Forum Post: It’s Time to “Occupy the Dream:” African-American Faith Community Joins Forces with Occupy Wall Street – First Day of Action on MLK Day, Jan 16 at Federal Reserve Banks
Posted 13 years ago on Dec. 17, 2011, 8:53 p.m. EST by MonetizingDiscontent
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It’s Time to “Occupy the Dream:” African-American Faith Community Joins Forces with Occupy Wall Street – First Day of Action on MLK Day, Jan 16 at Federal Reserve Banks
-December 17, 2011-
It’s Time to “Occupy the Dream:” African American Faith Community Joins Forces with Occupy Wall Street – First Day of Action on MLK Day, Jan 16 at Federal Reserve BanksMembers of the African-American faith community have joined forces with Occupy Wall Street to launch a new campaign for economic justice inspired by the legacy of Dr. Martin Luther King Jr.. Faithful to its philosophical origin, the “Occupy the Dream” coalition has called for a National Day of Action on Martin Luther King Day – Monday, January 16, 2012 – when they will “Occupy the Federal Reserve,” in multiple cities nationwide, focusing attention on the gross injustice visited upon the 99% by the financial elite. This will be the first of many actions leading up to a mass gathering in Washington D.C., to be held April 4 – 7, when millions will unite in celebration of the life and legacy of Dr King.
In support of this effort, StudioOccupy.org has created this inspiring video:
(((Continue reading & Watch -Video- Here))) http://www.washingtonsblog.com/2011/12/its-time-to-occupy-the-dream-african-american-faith-community-joins-forces-with-occupy-wall-street-first-day-of-action-on-mlk-day-jan-16-at-federal-reserve-banks.html
Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress
-Nov 27, 2011-
(From Bloomberg) ...The amount of money the central bank parceled out was surprising even to Gary H. Stern, president of the Federal Reserve Bank of Minneapolis from 1985 to 2009, who says he “wasn’t aware of the magnitude.”
$7.77 T R I L L I O N
It dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP. Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year.
Bankers didn’t disclose the extent of their borrowing. On Nov. 26, 2008, then-Bank of America (BAC) http://www.bloomberg.com/quote/BAC:US Corp. Chief Executive Officer Kenneth D. Lewis wrote to shareholders that he headed “one of the strongest and most stable major banks in the world.” He didn’t say that his Charlotte, North Carolina-based firm owed the central bank $86 billion that day...."
(((Continue Reading the -Entire- Article Here))) http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html
Will Ben Bernake Devalue the Dollar by 40%, as he Promised he would, in 2002?
Deflation: Making Sure "It" Doesn't Happen Here
Remarks by Governor Ben S. Bernanke Before the National Economists Club, Washington, D.C.
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 ever faced another Great Depression, he would do 5 things... and he has done everything he said he would do so far, now that he is at the helm! 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 tried 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 speech.
Federal Reserve's Once-Secret Loan Crisis Data Compiled by Bloomberg Released to Public
-Dec 23, 2011-
Bloomberg News today released spreadsheets showing daily borrowing totals for 407 banks and companies that tapped Federal Reserve emergency programs during the 2007 to 2009 financial crisis. It’s the first time such data have been publicly available in this form......
Fed May Inject Over $1 Trillion To Bail Out Europe
http://www.zerohedge.com/news/fed-may-inject-over-1-trillion-bail-out-europe
-12/18/2011-
As first reported here, two weeks ago... http://www.zerohedge.com/news/we-just-had-rerun-bear-stearns-when-lehman-coming ...European banks saw the amount of USD-loans from the Fed, via the ECB's revised swap line, surge to over $50 billion - a total first hit in the aftermath of the Bear Stearns failure prompting us to ask "When is Lehman coming?" http://www.zerohedge.com/news/we-just-had-rerun-bear-stearns-when-lehman-coming
However, according to little noted prepared remarks by Anthony Sanders in his Friday testimony to the Congress Oversight Committee, "What the Euro Crisis Means for Taxpayers and the U.S. Economy, Pt. 1", we may have been optimistic, because the end result will be not when is Lehman coming, but when are the next two Lehmans coming, as according to Sanders, the relaunch of the Fed's swaps program may "get to the $1 trillion level, or perhaps even higher."
As a reference, FX swap line usage peaked at $583 billion in the Lehman aftermath (see chart)
(((Chart))) http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/12/Fed%20Swap%20Lines%20past%20%2B%20future.jpg
Needless to say, this estimate is rather ironic because as Bloomberg's Bradely Keoun reports... http://www.businessweek.com/news/2011-12-16/fed-foreign-bank-lifelines-may-reach-1-trillion-congress-told9.html ..."Fed Chairman Ben S. Bernanke yesterday told a closed-door gathering of Republican senators that the Fed won’t provide more aid to European banks beyond the swap lines and the discount window -- another Fed program that provides emergency funds to U.S. banks, including U.S. branches of foreign banks."
