Federal Reserve is a Ponzi scheme, an inside job

The following video was broadcast on MSNBCs Morning Meeting, Friday, July 24, 2009:
Federal Reserve is a Ponzi scheme, an inside job

Source: RawStory

The Federal Reserve — the quasi-autonomous body that controls the USs money supply — is a Ponzi scheme that created bubble after bubble in the US economy and needs to be held accountable for its actions, says Eliot Spitzer, the former governor and attorney-general of New York.

In a wide-ranging discussion of the bank bailouts on MSNBCs Morning Meeting, host Dylan Ratigan described the process by which the Federal Reserve exchanged $13.9 trillion of bad bank debt for cash that it gave to the struggling banks.

Spitzer — who built a reputation as the Sheriff of Wall Street for his zealous prosecutions of corporate crime as New Yorks attorney-general and then resigned as the states governor over revelations he had paid for prostitutes — seemed to agree with Ratigan that the bank bailout amounts to Americas greatest theft and cover-up ever.

Advocating in favor of a House bill to audit the Federal Reserve, Spitzer said: The Federal Reserve has benefited for decades from the notion that it is quasi-autonomous, its supposed to be independent. Let me tell you a dirty secret: The Fed has done an absolutely disastrous job since [former Fed Chairman] Paul Volcker left.

The reality is the Fed has blown it. Time and time again, they blew it. Bubble after bubble, they failed to understand what they were doing to the economy.

The most poignant example for me is the AIG bailout, where they gave tens of billions of dollars that went right through — conduit payments — to the investment banks that are now solvent. We [taxpayers] didnt get stock in those banks, they didnt ask what was going on — this begs and cries out for hard, tough examination.

You look at the governing structure of the New York [Federal Reserve], it was run by the very banks that got the money. This is a Ponzi scheme, an inside job. It is outrageous, it is time for Congress to say enough of this. And to give them more power now is crazy.

The Fed needs to be examined carefully.

Spitzer resigned as governor of New York in March, 2008, after news reports stated Spitzer had paid for a $1,000-an-hour New York City call girl.

read the full article at:
http://blacklistednews.com/?news_id=4977

http://www.wacholland.org

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[flirtwd]

don't we make money? How the fuck could a people create paradigms that fuck them? Whatever

[enslavetherich]

@flirtwd They are creating a paradigm that makes sure that they and their wallstreet bankster friends end up with an increasing amount of wealth.

"If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered. "

Thomas Jefferson

[aaronscrewme]

5:22 what is he trying to communicate? Enslavetherich, who is he giving that signal to? I don't understand.

[enslavetherich]

@aaronscrewme If I knew I would say it, but I am not sure, I have not gone far enough (concerning personal research) into the (eventual) sign language that is being used by illuminati or other high placed people. Other people here on youtube are probably more educated in this sign language stuff.. It remains to be a really slippery slope for me, I would not dare to explain it's actual meaning.

[kagoshimaenglish]

that poor guy with the fed hat had NO IDEA what they were talking about !

[jonabananana]

My name is Jonathan

and I answered the guy at @5:04 LOL.

[infokemp]

@enslavetherich excellent quote - an excellent discussion - we can all blame the mainstream managed media but they are adapting - this discussion I suspect would not happen in a BBC studio - so good for the American media and those people who are keeping them under pressure. I respect Ron Paul on the Constitution but on Gold he is wrong - it would just create an unaccountable elite of gold speculators - the solution is govt created money & destroying organized crime - see Steve Keen economist

[infokemp]

@enslavetherich I was a Ron Paul supporter but to clear up something about the EU; US pundits blame social market - in economics it works at the point of maximum social benefit - the fact is that Banks leveraging out mortgages 100 times trading them as though they where assets insted of debt & then hedge funds claiming insurance on Credit default swaps - from mortgages & houses they don't even own created bank debt - that's Ultra Conservative Ponzi Scheme Capitalism not social markets.

[infokemp]

@enslavetherich Hank Paulson pulled the plug of Lehman bros - a US owned bank - in debt because of a Rouge Ponzi scheme inflating Federal reserve system - which if it had just spent one billion dollars to stop insider Trading against Freddy & Fanny Mae could of stopped a 14.7 trillion dollar debt crisis caused in the US - the EU has had to bail the US out in 2008-09 to the cost of 14.7 trillion dollars. Not only does the Fed create currency from thin air it loans the money at interest to Govt

[Badin10tions]

@kagoshimaenglish His name is Toure and he has a beautiful wife named Rita Nakouzi. All he knows really is social commentary and not too much about economics.

[trickmisterthird3]

The Federal Reserve bought trash with taxpayer's money, plane and simple. However the Federal Reserve does not want the public to know because this would be too much political ammunition for a particular party.

[DayLi2US]

OCCUPY WALL STREET is all about Banking corruption led by the FED's

[ripcord420]

i agree with this vi, but what they are not tell you is, in a freemarket there is not safety net so the banks would have had to be more careful in lending. The FED had to go along with fractional reserve banking. restore the freemarket

[ripcord420]

i agree this vid but what they are not tell you is in a freemarket there is not safety net so they what have tried this. The FED had to go along with fractional reserve banking

[AnnunakiYourGod]

fire the feds!