Archive for The Federal Reserve

WATCH OUT FEDERAL RESERVE: Senate agrees to expanded ‘Audit the Fed’ provision

Posted in End The Fed, International Bankers, International Monetary Fund, New World Order, News, The Banking Cartel, The Federal Reserve with tags , , , , , , , , , , , , on July 1, 2010 by truthwillrise

GREAT NEWS: the Senate committee that is currently working on a compromise Wall Street reform bill to reconcile with the House version has agreed to expand an audit of the privately owned and controlled Federal Reserve.

While still not a total probe of the Federal Reserve System, the measure is being sold as a first step toward complete transparency of the U.S. central bank. Both the Senate and the House have already passed legislation that is intended to rein in the casino-like behavior on Wall Street. However, these two bills are noticeably different and have to be worked out in committee.

The House’s version would mandate multiple audits of the Fed’s discount windows and open market dealings, which would shed light on the Federal Reserve’s lending activity with U.S. and foreign banks. On the other hand, the Senate’s bill calls for only one audit.

Legislators are now hard at work on a compromise bill that addresses the disparities.

According to published reports, senators in committee have agreed to allow repeated audits of the Fed’s key functions. This will finally give the American public a window into how the central bank works to benefit the “banksters” themselves.

No one knows the exact details yet. But populist Americans are optimistic that whatever comes out of committee is going to impact the speculators and traders on Wall Street, who have driven the U.S. economy to the brink of collapse.

One online commentator remarked on the bill: “The details of the final proposal are still being worked out, but momentum is with advocates of Federal Reserve transparency.”

That is good news.

But even better news is the fact that, according to a new analysis by one of the largest banks in the world, the proposed Wall Street reforms will cost Wall Street as much as a quarter of its annual profits.

Citigroup reports that Goldman Sachs could lose as much as 23 percent of its profits when financial reform passes. Morgan Stanley could lose nearly 20 percent. JP Morgan is facing a hit of 18 percent, and Bank of America could see up to 16 percent of its gains disappear over night.

The losses are attributed to increased regulations that will force financial firms to cough up more of their own money to back the bets they make. There are also a host of new fees and taxes that will go in effect, which the
money trust will have to pay.

Inflation: The Tax You Don’t Notice

Posted in Attack on Freedom, economic tyranny, Economy, Fiat Currency, International Bankers with tags , , , , , , , , , , , , , , on June 16, 2010 by truthwillrise

It is often said ” money doesn’t go as far as it used to” . Most people chalk it up to rising prices or greedy companies and take it no further. However that is not truly the case. If people realized they were in actuality paying a hidden tax, they may ask some serious questions.

The American people pay scores of taxes on everything from gasoline to gurdles and everything in between. One of the least known and most insidious is known as inflation.

To understand inflation,one must have a basic understanding of how our banking and monetary system works. In short, our money does not in fact come from the treasury, but is loaned to the government by a private corporation known as the Federal Reserve. As with any loan, there is interest attached to it, which is why we have the income tax. This private corporation has a monopoly over the money supply and because of that the only place the “money” can come from to pay for the debt is from the Fed, they have to constantly increase the money supply to pay for it. Since our money is no longer backed by anything (i.e gold, silver), putting more money into the circulation only decreases the value of the currency.

A simple illustration of this is you buy a pound of meat for $1 and then more currency is put into circulation, that additional currency has decreased its buying power, thus it takes more of it to buy the same amount of goods and to reflect that diminished value the “price” of the meat increases to $1.50.

What this means for you is you must work more to maintain even your current standard of living. The cost of living adjustments that people receive are mere pittance, designed to appease and pacify a population that, for the most part, have no idea what is befalling them.

This is why it is imperative that sound money be restored. It would halt the erosion of our currency’s buying power and severely stifle inflation. Executive Order 11110, which allows the treasury to issue silver backed United States notes rather than fiat Federal Reserve notes should be reactivated. Bills such as HR 1207 which audits the Federal Reserve, HR 2750, which abolishes the Fed, need to be supported and passed in their original form.

The alternative is an ever decreasing currency, having to work even more and eventually a collapse of the currency and economy. The choice is yours.