Well, between a trillion plus in FX swap lines, and a surge in discount window usage which only Zero Hedge has noted so far, there really is nothing else that the Fed can possibly do, as these actions along amount to a QE equivalent liquidity injection, only denominated in US Dollars.
Aside of course to shower Europe with dollars from the ChairsatanCopter. Then again, before this is all over, we are certain that paradollardop will be part of the vernacular.
For all those lamenting the ECB's lack of willingness to print, fear not: the almighty Chairsatan has vowed to valiantly take his place when needed. As in 2 weeks ago. From Bloomberg:
Continue Reading this article Here: http://www.zerohedge.com/news/fed-may-inject-over-1-trillion-bail-out-europe
Fed Foreign Bank Lifelines May Reach $1 Trillion, Congress Told9
-December 16, 2011-
Move To Prevent The Reappointment Of The Fed Chairman
Bernanke's Failed CNBC Predictions Caught On Tape
http://dailybail.com/home/a-movement-by-the-people-to-prevent-the-reappointment-of-the.html
-Jan 2, 2012-
Spliced video from 5 CNBC appearances from 2005-07 where Bernanke demonstrates that he knows absolutely nothing. This one is so good we need it to go viral. Please send it to your reps in Congress and to the White House.
WASHINGTON CONTACT INFO for everyone & everything is HERE. http://dailybail.com/contact-washington/
If we can get a million voters to see the clip... http://www.youtube.com/watch?feature=player_embedded&v=GbOWiJ94Xvg ...and from that group, 100,000 or so to actually email the video to someone in Washington, we might just be able to make enough noise to send B-52 back to Princeton. At a minimum we will make his life miserable and cause him extreme distress as this video passes through a million households and his utter lack of competence is seen by so many. If nothing else, think of it as a few minutes of your time for karmic revenge. Thank you!
There is no excuse or precedent for the Chairman of the Federal Reserve to misunderstand, miscalculate and misrepresent the greatest debt bubble of the last 200 years so tragically. Thousands saw it coming, but Greenspan & Bernanke were completely and utterly disconnected from reality.
Bernanke actually said that lending standards were circumspect and safe, or something to that effect, and that regulators were closely monitoring the quality of loans made by banks. I will pause while you get off the floor from laughing.
Every time he opens his mouth in this clip, he's not just wrong, but insufferably so. His credibility is non-existent.
Chairman Bernanke, there is no excuse. Admit your failure. We the people ask for demand your resignation.
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This is what this corrupt system fears the most- whites and blacks sitting together at the table of brotherhood.
The -African American Faith Community- and ows together against the forces of corruption. And to honor, a great American-- maybe the greatest.. this is the smartest thing, both groups have ever done
12 cities have federal reserve banks. Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas, City Dallas, San Francisco.
You make fantastic points, turkey. I can hardly wait to watch the mainstream-media-malitia in full blown spin-panic.
:::::::::::::::::::::::::::::Secrets of the Federal Reserve:::::::::::::::::::::::::::::
http://www.nysun.com/editorials/secrets-of-the-fed/87654/
--January 15, 2012--
In respect of the latest publication of the transcripts of the Federal Reserve, let us just say that we’re against it. The transcripts were disclosed the other day, five years after they were made. This seems to be the tradition at the Fed. It’s a tradition this newspaper opposes. What we support is the silence of the Fed. We objected when Chairman Bernanke announced he would start holding quarterly press conferences. It’s bad enough he has to testify before Congress. It’s bad enough he made five minutes of remarks when he was sworn in. It’s bad enough we live in an age of fiat money. We already have the minutes of the Fed meetings. Why in the world do we need the actual transcripts of the governors issuing their scrip?
And what is the logic of the five-year delay? Why not make it three years? Or five decades? Or — our preference — five centuries? The truth is that the length of the delay is arbitrary. It’s not connected to anything of substance. Call it a “fiat delay.” The five years is just made up out of whole cloth. If it were important to have an exact transcript of what was said at these infernal meetings, there would be no logic to a delay. The logic would be to publish the transcripts, if they must be published, as soon as the ink is dry, or even while it’s still wet. Or to open the meetings altogether and allow the press to sit at the side of the room.
What’s apparent is that the cataract of words from the Fed is a feature of fiat money. The Federal Reserve needs to maintain the illusion that what the governors say is important enough to keep secret and meaningful enough that one should read the transcripts even five years after they were uttered. Ergo, the scrip — the irredeemable electronic paper ticket money, as the Foundation for the Advancement of Monetary Education calls it — the Fed is issuing must have some value. This illusion, however, has lately been shattered by the collapse of the United States dollar to below a 1,600th of an ounce of gold.
