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- Kent4jmj, on 07/10/2008, -1/+68That Train wreck is gonna is gonna take the whole world with it when it goes down. Free Markets work, Managed one's don't. Except of course for those who are in control. The opportunity to fleece the American tax payer will become twice as astronomical as it already is. Welcome to the world of serfs and slaves. Just the way the rich and the powerful like it.
- Kent4jmj, on 07/10/2008, -0/+53State control of the Banks hmmm, now what does that remind of?
- reland1, on 07/10/2008, -0/+44Communist Manifesto. Collectivists.
- kemp34, on 07/10/2008, -0/+39I cannot for the life of me decipher whether these folks are totally evil, total idiots or some combination of both? Any thoughts?
- PeppermintPig, on 07/10/2008, -0/+38Putting out the fire with gasoline.
- Minarchian, on 07/10/2008, -0/+35So, the FED creates the problem and because of that problem they want more power (actually nearly absolute power), ostensibly to fix it?
Sounds a lot like Congress to me. - OCSmoke, on 07/10/2008, -0/+35Fed: Our current mandate is too narrow. We have failed on employment, we have failed on price stability, but man...we could fail on so much more. Please allow us to wreck the whole system.
Congress: Sounds good! More power to those who fail! - flavioribeiro, on 07/11/2008, -0/+19Guys, I've written this twice before but none of the articles were promoted so I'll write it again.
The CEO of JP Morgan is on the board of the NY Fed. If the Fed gained all these regulatory powers then JP Morgan would have access to everything their competitors did: trading positions, margins, liquidity, balance sheets, etc. It would make JP Morgan bullet proof. - inactive, on 07/11/2008, -0/+19Hell no the Fed shouldn't be given more power. They shouldn't even be allowed to keep what they have. Every patriotic American should make it a priority to see that they are all rounded up and shot before they finish crashing our pitiful economy and plunging us into Martial Law and FEMA camps (those foolish enough to be captured alive and taken to such).
- inactive, on 07/10/2008, -0/+18Actually, I think what this says is... It's going down, and when it comes back up, they're going to have twice as much control over the markets as they do now. The chicago boys are ready. Hey... I thought they were supposed to love free markets? That is unless they come across an opportunity to take over the world through the banks.
- eastwood24, on 07/10/2008, -0/+13Bernake and Greenspan are either idiots or BSers and here's my proof.
From the Wash. Post 10/27/2005
U.S. house prices have risen by nearly 25 percent over the past two years, noted Bernanke, currently chairman of the president's Council of Economic Advisers, in testimony to Congress's Joint Economic Committee. But these increases, he said, "largely reflect strong economic fundamentals," such as strong growth in jobs, incomes and the number of new households.
Nice call on the Housing Ben, my dead cat has a better grasp of the big econ picture.
Of Course, his predecessor Greenspan wasn't exactly a canary in the mine either.
Marketwatch 10/7/06
Former Federal Reserve Chairman Alan Greenspan said that last week's rise in weekly mortgage applications could signal that the ``worst may well be over'' for the U.S. housing industry, according to a report of a speech Greenspan gave in Canada on Friday.
Way to hit the hammer on the nail Al.
I hope for our sakes that these two men don't actually believe the ***** they keep spouting and really are just idiots. - NonServium, on 07/11/2008, -0/+12I believe they are just evil. If it was idiocy, instead of hurting us, once in a while it would actually hurt themselves!
- americangoy, on 07/11/2008, -1/+13"Bernanke: Empower Fed as financial regulator of all banking"
FED was made to regulate currency and the govt was helping BANKS - not hedge funds, not swindlers, not scum who played financial games but NORMAL BANKS.
this is *****. - Kent4jmj, on 07/10/2008, -1/+12I believe it is a combination. I do not believe they see themselves as evil. They have ideas and philosophies that they see as good and beneficial. I think they truly believe they are trying to help. We should give them the benefit of the doubt as far as judging their motivations.
BUT! We should kick their butts in the public arena! - inactive, on 07/10/2008, -0/+11Yes it does... at first glance. The fed has true unchecked unlobbied power. It's much more disturbing to see them gain more. In comparison, congress is a light weight even now. If this gets done... and it will, the unchecked branch of "federal government" that is the fed becomes... more of a monolithic tyrant over the quality of our lives than it already is.
