Dear Friend of GATA and Gold:
In his latest essay, "Why Bernanke Is in Panic Mode," financial letter writer Gary North (http://www.garynorth.com/) brilliantly exposes and demolishes the secret patronage on which the Federal Reserve system now is mainly based, patronage that risks exposure if U.S. Rep. Ron Paul's legislation to audit the Fed is ever enacted.
North writes:
"The Federal Reserve has bailed out the biggest banks and has let almost 100 little ones die. This is crony capitalism at its most notorious. The threat is that Congress will discover what should be obvious: the biggest banks last October almost went bankrupt. [Fed Chairman Ben] Bernanke and [former Treasurer Secretary Hank] Paulson admitted this to congressional leaders. This is how they got the leaders to authorize the Treasury bailout. This is why the Fed swapped marketable Treasury debt for unmarketable toxic debt at face value with the biggest banks. Which banks? The Fed refuses to say.
"This is the heart of the matter. This is what has Bernanke in a panic. If Congress compels a full audit -- a real audit, not a Fed-controlled audit -- individual members of Congress will discover that the American financial system is a house of cards. A few of them will release the results of the audit to the public. This will include Website publishers, who will go over the audit, line by line. The mainstream media will face being scooped by newsletter writers, so they will try to publish first.
"The public will find out which banks are not safe. This is what has Bernanke in panic mode."
Link
I believe he is worried about more than that; the fraud runs much deeper. Like auditing the books of a mafia family.
ReplyDeleteWant to see banker-owned media at its best? Go to USAtoday.com, bottom left - spin piece on how horrible it will be if Congress was allowed to 'run the economy' - ie the audit. Here the go with their misinfo campaign.
ReplyDeleteCould this be the SMOKING GUN???
ReplyDeletehttp://pencildicksvstheworld.blogspot.com/
It will NEVER happen.....not in our lifetime, they won't allow it, not that I would not LOVE to see all these a-holes go down in flames, but they have too much to lose
ReplyDeleteIt's not about whether THEY will allow it, it's whether WE can make enough noise, build enough support, and bind together. It's still only a small group of criminals dependent on the complicity of their minions operating a house of cards.
ReplyDeleteYes, they're not going to go down easy but that's what it's going to take.
Actually this article is beyond wrong. ALL of the big banks went billions of dollars into the red at the end of 2007. You can check the charts for yourself, but in november of 2007 all the banks claimed to have the cash requirements of 10% of all deposits. In December of 2007 ALL of the banks not only didn't have the money, but the FED had to loan ALL of them MANY MANY BILLIONS OF DOLLARS to even 'look' fiscally viable.
ReplyDeleteIn short, they are all completely bankrupt.
Now you chickens might have an inkling of why this particular man took everything he had and put it in tangible assets.
Good luck YAWL.
who put all of their money into tangible assets?
ReplyDeleteI neither purchase nor donate via internet. Do we have a physical address, like a PO box or something?
ReplyDeleteBut what do we do After The Crash?
ReplyDeleteI propose a plausible alternative solution to the Depression: I designed a System that will allow us, when The Crash will come, to get out of Credit Based Free Market Economy, Capitalism, and transfer to my Adjusted Credit Free, Free Market Economy and Abolish the FED:
To participate in our new economy you need to Enter Your €5 in The Cra$h R€gi$t€r. Before The Crash.
I.10.82
"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.
It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice.
But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary.
I.10.83
A regulation which obliges all those of the same trade in a particular town to enter their names and places of abode in a public register, facilitates such assemblies. It connects individuals who might never otherwise be known to one another, and gives every man of the trade a direction where to find every other man of it.
I.10.84
A regulation which enables those of the same trade to tax themselves in order to provide for their poor, their sick, their widows and orphans, by giving them a common interest to manage, renders such assemblies necessary."
Adam Smith
June 5th, 1723 – July 17tn, 1790
An Inquiry Into the Nature and Causes of the Wealth of Nations.
Inequalities Occasioned by the Policy of Europe.
March 9th, 1776
Buy Now The Tract That Will Be Published September 17th, 2009.
You will enjoy my popular articles:
Ron Paul vs. Bernanke.
Ben "Systemic" Bernanke.
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What if an audit revealed that that the Federal Income Tax was what it really is - a slave tax?
ReplyDeleteThat it doesn't pay for schools, fire, police, roads, but right into the banksters pockets to pay off the phoney scam of Ponzi debt.
Would be sheep then lose their minds and go apeshit or would they go back to sleep?
Did you know that Nostradamus predicted the world would be in a terrible long drawn out great depression in the great tribulation?
ReplyDeleteAnd then the nuclear terrorism would start...
I'm not sure but I think he said Paris , France is the first to get it.
Why Paris I have no idea.
Sad, isn't it?