Excerpt:
The Federal Reserve’s Victims
The Federal Reserve, with its money-pumping machine distorting credit markets and interest rates, along with creating piles of debt among the citizenry, is a totalitarian and destructive force. The Fed destroys time preferences because it turns people into consumption-oriented, gotta-have-it-now debt addicts. The Fed has wrecked the housing market and turned homes into leveraged bets. The Fed has sucked people into revolving debt, student loan debt, and miscellaneous personal debt, all with the promise that the boom was never going to end. The Fed perverted the stock market, baiting pension funds, 401k funds, and personal investments, and thus has wiped out much of the wealth of American retirees and the middle class. The Fed has turned the latest generation of children into a consumption-only class who do not know of the production side of the market, nor do they care. The Fed has established a financial dependency on government that has destroyed the self-sufficiency of an entire generation. Today’s bread and circuses is tomorrow’s lack of saving, invention, and production. The Federal Reserve is a criminal organization and the destroyer of lives.
The latest victim of this system that takes Americans captive is the man who shot his wife and three children to death before committing suicide in Middletown, Maryland. He was $460k in debt on a mortgage and credit cards on a salary of less than $100k per year. The debt, dependency, and financial disintegration drove him crazy. Here is Guido Hulsmann from one of my all-time favorite articles, “The Cultural and Spiritual Legacy of Fiat Inflation.”
The net effect of the recent surge in household debt is therefore to throw entire populations into financial dependency. The moral implications are clear. Towering debts are incompatible with financial self-reliance and thus they tend to weaken self-reliance also in all other spheres. The debt-ridden individual eventually adopts the habit of turning to others for help, rather than maturing into an economic and moral anchor of his family, and of his wider community. Wishful thinking and submissiveness replace soberness and independent judgement. And what about the many cases in which families can no longer shoulder the debt load? Then the result is either despair or, on the contrary, scorn for all standards of financial sanity.http://www.cfr.org/japan/bank-japan-averts-financial-earthquake/p24459
Excerpt:
The Bank of Japan Averts a Financial Earthquake
| Author: | Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics |
|---|
March 21, 2011
Financial Times
Japan's tragedy is a testament to the power of nature and the frailty of man. But one human creation will emerge from this mess looking stronger than before: Japan's central bank. In the days since the earthquake, the Bank of Japan has printed trillions of new yen. If you doubt this activism was warranted, consider what followed earthquakes in the era before central banks.
http://land.netonecom.net/tlp/ref/federal_reserve.shtml
Excerpt:
OWNERSHIP OF THE FEDERAL RESERVE
Most Americans, if they know anything at all about the Federal Reserve, believe it is an agency of the United States Government. This article charts the true nature of the "National Bank."
Chart 1
Source: ** Federal Reserve Directors: A Study of Corporate and Banking Influence ** - - Published 1976Chart 1 reveals the linear connection between the Rothschilds and the Bank of England, and the London banking houses which ultimately control the Federal Reserve Banks through their stockholdings of bank stock and their subsidiary firms in New York. The two principal Rothschild representatives in New York, J. P. Morgan Co., and Kuhn, Loeb & Co. were the firms which set up the Jekyll Island Conference at which the Federal Reserve Act was drafted, who directed the subsequent successful campaign to have the plan enacted into law by Congress, and who purchased the controlling amounts of stock in the Federal Reserve Bank of New York in 1914. These firms had their principal officers appointed to the Federal Reserve Board of Governors and the Federal Advisory Council in 1914. In 1914 a few families (blood or business related) owning controlling stock in existing banks (such as in New York City) caused those banks to purchase controlling shares in the Federal Reserve regional banks. Examination of the charts and text in the House Banking Committee Staff Report of August, 1976 and the current stockholders list of the 12 regional Federal Reserve Banks show this same family control.
N.M. Rothschild , London - Bank of England
______________________________________
| |
| J. Henry Schroder
| Banking | Corp.
| |
Brown, Shipley - Morgan Grenfell - Lazard - |
& Company & Company Brothers |
| | | |
--------------------| -------| | |
| | | | | |
Alex Brown - Brown Bros. - Lord Mantagu - Morgan et Cie -- Lazard ---|
& Son | Harriman Norman | Paris Bros |
| | / | N.Y. |
| | | | | |
| Governor, Bank | J.P. Morgan Co -- Lazard ---|
| of England / N.Y. Morgan Freres |
| 1924-1938 / Guaranty Co. Paris |
| / Morgan Stanley Co. | /
| / | \Schroder Bank
| / | Hamburg/Berlin
| / Drexel & Company /
| / Philadelphia /
| / /
| / Lord Airlie
| / /
| / M. M. Warburg Chmn J. Henry Schroder
| | Hamburg --------- marr. Virginia F. Ryan
| | | grand-daughter of Otto
| | | Kahn of Kuhn Loeb Co.
| | |
| | |
Lehman Brothers N.Y -------------- Kuhn Loeb Co. N. Y.
| | --------------------------
| | | |
| | | |
Lehman Brothers - Mont. Alabama Solomon Loeb Abraham Kuhn
| | __|______________________|_________
Lehman-Stern, New Orleans Jacob Schiff/Theresa Loeb Nina Loeb/Paul Warburg
- ------------------------- | | |
| | Mortimer Schiff James Paul Warburg
_____________|_______________/ |
| | | | |
Mayer Lehman | Emmanuel Lehman \
| | | \
Herbert Lehman Irving Lehman \
| | | \
Arthur Lehman \ Phillip Lehman John Schiff/Edith Brevoort Baker
/ | Present Chairman Lehman Bros
http://www.bankofengland.co.uk/about/people/biographies/bailey.htmExcerpt:
Andrew Bailey
Executive Director, Banking & Chief Cashier
Andrew Bailey was appointed to his current role from 1 January, 2004. He has several key responsibilities:
- the security and effective operation of real time gross settlement in the UK’s high value payment systems (CHAPS and CREST);
- along with the Bank’s Sterling Markets Division he is also responsible for the provision of liquidity to the market and settlement banks;
- the issuing and effective distribution of banknotes and their security against counterfeiting; and
- the provision of banking services, focusing on high-value government banking.