Sacramento Car Wash Gets IRS Visit Over 4 Cents

Posted in economic tyranny, Economy, International Bankers, New World Order, News, Stupid Government Tricks, The Federal Reserve with tags , , , , , , , on April 14, 2010 by truthwillrise

SACRAMENTO (CBS) ―

CBS

Close

 

 

numSlides of totalImages

A Sacramento business owner was surprised to find representatives from the Internal Revenue Service on his doorstep to collect unpaid taxes. But he was stunned to discover they were billing him for less than a nickel of back taxes.

When two federal agents hand-delivered the bill to Harv’s Metro Car Wash, owner Aaron Zeff didn’t know whether to laugh or cry.

“[They] came into the car wash, handed my manager a bill, and it was from the IRS,” Zeff said. “The amount was four cents, four pennies.”

The IRS agents did not stop to get a car wash, Zeff added.

The bill sparked laughter until Zeff took a closer look at the final cost. After three years of penalties and fees, the four-cent tax skyrocketed to more than $200.

“This is more like a parking ticket,” he said.

Ashley West, the attorney representing the car wash, said the IRS sent a letter in October saying the business had filed all required taxes and did not have a balance.

“It was a surprise to us that they came on site and surprise to us we didn’t receive and correspondence related to it,” West said.

Harv’s said they are working with the IRS to find a resolution.

The car wash is also planning a special promotion: Pay your taxes on time and get a car wash for just four cents.

Ron Paul Grills Bernanke On Watergate, Saddam Hussein and the Federal Reserve

Posted in Attack on Freedom, economic tyranny, Economy, Fiat Currency, General, International Bankers, Life Improvement, New World Order, News, Shadow Government, Stupid Government Tricks, The Constitution, The Federal Reserve, Tyranny with tags , , , , , , , on February 26, 2010 by truthwillrise

Sudeep Reddy
Wall Street Journal
Wednesday, February 24, 2010

Rep. Ron Paul (R., Texas), the chief critic of the Federal Reserve on Capitol Hill, used his five minutes at a House Financial Services Committee hearing this morning to explore the central bank’s role in Saddam Hussein’s reign and Watergate.

That’s right — Watergate and Saddam Hussein. Rep. Paul was airing allegations that the Federal Reserve has been used to funnel money for various nefarious causes. That’s why the Fed needs wider audits by Congress, Mr. Paul said.

His bill to audit the central bank’s monetary policy — a measure the Fed opposes — would include a lag of six months. Today, he sought to win a commitment to audit the Fed after 10 or 15 years. “Why couldn’t we open the books up 10 years back and find out the truth of these matters?” Mr. Paul asked.

Full story here.

Bankergate: Emails Expose Criminal Financial Dictatorship At Work

Posted in Business, economic tyranny, Economy, Fiat Currency, International Bankers, New World Order, News, The Federal Reserve, Tyranny with tags , , , , , , , , , , , on February 25, 2010 by truthwillrise

Geithner may be thrown under the bus as financial terrorists continue to profit

Steve Watson
Prisonplanet.com
Monday, Jan 11, 2010

Bankergate: Emails Expose Criminal Financial Dictatorship At Work 110110GeithnerExplosive emails released last week could see Treasury secretary Timothy Geithner become embroiled in criminal charges for his role in a cover up that exposes the monumental criminality behind the $182.3 billion bailout of American International Group Inc.

In November and December 2008, The Federal Reserve Bank of New York instructed the bailed out AIG to hide from the public details regarding payments the insurance giant made to banks, including Goldman Sachs Group Inc. and Societe Generale SA.

Using Fed secured taxpayer bailout money, AIG paid several banks 100 percent of the face value of credit-default swaps, as other financial institutions were negotiating deep discounts for the unregulated paper assets that do not have to be backed by cash.

The decision to pay the banks in full may have cost AIG, and therefore taxpayers, at least $13 billion over the odds.

The “backdoor bailout” of the banks, as it has been dubbed was exposed in March 2009 after the SEC challenged AIG’s filing, however, e-mails obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee, have re ignited the situation as they conclusively expose a collusion between AIG and the Fed to deceive the public.

The e-mails between company and regulator, released last Thursday, show that The New York Fed crossed out reference to the payments and that AIG also omitted the details when the Securities and Exchange Commission filing was made public on Dec. 24, 2008.

The emails, the content of which are highlighted in this Bloomberg News article, also show that the Fed wanted numerous other details about the AIG bailout withheld or delayed from public oversight.

“It appears that the New York Fed deliberately pressured AIG to restrict and delay the disclosure of important information,” said Issa, a California Republican. Taxpayers “deserve full and complete disclosure under our nation’s securities laws, not the withholding of politically inconvenient information.”

