Welcome login | signup
Language en es fr
OccupyForum

Forum Post: (CNBC) Former Federal Reserve Official: "The Federal Reserve Is Secretly Bailing Out Europe" /// Dennis Kucinich (D-OH): "It’s Time to Take our Freedom Back from The Federal Reserve." /// Fed Granted $7.77 Trillion in SECRET Bank Loans

Posted 2 years ago on Nov. 30, 2011, 5:17 p.m. EST by MonetizingDiscontent (1257)
This content is user submitted and not an official statement

Federal Reserve Secretly Bailing Out Europe

(((CNBC-Video))) http://www.youtube.com/watch?feature=player_embedded&v=_u8tFqOIarc
-Dec 28th, 2011 | 11:50 AM ET-

A former Federal Reserve official says in the Wall Street Journal that the Federal Reserve is covertly bailing out Europe. Insight with Gerald O'Driscoll, Cato Institute senior fellow, who says the Fed operated a "temporary U.S. dollar liquidity swap arrangement."


Bernanke Tells Senators Federal Reserve Has No Plan to Aid European Banks

http://www.bloomberg.com/news/2011-12-14/bernanke-tells-senators-federal-reserve-has-no-plan-to-aid-european-banks.html

-Dec 14, 2011-

Dennis Kucinich (D-OH) : "It’s Time to Take our Freedom Back from The Federal Reserve," This, in Response to Recent Revelations that the Fed Granted $7.77 Trillion in SECRET Bank Loans

http://www.youtube.com/watch?v=X1dkZShYP78&feature=player_embedded

Congressman Dennis Kucinich (D-OH), a longtime advocate for reform of the Federal Reserve, is sharply criticizing the Federal Reserve today after Bloomberg news reported that the Federal Reserve secretly committed nearly $8 trillion in support to American and international financial institutions during the 2008 bailout. Kucinich recorded a video for his website before going to the floor of the House of Representatives to call upon Congress to reclaim its Constitution primacy over monetary policy.


Will Ben Bernanke Devalue the Dollar by 40%, as He Promised in 2002?

Remarks by Governor Ben S. Bernanke Before the National Economists Club, Washington, D.C.

Deflation: Making Sure "It" Doesn't Happen Here

http://www.federalreserve.gov/boarddocs/speeches/2002/20021121/default.htm

-November 21, 2002-

In this 2002 speech by then Federal Reserve Board Governor Ben Bernanke is saying that If he is ever faced with another Great Depression, he will do 5 things... and now, as Chairman, he has done everything he said he would do so far! Accept for one final thing....

  • Interest rates to zero (CHECK)
  • Buy securities to expand the feds balance sheet (CHECK)
  • Increase the money supply (CHECK)
  • Buy the countries debt, QE1 QE2 etc etc... (CHECK)

And the only thing left that Ben promised to do, that he hasn't done yet...

  • Devalue the Dollar by 40%

"Although a policy of intervening to affect the exchange value of the dollar is nowhere on the horizon today, it's worth noting that there have been times when exchange rate policy has been an effective weapon against deflation. A striking example from U.S. history is Franklin Roosevelt's 40 percent devaluation of the dollar against gold in 1933-34, enforced by a program of gold purchases and domestic money creation. The devaluation and the rapid increase in money supply it permitted ended the U.S. deflation remarkably quickly. Indeed, consumer price inflation in the United States, year on year, went from -10.3 percent in 1932 to -5.1 percent in 1933 to 3.4 percent in 1934.17 The economy grew strongly, and by the way, 1934 was one of the best years of the century for the stock market. If nothing else, the episode illustrates that monetary actions can have powerful effects on the economy, even when the nominal interest rate is at or near zero, as was the case at the time of Roosevelt's devaluation."

Folks should really take some time to read this... Ben has been implementing a plan set long ago, in 2002.

http://www.federalreserve.gov/boarddocs/speeches/2002/20021121/default.htm

7 Comments

7 Comments


Read the Rules
[-] 3 points by Cocreator (306) 2 years ago

Go Dennis Kucinich, you are one of a select few,who speak for US..

[-] 2 points by GreedKills (1119) 2 years ago

Kucinich turned his back on the American people when he took that plane ride and caved in on single payer.

[-] 2 points by newjustice2 (50) 2 years ago

Yup we all need to support ron paul and people like him he is the only one running on truth liberals switch your party to rep so we can push him off the edge this is bigger than left or right.

