Every day more light is shed in the dark corners of our banking system. Today I thought I’d share this tid bit. While Americans lose their jobs, houses and ability to sustain themselves the Federal Reserve was busy handing out $500B in “currency swaps” to 14 foreign central banks all over the world. Watch the following clip and judge for yourself the kind of message that’s being conveyed:
Everyone is welcome to correct me if I’m wrong here, but I was under the impression that the Federal Reserve had a mandate to maintain stable employment and fight inflation. It seems to me that these kind of actions actually ensure the polar opposite end result. Ben is deliberately printing tons of dollars, shipping them overseas and taking foreign currency in exchange in order to supposedly facilitate a more liquid, lower interest lending facility for US dollar-based loans. This is not part of the Federal Reserve’s mandate nor does it seem as though it could be a constitutionally sound policy.
When Ben was asked about the Federal Reserve’s opposition to an audit of their programs and balance sheet, he responded by alluding that interest rates would rise if there was any attempt to oversee the actions of the Fed. This is a veiled threat and can not be taken as anything less. Our economy is now being held hostage.