Given this collapse, do we really need to know that in the fall of 2006, the president of the San Francisco Fed, Janet Yellen, who we don’t doubt is a fine person, told her colleagues that the “deceleration in house prices continue[s] to surprise us” and that she’d spoken with a builder who’d toured some subdivisions near Boise where unoccupied houses were “being dressed up to look occupied — with curtains, things in the driveway, and so forth — so as not to discourage potential buyers.” Do we need to know that in the entire 106 pages of the transcript of the first meeting of 2006, the governors of the Fed failed even once to mention the word “gold.”
It’s worse than that. The staff of The New York Sun’s Department of Document Inspections came in over the weekend and ran the entire year’s worth of transcripts of the Federal Open Market Committee through a 2-core Intel-powered computer operating at 2.13 gigahertz, with a scanner with a full-color, gray-scale visual digital display readout. It discovered that in the hundreds of pages of discussion of monetary policy, covering the entire year of 2006, the governors of the Fed mentioned the word “gold” only three times and the word “silver” only once. It turns out that as far as the Federal Reserve goes, the entire periodic table might as well not exist.
And that’s not all. In an entire year of meetings, filling hundreds of pages of just-released transcripts, the members of the Federal Open Market Committee referred only once to the United States Constitution. The one reference to our founding parchment, which gives the Congress the power to coin money and regulate its value, was made by the president of the Federal Reserve Bank of Richmond, Jeffrey Lacker, who, in a discussion of future inflation, asserted that “as a matter of public accountability in a constitutional democracy, we owe it to the citizens of the United States to tell them this simple and yet very important implication of how we conduct monetary policy, if only to make the use of retirement-planning software easier.” The transcript then contains this notation: “[Laughter].”
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
The Fed is starting to remind people of Woodrow Wilson’s son-in-law, William Gibbs McAdoo. We had a note about McAdoo over the weekend from James Grant, editor of the Interest Rate Observer. It seems that McAdoo, during his campaign for the Democratic presidential nomination in 1924, kept putting his foot in his mouth. “What your friends want out of you is silence,” one of McAdoo’s supporters supposedly told him, “— and damn little of that.” Our sentiments exactly. The Federal Reserve, not to mention the rest of us, would be better off without the all the words that pour from its transcripts, press conferences, and minutes. After the release of the transcripts this week, the New York Times quoted one professor, Justin Wolfers of the Unviersity of Pennsylvania, as saying the latest disclosures were embarrassing not only for the Fed but for all of economics. In any event, the Fed’s words are a poor excuse for money. We say: Let the Fed stand mute. For however much time we still have a Fed, let us discover its policies the way we discover the properties of a black hole, not by the light that comes out — none does — but by the behavior of nearby objects. It would be more credible for the Fed and more efficient for the market, until the day comes when we can get back to constitutional money defined as a given number of grains of specie.
In order to clarify OWS's 'raison d'etre', please watch The Excellent Documentary Film 'INSIDE JOB' :
a) Free Download : http://www.multiupload.com/7B46GXEHYZ ,
b) Latest Working Link : http://documentarystorm.com/inside-job/ &
c) The Official Movie Website ; http://www.sonyclassics.com/insidejob/ .
Narrated by Matt Damon ... "It's a powerhouse of a documentary that will leave you both thunderstruck and boiling with rage."
'Inside Job' provides a comprehensive analysis of the global financial crisis of 2008, which at a cost over $20 trillion, caused millions of people to lose their jobs and homes in the worst recession since the Great Depression, and nearly resulted in a global financial collapse.
Through exhaustive research and extensive interviews with key financial insiders, politicians, journalists, and academics, the film traces the rise of a rogue industry which has corrupted politics, regulation, and academia. It was made on location in the United States, Iceland, England, France, Singapore & China.
Finally, a tune for SOLIDARITY : http://www.youtube.com/watch?v=x-o3CJytIPE !!
fiat justitia ruat caelum ...
Good post.
Re. "Jan.15 Worldwide Candlelight Vigil for Unity", please also see ;
http://occupywallst.org/article/j15-worldwide-candlelight-vigil-unity/
et fiat justitia ruat caelum ...
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I am down here at occupy orlando. We marched in two parades saturday! check out our banner http://www.facebook.com/photo.php?fbid=2707980854096&set=at.2707979494062.2124717.1094040363.626302673&type=1&theater
~ G r e a t J o b O r l a n d o ! ~
::::::::::::::::::::::::::Occupy Wall Street Protesters March on Martin Luther King Day:::::::::::::::::::::::::
::::::::About 100 people marched from the African Burial Ground to the Federal Reserve building::::::::
http://www.nbcnewyork.com/news/local/Occupy-Wall-Street-Protesters-March-on-Martin-Luther-King-Day-137421133.html
-Jan 16, 2012-
Occupy Wall Street demonstrators arrive at Riverside Church for a service to honor Martin Luther King, Jr. on Jan. 15. More marches were happening on Monday.