- SaraLiberty, on 08/16/2008, -0/+10http://www.youtube.com/watch?v=yuu_g9iuwiw
- kemp34, on 07/10/2008, -0/+10I guess by evil I include corrupt (for me, corruption is evil). So I am wondering whether any are bought off or controlled by big interests or "just doing their job". I guess that is my real question.
- inactive, on 07/11/2008, -0/+10***** THE FEDERAL RESERVE!
- argoff, on 07/11/2008, -1/+10http://mises.org/story/2257
Notice the date on the story. The sooner that people understand that central banks and fiat money are the anti-christ of free markets (and freedom) the better off we all will be. - inactive, on 07/11/2008, -1/+10the money men rule the world . they want a new world order. they want to enslave us all. they control and own all the real assets. they want to depopulate the world.
check out Immortal Techniques latest album, leechable via torrent. - ryansebiz, on 07/11/2008, -0/+8This reminds me of the moment in Star Wars Ep. II Attack of the Clones where everyone votes to give emergency powers to Chancellor Bernanke...I mean, Palpatine.
- PantsSupreme, on 07/11/2008, -0/+7How about we get rid of this private organization that has been fleecing America for close to 100 years???
- Kent4jmj, on 07/10/2008, -0/+7You and I would probably define it as corruption but I am not sure they see it as such. These are people who seem to see themselves as movers on large playing fields with different rules than us mere mortals. The temptation of power to corrupt is insidious and usually over a period of time.
In these "larger" arenas men of power from the different areas of power; banks, business, government, seek to "solve" problems. Compromise, sharing of power, doing what's right for the greater good, controlling/managing the situation are probably the words and concepts they use to rationalize and justify their actions. It does not make it any less scary or wrong but it takes the "demon" out of folks like this.
Men of evil hold sway over there area of influence. When enough of them are around those areas of influence overlap. This does not necessarily mean there is a conspiracy. Not that we should rule conspiracy out. Only that we should move to that conclusion as a last resort preferably with some hard substantiated evidence.
Yes we, as the Davids of this world, still have raise the dickens and try to stop them. - btschul, on 07/11/2008, -1/+8I hate to sound like a fanboy, but:
Question: ...you believe the Fed shouldn't exist... make the case.
Ron Paul: First reason is, it's not authorized in the Constitution, it's an illegal institution. The second reason, it's an immoral institution, because we have delivered to a secretive body the privilege of creating money out of thin air; if you or I did it, we'd be called counterfeiters, so why have we legalized counterfeiting? But the economic reasons are overwhelming: the Federal Reserve is the creature that destroys value. This station talks about free market capitalism, and you can't have free market capitalism if you have a secret bank creating money and credit out of thin air. They become the central planners, they decide what interest rates should be, what the supply of money should be...
Question: How does the gold standard solves that?
Ron Paul: It maintains a stable currency and a stable value. If the Fed concentrated more on stable money rather than stable prices... They push up new money in stocks and in commodities and in houses, and then they have to come in to rescue the situation. They create the bubbles, then they come in and rescue it, and they do nothing more than try to do price fixing. Capitalism depends, and capital comes from savings, but there's no savings in this country, so this is all artificial. It creates the misdirection and the malinvestment and all the excessive debt, and it always has to have a correction. Since the Fed has been in existence, the dollar has lost about 97% of its value. You're supposed to encourage savings, but if something loses its value, why save dollars? There's no encouragement whatsoever. [...] Gold is 6000 years old, and it still maintains its purchasing power. Oil prices really are very stable in terms of Gold. [...] Both conservatives and liberals want to enhance big government, and this is a seductive way to tax the middle class. - StopTheLie, on 07/11/2008, -1/+8Here is a short book on the Federal Reserve System. It is available online (for free) in both HTML and PDF format. It provides an easy introduction for those who are unfamiliar with how “The System” operates at our expense. (Inflation, bank runs, currency drains, bailouts, receipt money VS fiat money, etc.) You can find it at: http://MeetTheSystem.ORG
- mcbowler, on 07/11/2008, -0/+7The FED will have total control the more the USD goes down. Here comes the Global Bank or Amero.