Bankergate: Emails Expose Criminal Financial Dictatorship At Work FOTR 340x1692

Despite denials from the Treasury and the New York Fed that Geithner was involved in the scandal, as the President of the New York Fed at the time, his head now rests firmly on the chopping block where he awaits his fate.

Issa is seeking more information from the New York Fed on the matter, following the statements of general counsel Thomas Baxter, who declared in a letter in defense of Geithner Friday “In my judgment, as the New York Fed’s chief legal officer, disclosure matters of this nature did not warrant the attention of the president.”

“It’s a staggering admission by Mr. Baxter that he felt strong enough that Secretary Geithner wanted him to limit AIG’s disclosures on counterparty payments to the SEC that he says he didn’t even feel a need to bring the details to his boss’ attention,” Issa said in a statement. “This letter raises more questions on the inner-workings of the New York Fed during one of the most pivotal periods in our nation’s history.”

Geithner’s extensive connections to Goldman Sachs also raise serious questions, given that the investment bank directly profited from the AIG payments.

Geithner’s predecessor and Treasury Secretary at the time all of this unfolded, Hank Paulson, also once served as Chairman and Chief Executive Officer for Goldman Sachs, after working for the firm for decades.

Paulson rammed through the bailout of AIG with threats of financial armageddon and physical martial law, claiming he “felt the pain of AIG”, comments for which he was slammed by Republican Congressman Cliff Stearns earlier this year.

AIG’s outstanding debts to Goldman Sachs meant that $13 billion of the money handed over to AIG by Paulson went directly to Goldman Sachs.

Meanwhile, Bear Stearns and Lehman Brothers — both investment banks in direct competition with Goldman Sachs — were not bailed out when bad debt forced them to cease operating under the same circumstances as AIG.

Congressman Stearns pressed Paulson on his conflicts of interest, stating, “Isn’t there some point where you say hey, I’ve got a conflict of interest here, you don’t feel any kind of scintilla of ethics on this thing at all?” Paulson responded by claiming that he got a waiver from the ethics agreement.

Paulson’s appointment, at the height of the financial crisis, of ex-Goldman Sachs executive Neel Kashkari to oversee the distribution of bailout monies also highlights the vast conflict of interest surrounding this scandal.

As the New York Times reported earlier this year, Goldman Sachs effectively bailed itself out. Since that time the bank has been making record profits on trading and now completely dominates the program trading market.

This blatantly criminal activity has led to Goldman being labeled “Financial Terrorists” by analysts. Even Rolling Stone magazine has exposed Goldman Sachs’ persistent role in steering and manipulating the economy over the last century.

At the time of the bailout we warned that the so called financial saviours represented nothing more than the old guard of the corporate elite, the very people responsible for the financial crisis in the first instance.

Judge Andrew Napolitano, appearing on Shepard Smith’s Fox News show last week, stated that he believes Geithner could face a criminal probe:

Barney Frank, a Massachusetts Democrat and chairman of the House Financial Services Committee, said the e-mail exchanges were “troubling” and that he plans to hold congressional hearings on the matter.

Watch Alex Jones breakdown “bankergate” in detail:

Eliot Spitzer: “The Federal Reserve Is A Ponzi Scheme” (Inside The Fed’s Secret Pile Of Trash With Ratigan, Spitzer & Toure)

Posted in Business, economic tyranny, Fiat Currency, International Bankers, New World Order, News, Ron Paul, The Federal Reserve with tags , , , , , , , on February 11, 2010 by truthwillrise

div>

<div><iframe height=”339″ width=”425″ src=”http://www.msnbc.msn.com/id/22425001/vp/32124060#32124060” frameborder=”0″ scrolling=”no”></iframe><p style=”font-size:11px; font-family:Arial, Helvetica, sans-serif; color: #999; margin-top: 5px; background: transparent; text-align: center; width: 425px;”>Visit msnbc.com for <a style=”text-decoration:none !important; border-bottom: 1px dotted #999 !important; font-weight:normal !important; height: 13px; color:#5799DB !important;” href=”http://www.msnbc.msn.com”>Breaking News</a>, <a href=”http://www.msnbc.msn.com/id/3032507” style=”text-decoration:none !important; border-bottom: 1px dotted #999 !important; font-weight:normal !important; height: 13px; color:#5799DB !important;”>World News</a>, and <a href=”http://www.msnbc.msn.com/id/3032072” style=”text-decoration:none !important; border-bottom: 1px dotted #999 !important; font-weight:normal !important; height: 13px; color:#5799DB !important;”>News about the Economy</a></p></div>