About 100 Occupy Wall Street protesters marched from New York's African Burial Ground to the Federal Reserve for Martin Luther King Jr. Day on Monday, saying the civil rights leader's work echoes in their own fight for more economic opportunity.
"He set the benchmark," protester Ted Actie said. "He set the blueprint as far as what Occupy Wall Street is talking about."
The protesters prayed and sang "We Shall Overcome" at the burial ground, and a group of children played violins. The site is a national monument and marks the cemetery where free and enslaved Africans were buried during the 17th and 18th centuries.
The protesters then marched a few blocks south to the Federal Reserve Bank of New York, where they huddled in 30-degree weather to listen to speakers who criticized corporate greed. The demonstrators carried signs reading "We oppose economic inequality" and "Democracy for sale no more." They handed out pamphlets with excerpts of King's speeches.
Dozens of police accompanied marchers on foot and scooters. The demonstration was peaceful, and protesters had permits for the event.
Michael Saunders, 46, of Brooklyn, said he believed King would have participated in the Occupy movement if he were alive today.
"It just allows people to stand up for whatever their dream is: home ownership, a college education, a better way of life for them and their children," Saunders said.
Trevor Wiessmann brought his 2 1/2-year-old son, Leo, to the march. He said he wanted to teach his son to be politically active.
"I thought it was kind of important to do something civic-minded for Martin Luther King Day," he said.
On Sunday, Occupy demonstrators took part in a candlelight vigil at Riverside Church in Manhattan in King's honor. Patti Smith read a poem and rapper-turned-CEO Russell Simons denounced the influence of large corporations and lobbyists.
Occupy protesters also planned King Day rallies in Washington, Atlanta, Chicago and other cities.
-Copyright Associated Press-
::::::::::::The US Debt Ceiling Theater Is Back: Think The Issue Is On Autopilot? Think Again::::::::::::
http://www.zerohedge.com/news/us-debt-ceiling-theater-back-think-issue-autopilot-think-again
-01/11/2012-
As Zero Hedge reported first... http://www.zerohedge.com/news/here-we-go-again-us-25-million-away-debt-ceiling ...the US is once again, in just 5 short months (see chart) http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/01/Debt%20Ceiling%20headroom.jpg ...back at the debt ceiling, with just $25 million in new debt issuance dry powder, or in other words, no space of more debt absent resorting to the same "technique" last seen in late July when the Treasury plundered from government retirement accounts in order to accommodate new debt, such as yesterday's issuance of 3 Year bonds, and today's 10 Year bonds.
And as The Hill reported yesterday... http://www.zerohedge.com/news/obama-ask-debt-ceiling-increase-matter-days ...Obama is expected to request that Congress allow the incremental and final $1.2 trillion debt expansion (of the $2.1 trillion total) within a few days.
So it is all on autopilot right? Wrong.
As Bank of America explains below, it is very likely that the US will not have a debt ceiling hike for at least a few weeks, meaning that while a debt hike will ultimately come, it will very soon be all the song in dance, potentially overtaking the GOP drama, coupled with the pillaging of government retirement accounts yet again and likely leading to more rating agency action as the US debt fiasco is once again brought front and center. And the last thing the market needs is to experience the August 2011 collapse which brought it to 2011 lows and sent it gyrating for 400 DJIA points daily, in essence breaking the market as noted previously. And the worst news is that even with $1.2 trillion in new debt capacity, the total amount is guaranteed to not last through 2013, and should tax withholdings dip as trends are already indicating on adverse year over year comps, the $1.2 trillion in new debt may be exhausted as soon as September, which at this point may be the only thing that derails an Obama reelection if indeed he is running against "Wall Street."
First, here is why the debt ceiling is called the debt target:
(((Continue Reading Here))) http://www.zerohedge.com/news/us-debt-ceiling-theater-back-think-issue-autopilot-think-again
:::::::::Corzine Visited New York Federal Reserve in 2010 as MF Sought Primary Dealer Status::::::::
http://www.bloomberg.com/news/2011-12-14/corzine-visited-new-york-fed-in-2010-as-mf-sought-primary-dealer-status.html
-Dec 14, 2011-
Max Keiser: "The Federal Reserve vetted MF Global several times… and knew very well Corzine was breaking multiple laws… So they rewarded him with a cushy Primary Dealer gig"
http://maxkeiser.com/2011/12/15/the-feds-vetted-mf-global-several-times-and-knew-very-well-corzine-was-breaking-multiple-laws/
-December 15,
::::::::::::::::::::::::::::Corzine Visited NY Fed as MF Sought Status:::::::::::::::::::::::::::
:::::: 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
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Excellent! Time for a "million man march". Excellent!
Yep, this is truly wonderful news! (((compleeete smiles)))
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