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.

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• Category

  News & Politics

[newsworthyable]

This program was aired 2009? Has anything changed? Has anyone been convicted of fraud? I don't think so. Why?

[enslavetherich]

I guess most (normal) people don't want to know.. And they are desperate to cling on to what they still got now.. Trying to keep their fairytale working.. While making 10+ hours shifts a day..

No bank(er) or politician in the U.S. or E.U. has been convicted for the crimes they committed..

[Skibum Willy]

So sick of these people with evil plans, so we came up with our own plan that brings them all down, but we need your help! There were more ants than crickets in “ABugs Life”, so wake the kids, call the neighbors, and watch “Inheriting an Abundant Earth” on youtube. A simple rule tweak on inheritance ends up changing the direction and purpose of modern human life! Watch “Inheriting an Abundant Earth” on youtube, then sign the petition in the description area, and share it!!

[Enrique Mares]

5:06 more love to "La Cucaracha"

[ott0Kitam]

These idiots & their calling for some secret audit of the fed as though its going to reveal some amazing truth smh... Use your brain people... If the "fed" gives up no lawful consideration (ie. something of value) intervening on our contracts and issuing a secondary mis-representation of what we initially create/issue (ie. promissory note/which is principal creation) publishing further evidence of our own promissory notes to each other, theres no debt to them & interest is unjustified... Derp

[ott0Kitam]

These guys just look past the THEFT/FRAUD that is all "banking" & simply concentrate on the downstream symptoms/consequences of the initial crime commited against all of us...You wont get a lick of truth about how money is actually *created* from anybody on mainstream television & you should be sticking your own head into a pool of water till the bubbles stop if you believe anything these fools are saying about being the "real problem"... Strike at the root, not the branches, go back to creation

[ott0Kitam]

These clowns havent got half a brain between the three of them... No banks "lending" anyone anything ffs, what a joke... All banks steal and launder all principal ever issued into circulation, by the purposed obfuscation of creation... Big bank, little bank, good bank, bad bank, what the fuck ever ? They steal every dollar by intervening on our contracts (ie promissory obligations) pretending to "loan" us what didnt even exist until one of us walks into a bank and issues a promissory obligation

[jonesey5168]

Iceland has a different opinion fer sure