- mediaspree, on 07/11/2008, -1/+7So by infusing more cash into the "system" and devaluing the dollar simply because there is more of it...oh nevermind. Keep printing the money. Tra la la nothing is wrong.
- thecoolestguy, on 07/11/2008, -0/+6mikemil, the fed is a government sanctioned private monopoly over currency creation. Only banks that are part of the Federal Reserve System can issue USD credit (in effect, US banks can create up to 10 times the dollars that they have in reserves, by giving out loans which are backed by the US treasury). It is a cartel system and it is inherently anti-competitive, centralized, and heavily regulated.
What we object to is the government putting restrictions on competition to USD printed by the federal reserve system. There's no reason why a privately owned cartel of banks should be given a government-backed monopoly over the national currency and the power of loan issuance.
That people like you aren't concerned that corruption could be taking place in a situation like this, with so much money at stake and a centralized, politically appointed, system with so little transparency controlling it all, really disappoints me. - plarp, on 07/11/2008, -1/+7you also described the Democrats scam..
2 factions 1 party.. the business party - Khast, on 07/11/2008, -0/+5Great, how much more can this screwed up administration F**k the people.....oh..yeah that'll do it nicely.
"Mission Accomplished" wasn't referring to the war in Iraq obviously...it was referring to their plans to destroy America from the inside. - fearlessfx, on 07/11/2008, -3/+8The man has a pretty well maintained beard. I'd trust him.
- krAzykrAkr01, on 07/11/2008, -0/+5EVIL
- inactive, on 07/10/2008, -1/+6For those unaware of the Fed. You can find videos here
http://del.icio.us/search/?fr=del_icio_us&p=easyhi ... - themonkman, on 07/11/2008, -0/+5Oh hell no! The Fed has done more damage to the US Dollar since 1913. They essentially took over our country and turned a prosperous nation into a slave nation. Thanks to the Fed our currency is now worth below 5 cents to the Dollar. Everyone must write (not email, but WRITE) your assigned Representative and Senator to tell them this is not the way to go.
- flavioribeiro, on 07/11/2008, -0/+5Greenspan is lying and he knows it.
Ron Paul writes in his book that once before a congressional session he asked Greenspan to autograph one of his (Greenspan's) old articles, which was a defense of the gold standard. Greenspan told Paul he wouldn't change a word of what he had written.
A few hours later, Ron Paul asked about the article on congressional record, and Greenspan gave a completely different answer.
Greenspan knows how emotions play a huge part in the market. He was so successful as chairman of the Fed because he could fool people so well. He's trying to do that now, unsuccessfully. - inactive, on 07/11/2008, -0/+5Actually it is very simple to answer your question..By having the power to decide over our lives is the ultimate trip for their sick soul and mind.
Please watch HBO's "ROME"... you'll get the full picture. The same old game is played for centuries. Human kind will never learn the lesson. - 8347, on 07/11/2008, -1/+6The Fed was the reason for the last Great Depression. In the beginning of the depression when banks were struggling to survive the Fed decided to raise interest rates putting 100's of banks out of business overnight. It would have been a much shorter and less severe depression had the Fed not acted so poorly. Now they are trying their best again to create a severe depression,
- ZenMojo, on 07/11/2008, -1/+5I love how the answer is to vote for a third-party candidate and let the Republican win because the smallest governments and largest surpluses in the last 40 years have been Democratic ones. There must be some logic to that other than ideological purity, but damned if I can figure that out.
- JigoroKano, on 07/11/2008, -0/+4I disagree. When the Fed works to keep the financial system running smoothly, the Fed trains the market like a bad parent who always picks up after a bad kid. The market then learns bad behaviors and becomes more irresponsible than it would be without a Fed. It is not clear to me that there is any net long term improvement from this relationship.
If anything, I think the Fed's job should be to match money to goods and services on the market and nothing more. There is a more rational alternative to what we have now and the fixed liquidity of a gold standard (which is basically unworkable today). - Kent4jmj, on 07/11/2008, -0/+4Here's an update from a Murray Rothbard article 1981
http://www.lewrockwell.com/rothbard/rothbard97.htm ...
"But Rohatyn’s recent writings are filled with apocalyptic despair. A few piddling reforms and holding operations may take place, but he sees that his fundamental shift to all-out collectivism is not likely to occur in the normal course of events. Democracy is just too darned messy and diverse and "balkanized." Democracy is just too darned messy and diverse and "balkanized."
