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Rick Perry attacks Ben Bernanke's 'treasonous' Federal Reserve strategy
Texas governor's attempt to assert hawkish credentials draws criticism from moderate Republicans and White House
Rick Perry on a campaign stop in Iowa. His description of the Fed's strategy as 'treasonous' was denounced by the White House. Photograph: Jim Young/Reuters
The Texas governor, Rick Perry, has staked out his challenge for the Republican presidential nomination as a hawk on economic policy by characterising the strategy of the Federal Reserve chairman, Ben Bernanke, as "treasonous".
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Perry: I’m Not Alone in Fed Worries
Wednesday, 17 Aug 2011 11:38 AMPresidential candidate Rick Perry renewed his attack on the Federal Reserve on Wednesday, the day after a storm blew up after he suggested chairman Ben Bernanke could be close to committing treason.
He said he is not alone in having concerns about the lack of transparency at the Fed during a campaign stop in Bedford, N.H.
“There have been a number of politicians who have stood up and really questioned the transparency of the Federal Reserve,” Perry said, according to the Washington Post. “They should open their books up. They should be transparent so that the people of the United States know what they are doing and how they are doing.
“Until they do that, there will continue to be questions about their activity and what their true goal is for the United States.”
While on the stump in Iowa on Monday, Perry said that if Bernanke opted for another round of quantative easing – buying Treasury bonds to pump money into the economy – his action would be “almost treacherous or treasonous.”Read more on Newsmax.com: Perry: I’m Not Alone in Fed Worries
Perry: I’m Not Alone in Fed Worries
Wednesday, 17 Aug 2011 11:38 AM
Presidential candidate Rick Perry renewed his attack on the Federal Reserve on Wednesday, the day after a storm blew up after he suggested chairman Ben Bernanke could be close to committing treason.
He said he is not alone in having concerns about the lack of transparency at the Fed during a campaign stop in Bedford, N.H.
“There have been a number of politicians who have stood up and really questioned the transparency of the Federal Reserve,” Perry said, according to the Washington Post. “They should open their books up. They should be transparent so that the people of the United States know what they are doing and how they are doing.
“Until they do that, there will continue to be questions about their activity and what their true goal is for the United States.”
While on the stump in Iowa on Monday, Perry said that if Bernanke opted for another round of quantative easing – buying Treasury bonds to pump money into the economy – his action would be “almost treacherous or treasonous.”
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Why the outrage at Bernanke?
1) Secret bailout of banks at incredible level |
The first ever GAO audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill (HR1207), so that a complete audit would not be carried out. Ben Bernanke, Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve's nearly 100 year history were posted on Senator Sander's webpage earlier this morning.
http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3
What was revealed in the audit was startling:
$16,000,000,000,000.00 (TRILLION) had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world's banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs. To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is only $14.5 trillion.
The budget that is being debated so heavily in Congress and the Senate is only $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world. In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion. ****
"This is a clear case of socialism for the rich and rugged, you-are-on-your-own individualism for everyone else." – Bernie Sanders(I-VT)
When you have conservative Republican stalwarts like Jim DeMint(R-SC) and Ron Paul(R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.
Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and supercorporations like Halloween candy. If the Federal Reserve and the bankers who control it believe that they can continue to devalue the savings of Americans and continue to destroy the US economy, they will have to face the realization that their trillion dollar printing presses can be stopped with five dollars worth of bullets. Regardless of whether this money is fiat money (money printed with nothing of value to back it), if it is a currency forced on society and the world, with enforcement by the Fed, IRS, the U.S. military, et al, – which it is– the acts of the Federal Reserve are, in essence, the transfer of greater wealth to the rich insider banks and corporations, while the rest of the world grows poorer, and as the value of this funny money grows less and less in purchasing power. These insider banks, etc., then, exchange this funny money for gold and silver, the real wealth of the world, which, then, reinflates the world with more and more devaluing federal reserve notes. This, then, creates hyper-inflation, increasing the cost of all resources and commodities, while gold and silver climb to never-seen-before levels of value.
This is how the Federal Reserve insiders steal the wealth of the world and why the rich get richer while the poor get poorer. It's the world's largest Ponzi scheme! The Federal Reserve is nothing but a front for a small group of families who run a very large and successful white collar criminal Ponzi scheme. This criminal institution should be seized by the U.S. Treasury department and all assets frozen, and returned to the coffers of the U.S. Treasury in order to settle the U.S. debt and help begin to balance the U.S. deficit. All banks (listed below) should be forced to return the money received by the Federal Reserve. All families in ownership of the Fed and their agents should be located, caught, tried and jailed for grand larceny and treason against the people of the U.S.A. All government agents who protect and help facilitate this criminal organization should be fired from the positions and similarly tried and jailed for grand larceny and treason. Meanwhile, Congress should return our country to its original monetary system and, again, do its duty to regulate the coining of the currency of America as per the U.S. Constitution.
The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows:
Citigroup: $2.5 trillion - $2,500,000,000,000
Morgan Stanley: $2.04 trillion - $2,040,000,000,000
Merrill Lynch: $1.949 trillion - $1,949,000,000,000
Bank of America: $1.344 trillion - $1,344,000,000,000
Barclays PLC (United Kingdom): $868 billion* - $868,000,000,000
Bear Sterns: $853 billion - $853,000,000,000
Goldman Sachs: $814 billion - $814,000,000,000
Royal Bank of Scotland (UK): $541 billion - $541,000,000,000
JP Morgan Chase: $391 billion - $391,000,000,000
Deutsche Bank (Germany): $354 billion - $354,000,000,000
UBS (Switzerland): $287 billion - $287,000,000,000
Credit Suisse (Switzerland): $262 billion - $262,000,000,000
Lehman Brothers: $183 billion - $183,000,000,000
Bank of Scotland (UK): $181 billion - $181,000,000,000
BNP Paribas (France): $175 billion - $175,000,000,000
Credit Suisse (Switzerland): $262 billion - $262,000,000,000
Lehman Brothers: $183 billion - $183,000,000,000
Bank of Scotland (UK): $181 billion - $181,000,000,000
BNP Paribas (France): $175 billion - $175,000,000,000
2) Evidence of criminality relative to handling of the Merrill Lynch -Bank of America merger
Following investigation of the matter, Andrew Cuomo, then New York State Attorney General, sent a letter to the US Senate. [1,2]
In response, independent financial analysts called for criminal indictments of Bernanke, Paulson (then Treasury Secretary), and others.
LINKS
[1] 09-04-23 RE: SEC v BAC (1:09-cv-06829) State of New York Attorney General Andrew Cuomo Letter to US Congress and analysts' responses:
http://www.scribd.com/doc/41079990/
[2] 11-02-11 Press Release: US Congress Fails to Perform Its Oversight Duties and Impeach Bernanke
http://www.scribd.com/doc/48669543/
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