[Removed]

[-] 1 points by MonetizingDiscontent (1257) 2 years ago

::::::::Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress::::::::

http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html

By Bob Ivry, Bradley Keoun and Phil Kuntz - Nov 27, 2011


::::::::REVEALED: More Details On The Fed's Breathtaking $7.7 Trillion In Loans To Large Banks::::::::

http://articles.businessinsider.com/2011-11-27/wall_street/30447101_1_emergency-loans-tarp-program-large-banks

-November 27, 2011-

While most people know about Congress' $700 billion TARP program, the Fed's secret emergency loans to banks during the financial crisis remains shrouded in mystery..

A new Bloomberg Markets report... http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html ...shines more light on this lending.

After adding up all the guarantees and loans, the Fed committed $7.77 trillion to rescuing the financial system as of March 2009, the report said.

Notably, while the banks were taking these huge loans, they maintained that they were fine

(((View this article at))) http://articles.businessinsider.com/2011-11-27/wall_street/30447101_1_emergency-loans-tarp-program-large-banks#ixzz1fFW3wQeA


[-] 1 points by hchc (3297) from Tampa, FL 2 years ago

Anyone who is determined to vote for democrat, and doesnt write DK in, is a moron and a slave to the propoganda.

[-] 1 points by WorldCitizen99 (20) 2 years ago

"We really have to start admitting the bankers have some kind of super genius understanding of reality and manipulation if we are to strive to expose this fact. They are in complete control of the situation – they could turn the economy around at any time. We are completely at their mercy. Banking is a pure profit industry. They just have a code to be so profitable or go out of business." (see source below) G. Edward Griffin, in providing a chapter-by-chapter summary of his 1994 book, The Creature from Jekyll Island, made this claim in the summary for chapter 8: “Fractional money is defined as paper money with precious-metal backing for part, not all, of its stated value. It was introduced in Europe when goldsmiths began to issue receipts for gold which they did not have, thus only a fraction of their receipts was redeemable. Fractional money always degenerates into pure fiat money.“ The reason for this, which he doesn’t mention, is that whenever new money is created, only the principal is created, and never the interest. Compound interest charges will always eventually outstrip the supply of new precious metal. Griffin admits that a fractional gold standard is inherently flawed, and, therefore, the Federal Reserve wasn’t the ultimate cause of the failure of the gold standard in the U.S. in 1933. Be wary, therefore, of anyone who does advocate a gold standard with less than 100% backing. Fiat money is money that has value only because of government regulation or law. The term derives from the Latin fiat, meaning "let it be done", as such money is established by government decree. Where fiat money is used as currency, the term fiat currency is used. Fiat money originated in 11th century China,[1] and its use became widespread during the Yuan and Ming dynasties.[2] The Nixon Shock of 1971 ended the direct convertibility of the United States dollar to gold. Since then all reserve currencies have been fiat currencies, including the dollar and the euro.[3] http://fauxcapitalist.com/2011/10/09/g-edward-griffin-a-fractional-gold-standard-always-leads-to-pure-fiat-money/ I wish these guys would get together and get the story straight. Bill Still says pretty much the opposite in The Money Masters about Colonial Scrip. It brought major prosperity to the colonies until England forced a change in policy and eventually started counterfeiting it off shore. My guess is it was loaned in small amounts to a lot of producers interest free. I think Lincoln was probably going to start loaning Greenbacks in this manner before he was shot. Obviously people were using generic IOU’s long before 13th century China. The banker always usurps and gets his sticky fingers involved whether there’s any gold involved or not. I would be wary of anyone who wants gold to have anything to do with book entry IOU’s. And anyone who believes the bank has any reserves and not just a number of how much cash it can create when the borrower walks into the bank has a very limited understanding of what “money” is and how it’s created. When the banker adds a dollar debit(on top of the principal debits) to the borrowers account for a loan fee or an interest charge, he is simultaneously adding a dollar credit to his own account – that is how the interest in addition to the principal is created. The principal credits are given to the borrower in the form of bills/coin or transferred by book entry into another’s account. The borrower then proceeds to capture the credits from the banker and the producing collective to give back to the bank to be extinguished when balanced with the debits. Just like when the bank sells a foreclosed home at auction – the credits are extinguished to curb inflation. We really have to start admitting the bankers have some kind of super genius understanding of reality and manipulation if we are to strive to expose this fact. They are in complete control of the situation – they could turn the economy around at any time. We are completely at their mercy. Banking is a pure profit industry. They just have a code to be so profitable or go out of business.

[-] 1 points by demcapitalist (977) 2 years ago

It's pretty stunning that we let select investment banks gain status as banks and access to the fed window. It is also really stunning that we hand America's money over to a bunch of gamblers and let them write themselves huge paychecks with their winnings. Is this really what we want to do as a country while our middle class gets poorer and poorer?