We Know More About the CIA Than the Federal Reserve

Judge Napolitano weighs in on the recent actions of the Federal Reserve, and asks why now is the opportune time to officially introduce the next round of quantitative easing:

The job of the CIA is to steal and keep secrets. We know far more about the CIA than we do about the Federal Reserve. Its members are appointed by the President and confirmed by the Senate, yet it's a private bank that makes its own money, regulates the economy, and can print money.

The Federal government doesn't print money.

The Federal Reserve prints money.

It's not federal. It's not a reserve. It's a private bank.

Why is it flooding the market with cash?

He's (Ben Bernanke) going to create out of thin air forty billion dollars in cash and put it in the accounts of the Federal government. That is more cash chasing, available for, the same amount of goods and service.

Answer: inflation.

What goes up first? The thing we use the most… Fuel, food….

In 2008, as Presidential election day was approaching, the rug was pulled out from under U.S. stock markets by restricting the flow of capital to banks and the broader economy. The crash and subsequent economic crisis was used as a means to torpedo John McCain's Presidential hopes and propel the policies of progessive socialists and Barack Obama into the spotlight.

It looks as if the Federal Reserve may very well be engaging in politics yet again, this time helping to maintain stock market levels. Barack Obama is in a close race with Mitt Romney, and a stock market crash would certainly put the final nail in the coffin of his campaign. The powers that be have decided that now is the time to pump more money into markets, which is strongly supportive of the current administration.

It's simple, really. If markets crash Obama is out and Romney is in.

Mitt Romney, for his part, has now come out against the Fed and called for transparency. He must know that they have conspired against him.

But is Mitt Romney really any different with respect to his position on the fractional reserve monetary system?

Today, this debasement that was at one time punishable by death is business as usual.

If you print money we call it counterfeiting and the punishments are severe.

When the Federal Reserve does the same thing we call it inflation and they are revered.

via SHTF Plan by Mac Slavo on 9/20/12

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America Going Over the Fiscal Cliff

The economy will slip back into a recession next year if the country goes over the “fiscal cliff” due to inaction by the White House and Congress. That’s the dire warning of the nonpartisan Congressional Budget Office without an agreement to cut spending and prevent tax hikes by the end of the year.

Automatic spending cuts of $100 billion in spending on the military and domestic programs (except Medicare, Medicaid and social Security) will take effect in January after a congressional supercommittee last year was unable to agree on $1.2 rillion in long-term deficit reduction under the Budget Control Act of 2011.

The stalemate has blocked a decision on whether to extend Bush-era tax cuts due to expire at the end of the year.

President Obama and Democrats want to extend tax cuts for everyone except individuals earning more than $200,000 and couples earning above $250,000. Republicans reject that approach as raising taxes on job-producing small businesses. Both sides have dug in with no action expected until after the election, if then.

Doing nothing, which would implement spending cuts and tax hikes, would reduce the federal deficit from just over $1 trillion to about $641 billion, the CBO said. But that is money that would also come out of the economy. In this scenario, the budget office predicts the economy will shrink by 0.5 percent next year.

Without some agreement, the pending combination of tax increases on more than 100 million Americans and spending cuts would total nearly $500 billion next year, according to the budget office.

It “would lead to economic conditions in 2013 that will probably be considered a recession.” It would result in the loss of 2 million jobs and push the unemployment rate from about 8 percent now to almost 9 percent by late next year.

Douglas Elmendorf, the budget office’s director, said the “economy right now is being held back by anticipation of this fiscal tightening.”

In contrast, delaying the tax increase and holding off on spending cuts would allow the economy to grow by 1.7 percent next year and save 2 million jobs.

With Congress reconvening after a 5 week recess I'm sure they'll do just what they've done the past four years. Nothing.

Prepare For The Coming Economic Collapse

Federal Reserve Chairman Ben Bernanke is not going to save our economy.  He supposedly didn't see the last financial crisis coming, and even after things started falling apart he continued to insist that that everything was fine. Housing prices would not go down and that we would not have a recession.

Wrong. We had the worst housing crash and the worst recession since the Great Depression of the 1930s.

But still millions of Americans are trusting him to save us this time around. It didn't happen in 2008 and it's not going to happen now.

One of the biggest flaws in our financial system is with the Federal Reserve system itself. The U.S. government is 16 trillion dollars in debt is because the system is designed to create gigantic amounts of government debt. And even if we replaced every corrupt and/or incompetent politician our economic problems would still persist.

Most Americans are pinning their hopes for an economic turnaround on the upcoming election, but the truth is that neither Obama or Romney has a plan that will fix it. The total amount of all debt in the United States has gone from less than 2 trillion dollars to almost 55 trillion dollars in 40 years...and 8 Presidents. Economic collapse is going to happen no which political party is in power.

It is very probable you could wake up one day soon and discover that because Ben Bernanke has printed trillions upon trillions of new dollars to "fix" the financial system your life savings have been devalued by 50 percent.

That may sound extreme but this is what millions of Europeans are extremely worried about right now. In Spain there has been a full-blown run on the banks. In July alone, 94 billion dollars was pulled out of the Spanish banking system - the equivalent of 7 percent of Spain's GDP...in one month!

Time is running out.  In fact, we might not have much time left at all before the next major downturn. September will be a pivotal month. Be ready.

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GOP Calls for Value-added Tax Scheme

Tax (Photo credit: 401(K) 2012)

Probably the most memorable moment of the Republican dog and pony show in Tampa earlier this week occurred when Ann Romney said “you can trust Mitt.” She didn’t elaborate, but Mitt’s handlers did. They promised Mitt will restore fiscal responsibility, expand the military, and cut taxes.

The last one is betrayed by the Republican platform.

“The 2012 Republican Platform calls for a complete overhaul of the federal tax system. No surprise there. But then it endorses a value-added tax or national sales tax as one possible solution to the nation’s budget problems. This is shocking,” writes Jim McTague for Barron’s.

In order to sell this, the Republicans say they will only move to institute a value added tax – a tax that confiscates money at all stages of the production process – but only if the Sixteenth Amendment is repealed.

In 1909, a Republican Congress devised the Sixteenth amendment. It allows the government to levy an income tax without apportioning it among the states. It was ratified in 1913 despite the fact it undermines the constitutional requirements regarding direct taxes.

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