Since the onset of the financial crisis in August 2007, Andrew has been responsible for the Bank's special operations to resolve problems in the banking sector. He is head of the Bank's Special Resolution Unit. His involvement in special operations also extends to taking responsibility for the so-called London Approach, in which the Bank uses its influence to seek resolution of problems in company refinancings and other such problems.
He is also a member of the Governor’s Executive Team which is the Bank’s senior management group.
Andrew joined the Bank in 1985, starting in the International Divisions, before moving to Banking Supervision. This was followed by his first appointment in Banking Services, as senior manager for Policy, Risk and Special Operations. He then became the Governor’s Private Secretary, before being appointed as Head of the International Economic Analysis Division in Monetary Analysis until the end of 2003. He returned to Banking Services as Chief Cashier at the beginning of 2004.
Before joining the Bank, he was a Research Officer at the London School of Economics, which followed a BA and PhD from Queens' College Cambridge.
http://www.federalreserve.gov/newsevents/press/monetary/20090406a.htm
Excerpt:
The Bank of England, the European Central Bank (ECB), the Federal Reserve, the Bank of Japan, and the Swiss National Bank are announcing swap arrangements that would enable the provision of foreign currency liquidity by the Federal Reserve to U.S. financial institutions. Should the need arise, euro, yen, sterling and Swiss francs would be provided to the Federal Reserve via these additional swap agreements with the relevant central banks. Central banks continue to work together and are taking steps as appropriate to foster stability in global financial markets.
Federal Reserve Actions
The Federal Open Market Committee has authorized new temporary reciprocal currency arrangements (foreign currency liquidity swap lines) with the Bank of England, the ECB, the Bank of Japan, and the Swiss National Bank. If drawn upon, these arrangements would support operations by the Federal Reserve to provide liquidity in sterling in amounts of up to £30 billion, in euro in amounts of up to €80 billion, in yen in amounts of up to ¥10 trillion, and in Swiss francs in amounts of up to CHF 40 billion.
These foreign currency liquidity swap lines have been authorized through October 30, 2009.
Information on Related Actions Being Taken by Other Central Banks
Information on the actions of other central banks is available at the following websites:
Bank of England
Bank of Japan
European Central Bank
Swiss National Bank
The Federal Reserve, the Bank of England, the European Central Bank, the Bank of Japan, and the Swiss National Bank announce swap arrangements
- the security and effective operation of real time gross settlement in the UK’s high value payment systems (CHAPS and CREST);
- along with the Bank’s Sterling Markets Division he is also responsible for the provision of liquidity to the market and settlement banks;
- the issuing and effective distribution of banknotes and their security against counterfeiting; and
- the provision of banking services, focusing on high-value government banking.
Since the onset of the financial crisis in August 2007, Andrew has been responsible for the Bank's special operations to resolve problems in the banking sector. He is head of the Bank's Special Resolution Unit. His involvement in special operations also extends to taking responsibility for the so-called London Approach, in which the Bank uses its influence to seek resolution of problems in company refinancings and other such problems.
He is also a member of the Governor’s Executive Team which is the Bank’s senior management group.
Andrew joined the Bank in 1985, starting in the International Divisions, before moving to Banking Supervision. This was followed by his first appointment in Banking Services, as senior manager for Policy, Risk and Special Operations. He then became the Governor’s Private Secretary, before being appointed as Head of the International Economic Analysis Division in Monetary Analysis until the end of 2003. He returned to Banking Services as Chief Cashier at the beginning of 2004.
Before joining the Bank, he was a Research Officer at the London School of Economics, which followed a BA and PhD from Queens' College Cambridge.
http://www.federalreserve.gov/newsevents/press/monetary/20090406a.htm
Excerpt:
Press Release
Release Date: April 6, 2009
For release at 10:00 a.m. EDT
The Bank of England, the European Central Bank (ECB), the Federal Reserve, the Bank of Japan, and the Swiss National Bank are announcing swap arrangements that would enable the provision of foreign currency liquidity by the Federal Reserve to U.S. financial institutions. Should the need arise, euro, yen, sterling and Swiss francs would be provided to the Federal Reserve via these additional swap agreements with the relevant central banks. Central banks continue to work together and are taking steps as appropriate to foster stability in global financial markets.
Federal Reserve Actions
The Federal Open Market Committee has authorized new temporary reciprocal currency arrangements (foreign currency liquidity swap lines) with the Bank of England, the ECB, the Bank of Japan, and the Swiss National Bank. If drawn upon, these arrangements would support operations by the Federal Reserve to provide liquidity in sterling in amounts of up to £30 billion, in euro in amounts of up to €80 billion, in yen in amounts of up to ¥10 trillion, and in Swiss francs in amounts of up to CHF 40 billion.
These foreign currency liquidity swap lines have been authorized through October 30, 2009.
Information on Related Actions Being Taken by Other Central Banks
Information on the actions of other central banks is available at the following websites:
Bank of England
Bank of Japan
European Central Bank
Swiss National Bank
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