(noon. – promoted by ek hornbeck)
The Federal Reserve Bank of the United States is slowly being forced to acknowledge that, like other parts of America’s ruling elite, its operations are based on falsehood and deception. The cloak of secrecy that it desperately wishes to preserve has masked decades of deception of the marketplace: deception regarding market manipulation; deception regarding industry and institutional favoritism; deception regarding political expediency, and, most importantly, deception regarding anti-democratic economic policy.
Enough evidence has accumulated to confirm that the Federal Reserve has acted to repeatedly make good the losses of an unstable and unsound financial industry. It has upheld a system that privatizes profits and socializes losses, always in favor of moneyed interests. It did this during the Latin American debt crisis, the S&L scandal, the dot com stock bubble, and now during the real estate bubble. The problem facing the Fed is that each rescue of the plutocracy from its excesses has been progressively more costly to the US economy. We are now in a situation where such massive public deficits are needed to make good Wall Street’s latest losses that the global reserve currency status of the US Dollar is under attack.
Because liars rule our nation, there have been no regulatory reforms passed in the year since the crisis started. There have been no prosecutions for fraudulent lending. There has not even been a formal investigation of what went wrong. All we have are bland assurances that remedies will be forthcoming. Meanwhile, fat bonuses are being paid on Wall Street out of huge, unaffordable, taxpayer-subsidized Federal-Reserve liquidity injections.
American voters may tolerate the leadership of fools and liars who mortgage our future and debase our currency, but foreign governments and investors are far less accommodating. Truth and justice will return to America under foreign auspices when the liars’ last stand fails to halt the slide of the dollar and America sinks under the weight of its unsustainable debts. Our new owners will clean house, and the current “stewards” of our economy will be reviled as frauds, flunkies, and incompetents by those who write the history of America’s imperial decline.
Obama, Bernanke, Geithner, Summers, and the whole sick Washington establishment crew believe that they can lie their way out of this debacle. They can’t. This is the end of the road for a government of lies.