Fed Chairman Ben Bernanke admitted the central bank created $1.3 trillion out of thin air to buy mortgage backed securities. This shocking admission came from the Joint Economic Committee hearing on Capital Hill last week. I was dumbfounded when I saw Bernanke shake his head in the affirmative as Representative Ron Paul said, “Well, where did you get the money? You created this money. So you did monetize debt, and that went into the banking system.” I was amazed he admitted this. I looked up the original hearing on C-Span to make sure the clip was not edited. It was not.
What is even more shocking is I could not find a single mainstream news agency that covered this revelation. Congress just finished voting on the bitterly contested Obama health care bill that is supposed to cost nearly a trillion dollars over ten years. (Some contend it will be more than twice that amount.) The mainstream media doesn’t even bat an eye over the Fed creating $1.3 trillion in a little more than a year to buy worthless debt no one else will touch. I do not get it. I guess we could have asked the Fed to print up a trillion dollars to pay for health care and avoided that drawn out battle in Congress.
Then, Rep. Paul brings up printing another $105 billion to bailout Greece. Bernanke answers by saying, “. . . I think one of the agreements that the G20 leaders came up with was sort of a mutual commitment to put more money into the IMF as a way of addressing the financial crisis around the world. . .” Notice how Bernanke used the term “mutual commitment.” I think what that really means is an agreement between all the G-20 nations of a “mutual debasement of their currencies.” I think this is why gold has been rising in price around the globe. I have been saying for months that we are going to have some very big inflation. (Real inflation is already at 9.5% according to shadowstats.com.) I wrote about this last November in a post called “The Fix Is In.”
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This is news? Where did everyone think he got the money???
ReplyDeleteI think more and more DEBT SLAVES (anyone using Federal Reserve notes ie US dollar) are starting to realize they are a SLAVE being used and to be tossed away like trash when the debt system no longer needs them.
ReplyDeleteThe DEBT SLAVES may revolt.
Then they will be saying OFF WITH THEIR HEADS as Gerald Celente says.
Goldman Suks already is worried remember the News stories about them having guns.
More and more DEBT SLAVES will realize the money system might crash and there could be a dollar devaluation and will take their money out of the Bank as Bob Chapman advises.
As Jim Sinclair says THIS IS IT ... you better prepare.
Yes, this is a startlingly frank admission, although I suspect most of us who read sites such as this 'knew' this to be the case already. Of course, how much other MSM coverage did this recieve? Is Bernancke going to be arrested for counterfeiting? Does anyone know what the economic consequesnces of his actions will be? Does anyone even care?
ReplyDeleteOh wait, the Idol finale starts tonite! Who are you voting for- Crystal of Lee???
I wonder what the body language expert would say..Tonya what’s her face..about bubbles Ben having his hand o his face.
ReplyDeleteWhat a douche bag!
Don't you just want to sap that ht eating grin off his face.
Can't be touched, can't be stopped. Can't be moved, can't be rocked. Can't be shook. Be hot. When will you niggaz learn.
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