Best Quote Is Eliot Spitzer Calling The Federal Reserve A Ponzi Scheme

An outstanding discussion, primer and visual lesson on toxic assets, failed banks, the Federal Reserve, HR 1207, auditing the Fed, and you, the f*cked taxpayer.  Don’t miss this clip and then send it to someone else.  Pay it forward until we have millions of f*cked taxpayers who will at least be informed.  Awareness is our only chance.

And a Friday f-you to a few individuals: Alan Greenspan, Bob Rubin, Henry Paulson, Ben Bernanke, Tim Geithner, George Bushes, Obama, Nancy Pelosi, Bill Clinton, Barney Frank, Joseph Cassano, and James Cramer.

Now the acronyms: SIV, CDO, CLO, CMO, FDIC, TARP, TALF, TLGF, PPIP and finally, most vehemently CNBC (except Faber & Santelli), for covering all of this for the last decade, and still never telling the truth.

(From James) More green shoots from Dylan Ratigan’s awesome new show.  Dylan puts on his Banker hat and swaps a (literal) bag of trash, on-air, for $13.9 Trillion worth of Monopoly money from a guy wearing a “Fed” hat.  Dylan then explains why we should support Ron Paul’s Audit of the Fed (HR 1207) and explains in plain and simple terms how we have been screwed by the Fed’s bailout of the banks.  This is really good stuff.  I can’t help but admire Ratigan for what he’s doing with the new show.  From our perspective, it just gets better and better.  Here are just two of several choice morsels from this clip:

  • “The Federal Reserve just extended $14 Trillion of our money, our children’s money, America’s future…and now they don’t want to talk about what’s in the bag. And they did it because the banks created a garbage bag full of bad debts.” (4:45)
  • “I feel as if America has suffered the greatest theft and cover-up — ever, … where banks created a pile of garbage, that they paid themselves billions of dollars in personal compensation, and then stuck the trillions of dollars worth of garbage with the American taxpayer. That, to me, is stealing.” (7:05)

Mobilize Now to Oust Bernanke as Fed Chair

Posted in economic tyranny, Economy, International Bankers, New World Order, News, The Federal Reserve with tags , , , , , , , , , , , on January 25, 2010 by truthwillrise

Webster G. Tarpley
Infowars.com
January 23, 2010

 

featured stories   Mobilize Now to Oust Bernanke as Fed Chair  
  geithner and bernanke
   Once Bernanke has been defeated,it will be time to secure the ouster of Treasury Secretary Geithner, the former head of the New York Fed and currently the most visible member of the entire Obama cabinet.
 
   

 

 

 

 

 

 

 

 

 

 

 

 

In the aftermath of the Massachusetts Senate vote last Tuesday, we now have a concrete fighting chance to block the reappointment of Wall Street puppet Ben Bernanke as the chairman of the Federal Reserve Board of Governors by preventing his Senate confirmation next week. This afternoon, Bernanke’s support was eroding hour by hour. The defections from the Bernanke camp feature Democratic senators who are up for reelection this coming November. They have read the tea leaves from Massachusetts, and they know the pitchforks are out, so their response is a mad rush to acquire economic populist and anti-Wall Street cover. The obvious way to do this is to turn against Bernanke and defeat him in the upcoming confirmation vote. Leading the charge late today were Senator Barbara Boxer of California and Russ Feingold of Wisconsin, both endangered Democrats. GOP Senator Corker of Tennessee is now waffling about whether or not he will support Bernanke. The pressure is building on self-styled Democratic economic populists like Sherrod Brown of Ohio to prove that they are worth something. What will Senator-elect Scott Brown do? If he votes for Bernanke, he will have betrayed his voters in less than a week, and will not survive his own re-election campaign in 3 years. Democratic majority leader Harry Reid, succumbing to overwhelming pressure from the Obama White House, announced late this afternoon that he will fall on his sword for Helicopter Ben, but this self-destructive pledge may not survive a weekend in Nevada, where the economic populist pitchforks are as finely honed as anywhere. It is therefore time for all responsible citizens and all persons of good will to mobilize in the days ahead to secure the defeat of Bernanke. Such an event would symbolize the turn of the tide against Wall Street in the struggle to decide who will pay for the current depression — the people or the bankers and hedge fund hyenas.

