Federal Reserve Chairman, Ben Bernanke, in his article published in The Washington Post today, is extolling the virtues of "redesigning" the federal reserve system so that it is more responsive and able to avoid the kind of almost meltdown of the financial system we experienced a year ago.
His position is essentially a lie and is based on the interests of the Federal Reserve, the U.S. financial market as well as the global financial markets.
The recent success of Representative Ron Paul in getting congressional approval to audit the Fed, no doubt has Barnanke and others in the financial markets gravely concerned. When speaking to this issue here is what he had to say;
"I am concerned, however, that a number of the legislative proposals being circulated would significantly reduce the capacity of the Federal Reserve to perform its core functions. Notably, some leading proposals in the Senate would strip the Fed of all its bank regulatory powers. And a House committee recently voted to repeal a 1978 provision that was intended to protect monetary policy from short-term political influence. These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the United States. The Fed played a major part in arresting the crisis, and we should be seeking to preserve, not degrade, the institution's ability to foster financial stability and to promote economic recovery without inflation."
What Bernanke is really saying is he wants to limit, or prevent, the exact kind of oversight that will force the Fed to stop operating in secrecy with no accountability to anyone. That is to say without accountability to anyone with the exception the HUGE global special financial interests. The Fed has never been the friend of the American wage earner or middle class, and lacking oversight and forced recognition of proper ethical standard, never will.
Bernanke's article is best read without further commentary as it tends to get ones hackles up. The article, "The Right Reform for the Fed" can be read in it's entirety here.
There is another side to the history of the Federal Reserve. It is both historical and accurate, and if fully understood by all Americans it is very likely that the Fed would either never have existed, or been out of the business of deceiving people long ago.
Following is the history, and and true story behind the secret that is the Fed. Is the Fed to be one of the architects of a world currency and a one world order? I wonder.
Sound like a conspiracy? Perhaps it is.