In the November problem of The DeWeese Report, published by the American Policy Center, Tom DeWeese provides one of the most cogent explanations for the existing financial crisis that you shall read anywhere. For a decade I had been the Director of Communications for the guts and remain affiliated. In a time when the need for truth and straight talk is critical, you may well want to become listed on and support the guts. The November issue contains a speech that was made on the floor of the House of Representatives by Louis McFadden, Chairman of the home Banking and Currency Committee.
The 12 months was 1934 in the midst of the Great Depression. “We’ve in the nationwide country one of the most corrupt establishments the world has ever known. I make reference to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the FED. How timely this is really as the U.S. In 1934, McFadden observed that “This bad organization has impoverished and ruined the people of america, has bankrupted itself and has bankrupted our authorities practically.” What we are witnessing, of course, is the devaluation of the U.S.
Fed, the organization that was created to safeguard its value. “Some people believe that the Federal Reserve Banks are USA government institutions,” said McFadden. “AMERICA has been ransacked and pillaged. This is precisely why banking and investment institutions “bundled” and sold home loans as alleged “assets” for which no value could be assigned, realizing that Freddie Fannie and Macintosh Mae were backed by the U.S.
The global impact of the U.S. For individuals who might be tempted to dismiss those remarks from 74 years ago, I can let you know that I recently talked with a former Fed auditor who confirmed that its oversight of banks was and is farcical. “We were coping with people who understood the regulations and out inside, who understood all the loopholes. 700 billion bailout money have changed.
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No more buying of “toxic paper” because, in the end, it is worthless. The taxpayer’s money will now be redirected. We’ve not been informed. The country is being run these days by Goldman Sachs. The Fed is a quasi-government institution. It is a consortium of twelve local banking institutions that is presumed to be answerable to the federal government. Under the routine of Alan Greenspan, its previous chairman, it allowed, indeed, inspired this debacle that occurs. It’s time to end the reign of the Federal Reserve. Americans are viewing the plundering and looting of the U.S. Treasury for political and private gain. Apparently, there is nothing we can do about it.
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