Comment: Fed Confidence Racket Whithers w/ Independance

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Fed Confidence Racket Whithers w/ Independance

Will the Fed end itself as it own confidence whithers? Is their independence all by itself their ultimate demise?

Reader's Comments (reader's digest condensed version)
Confidence in the Fed evaporated four years back after its failure to recognize the multitude of warning signs leading up to the great recession. Bernanke was asleep at his post. And then there’s the LIBOR scandal and the the former head of the NY Fed, now Obama’s Treasury Secretary, Tim Geithner.
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The “Federal” Reserve is an atrocity and should be folded into the Treasury Department as soon as possible.
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The Fed is a fungus feeding on our economy. ...their games of smoke and mirrors being played in the dark.
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The Fed is a sham. It’s run by the big banks for the big banks. This institution needs to go today, no audits just get rid of it. This is the home from which Banksters are spawned. Do the research.... Ron Paul has echoed this sentiment for years.

From the 1910 “duck hunt” on Jekyll Island to Jackson Hole, Wyoming... The rich man's club decides much more than our founding fathers might have planned.
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The irony with Fed-loving liberals is their simple lack of understanding of the Fed. Most don’t understand the Fed is independent, that no member of Congress can attend a meeting, and that it’s made up of member banks – that’s right *private banks*. In 1907, JP Morgan stepped in, ‘saved the banking system’ [extended the USA line of credit] according to historians, and then pushed for the creation of what became the Federal Reserve.

The Fed benefits large banks more than anyone / thing else. IT IS FOR LARGE BANKS TO SURVIVE. ... read the history of the Fed. How it was formed, why, and the role it plays. Do so for your own education.
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The GAO audit of the Fed revealed that some $16 trillion had been secretly given out between Dec. 2007 and June 2010 to bailout many of the world’s banks, corporations and governments…of course this was at 0% interest and virtually none of it has been returned. This at a time when so many were and still are suffering from the deeds of those who sent the economy into a downward spiral which happen to be the ones getting bailed out. The waivers of conflict of interest to Fed employees at the time of all this bailout action is another subject in and of itself.

I think Bernie Sanders (I-VT.) summed it up pretty well when he said, “This is a clear case of socialism for the rich and rugged, you’re-on-own individualism for everyone else”.
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The fed was developed in secret by the monied interests in [Christmas break]1913 and rammed through congress while they were on vacation by a turncoat congressman who was in their pay… They must be audited and it would be good to turn them over to the Treasury department……[or jailers].
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[President] Nixon was also instrumental in getting us into this mess by removing the gold standard. That gave congress a blank check to spend as much unguaranteed money as they can.
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The Fed has done what for the country in those 100 years? It has only... helped the banks that created all of the problems over those many years. Nothing for the country as a whole.
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Confidence?? They destroyed it themselves when they took interest rates to negative levels, basically stealing the wealth of savers, retirees, the prudent, pension funds and handing the grab bag of free money over to banks. A continuing stealth tax on wealth (with the cowardly consent of congress) to bail out the banks the Fed should have been overseeing. Couple this with their backing of the repeal of Glass-Steagall by Greenspan and a definitely out of control Bernanke destroying what was left of the dollar and guess what? No confidence? No Jobs? ... You can bet the employees at the Fed are still getting fat raises, salaries, benefits and pensions and depositors are paying for it.
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