"Only a major crisis of some sort can put his collectivist program into effect. Felix the revolutionary thinker doesn’t know what form this crisis will take, or when it will come, but he is confident that come it must." WELL, WHAT DO WE HAVE HERE?
And then, then, fellow Americans, "when a crisis of sufficient magnitude creates the possibility for fundamental change, it will carry with it enough of a popular majority for action so that a president with a real vision of the future will be able to put his program through." Then Americans will decide "that the drift has got to stop, and a president with a sense of the future [will] give direction to the power that will be unleashed." Felix recognizes, with some delicacy, that this will pose a "risk for democracy," but it is, after all, also a great hope.
And who will play the role of this updated and well-scrubbed Mussolini, conscripting everyone, collectivizing industry in a giant partnership of government and business, and unleashing all that mighty power through swift and revolutionary change of our political institutions?"
Felix Rohatyn and others of his ilk believe in, You Guessed it, "Public-private partnership," "a radical rearrangement of America and the world is necessary," "it becomes clear that he is calling for nothing less than all-out collectivism. Big RFC is now only a cog in the great machine that looms before us. A vast network of taxes and subsidies will revitalize industry and, particularly important, direct it into the channels desired by government. A "stiff’ gasoline tax will force Americans to use less gas; Big RFC and other subsidies to business are a far better means of revitalizing industry than are tax credits because, Rohatyn explains, the former gives the reins to the government.
"Predictably, he calls upon us to learn before it is too late, from the examples of Germany and Japan, that we must have continued, pervasive "partnership of business and labor in government." Furthermore, the Middle East, "vital to our security and our economy," must be secured; the Third World must be aided and brought to its senses; and the United States must greatly beef up its air force and conventional arms ... - woolleybear, on 07/11/2008, -0/+4but the people they work for will be able to buy America on the cheap
- sovietninja, on 07/11/2008, -0/+4Ben Bernanke is to the Federal Reserve what Obidiah Stane is to Stark Industries.
Elaboration:
Obidiah Stane began selling weapons to terrorists like the Ten Rings, undermining the principle culture of Pro-American Stark Industries. Ben Bernanke has been selling this country to _____ (fill in the blank) undermining the power of the American Economy. - SilverBlade2k, on 07/11/2008, -0/+4BAD ***** IDEA...
The last time that the 'Fed' asked for financial control..guess what happened? The 1930's great depression. They want more 'power' to do the same thing again...devalue the American dollar (And take the Canadian dollar down with it), to bring up the 'Amero' - WTFppl, on 07/11/2008, -0/+4These are the creators and students there of, of the people Jimmy Carter called "The Crazies". Most of you are to young to know this. Those who were of age and forgot are complacent and stupid, as they choose over the years not to react to the Neo-Fascist movement. Because of our parents, we now have 'this'[control by the minority]. If we don't act now, think of the world our children will have to deal with.
As members of Digg we should be doing more to tune in the public! Do you have a printer? Spend for a leaf of paper and make 1000 copies of very important issues. Than hand them out to people in public to read. But please, make sure the information passed is credible, easy to research and is completely unbiased. They will pass it to their friends. That is unless they are blind believers[not a religious remark] of government!
It's now up to US my fellow statesmen!
"We have the power, we only need to use it!" - kroupam, on 07/11/2008, -1/+5I agree 100%. This is not the role of our government. When was the last time something that the government took over didn't turn into just another tax hike? Let the market fix itself, I guarantee you it will.
- MalachiConstant, on 07/11/2008, -0/+3***** Money Changers... at it again.
- krAzykrAkr01, on 07/11/2008, -0/+3"the unchecked branch of "federal government" that is the fed becomes..."
I believe the Federal Reserve is a private bank. - VitriolAndAngst, on 07/11/2008, -0/+3Since the taxpayer has to bail this crap out -- let's have the government be the damn bank.
Federal Reserve is a private corporation. - KOSmurfy, on 07/11/2008, -0/+3I find it funny how they simultaneously mention the devastating impact of deflation (e.g depressions), while also claiming that gold would work as a currency even without an increase in the gold supply, which would cause deflation.
Do you know of any economists who agree with that website, besides the Austrian ones who ignore empirical evidence? -
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