consumer Financial Protection Bureau". I don't know much of anything about Richard Cordray - short of the fact he looks like Kenneth Parcell from "30 Rock" - and I don't need to in order to see the danger behind the new powers being given to this agency.

What I find most disturbing about this agency is that it is not created by Congress, nor will it be overseen by Congress or even the Administrative branch itself. No, this agency will operate solely within the confines of the unconstitutional Federal Reserve system. Not only that, but it will not even by funded through Congressional appropriations; instead it will be funded directly through the profits Federal Reserve makes off of interest payments from the U.S. Government debt it holds. "Profits", you say? "Why does the bank that issues our currency makes profits?" That's a damn good question, and I highly recommend watching this video we recently posted explaining how the Federal Reserve system works. The short version: The Federal Reserve makes up pieces of paper called dollars, the U.S Government makes up pieces of paper called bonds and sell them to the Federal Reserve in exchange for dollars, and then they tax the people to pay the interest on those dollars. Sound crazy? IT IS.

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