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Wednesday, March 24, 2010

Geithner inadvertently calls to End The FED!

In the following link courtesy of Mish Shedlock's Global Economic Analysis Tim Geithner has a bit of a brain snap in his own way highlighting the reasons why the Fed Reserve should be removed from it's powers.

I agree with Mish, Ron Paul is frustrating because he could destroy Geithner if he wanted to, perhaps it is his underlying intention not to, despite his pro free markets stance, he is a politician after all, he may just be playing to his ever growing audience………

What I did find amusing is how at about 4m30 into the video Geithner inadvertently suggests the Fed should be removed from its powers. His words:

“When we think about what system should replace our current system, a critical part of that is to ensure you don’t have institutions with private shareholders taking advantage of a subsidy from the government that leaves the tax payer exposed to the risk of substantial losses.”

To his defense he was referring to Fannie Mae in his explanation but pray tell me what exactly is the Fed Reserve if it does not meet the above description?

The Fed Reserve is owned by private shareholders, being the major Wall Street Banks, has a government sanctioned monopoly over the control of the US Money Supply (never fully ratified in 1913 and arguably unconstitutional as there were an insufficient number of congressmen that voted on the Christmas Eve Bill but that’s another story) and has the authority to by both foreign government debt and any toxic waste they decide to take off their shareholders balance sheets exposing the tax payer to massive losses?

“Give me control of a nation’s money supply and I care not who makes the laws”

Mayer Amschel Rothschild

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