Monday, January 26, 2009 Posted by Shattered Paradigm
Under this new bill, the Federal Reserve would be given sweeping authority to demand information about the inner workings of all the financial institutions in the United States, and the Fed would directly regulate what these financial institutions can or cannot do.
No federal agency has ever been given this much power over the financial system in the history of the United States.
But there is a problem.
The Federal Reserve is NOT a government agency.
The Federal Reserve is a privately owned central bank that is designed to make a huge profit for the owners.
And who are the owners?
The owners of the Federal Reserve include very powerful international bankers from Europe and the United States. For more information on the true owners of the Federal Reserve you should check out these charts:
It has been said that the Federal Reserve is about as "federal" as Federal Express is.
But Barney Frank (who has more skeletons in his closet than a Halloween supply store) does not seem to see anything wrong with giving the Fed much more power: "We need to give some regulator the power to restrain risk-taking that is excessive."
So Frank would have the United States give the keys to the financial system to the same people who have been creating this financial mess ever since the Federal Reserve Act was passed in 1913?
The Federal Reserve Act gave the Federal Reserve control over the currency of the United States.
Just pull out a dollar bill.
What does it say right at the top?
"Federal Reserve Note".
If you are not aware, it is the Federal Reserve that creates the money of the United States - not the government.
The Fed creates the money, the Fed controls the flow of credit in the U.S. and now Barney Frank wants to give them the keys to the entire financial system.
Does ANYONE think that is a good idea?