  • A d v e r t i s e m e n t
  • efoods

We stress that this is a battle which can be won. Two senators, Bunning of Kentucky and Bernie Sanders of Vermont, have placed holds on the Bernanke nomination. This means that a supermajority of 60 votes will be required to bring Helicopter Ben’s nomination to the Senate floor. As of now, no one can know whether these votes will be forthcoming. Republicans have little reason to favor Bernanke over their own careers. The Obama White House, despite its most recent efforts to re-create a populist persona for the chief executive, is foolishly supporting Bernanke — a move which undermines all other economic populist posturing Obama might engage in. Individual Democrats, especially those facing the hour of truth in November, know very well how much Bernanke and his Federal Reserve elitists are hated by Americans. For the moment, this game is therefore out of control and highly vulnerable to the application of mass-based political pressure. If Bernanke can be defeated, the Wall Street-Federal Reserve lockstep will be momentarily broken, and the path to auditing the Fed and, more importantly, nationalizing it as a bureau of the Treasury will be wide open.

Late this afternoon, pro-financier spokesmen on Bloomberg and CNBC were talking about a scenario in which Bernanke would remain no matter what as chairman of the Federal Open Market Committee, the unconstitutional body which sets interest rates in accordance with the wishes of the privately owned Federal Reserve districts, above all the New York one. In this scenario, Donald Kohn, the current Fed Vice Chairman, would take Bernanke’s place as the Chairman of the Board of Governors. Kohn, it will be remembered, is just as odious as Bernanke. About a year ago, Kohn’s impudence, arrogance and elitism were highlighted during a Senate hearing when he indignantly refused to reveal the names of the AIG derivatives counterparties who were receiving some $70 billion of US taxpayer money in return for their worthless and toxic financial derivatives. If Bernanke and Kohn should attempts to maintain their power over the Federal Reserve, meaning in practice short-term interest rates in this country, they will create laboratory conditions for a massive economic populist revolt which could well lead to the seizure and nationalization of the Federal Reserve as a bureau of the US Treasury and a public utility to provide 0% credit for production in the interests of the American people. That would put an end to almost a century of financial insurrection by the Wall Street financiers and their puppets against the Constitution — a blatant illegality which goes back to the days of Woodrow Wilson.

All opponents of the illegal, unconstitutional, and failed Federal Reserve system must now realize that this is the hour of action. It is time for every serious intelligent person to send two e-mails and place two phone calls to the Washington and local offices of their senators demanding that they stop Bernanke. Obama should also be warned that Bernanke is an insult to the American people. Those who have been complaining about the Fed for decades now have a real chance to do something about it. These chances are very rare, but this is the best one in many, many decades. Even Paul Adolph Volcker, who had been responsible for an obscene 22% prime rate three decades ago, had an easier time getting reconfirmed than Bernanke. Once Bernanke has been defeated, it will be time to secure the ouster of Treasury Secretary Geithner, the former head of the New York Fed and currently the most visible member of the entire Obama cabinet. The basic outlines of a criminal indictment for Geithner on tax fraud and securities fraud can be culled from virtually any daily newspaper. Geithner ought to be accompanied on his trip home by White House economic czar Larry Summers, the woman-hating former president of Harvard who managed to destroy about a third of the Harvard endowment as a result of his fanatical devotion to the riskiest of financial derivatives. This and more will be within our reach if Bernanke can be checkmated over the next week or two.

Research related links

  1. Bernanke says deficit is the price of growth
  2. Bernanke Foes Seek to Curtail Fed
  3. Bernanke Begins ‘Thorough Review’ of Fed Disclosure
  4. Bernanke Discards Monetary History With Bear Stearns Bailout
  5. Bernanke Tells Obama Banks Need More Money
  6. High-stakes duel between Rep. Paul and Bernanke intensifies
  7. Bernanke Not Obama to Make “Trillion Dollar Decision”
  8. Time Magazine Names Federal Reserve Chairman Ben Bernanke As Person Of The Year
  9. Reconfirm Bernanke?
  10. Bernanke in denial about looming crisis 2005-2007
  11. Bernanke Says Recession Over. Should You Care?
  12. U.S. Eyes Two-Part Bailout for Banks