Raw Story » Spitzer: Federal Reserve is "a Ponzi scheme, an inside job" [but Spitzer is inconsistent on it]

Raw Story » Spitzer: Federal Reserve is 'a Ponzi scheme, an inside job'
Source: rawstory.com

Tom Usher wrote or added | "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] didn't get stock in those banks, they didn't 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."

Eliot Spitzer, the former governor and attorney-general of New York, is confused there. He says, the Fed "failed to understand what they were doing to the economy." While he also says, "This is a Ponzi scheme, an inside job." Now look, it is a Ponzi scheme, an inside job; but they knew exactly what they were doing. That's the whole point. They set the whole thing up to end up exactly where they are relative to the rest of us who didn't cheat. The cheaters are richer now than before they crashed the system. That's how it has always been with these guys. That's why we need to re-nationalize the currency – take it away from the private banksters forever.

There should be a constitutional amendment making absolutely clear that the currency can never be by private banks and never be created or issued at interest. Governments never have to borrow. The US never had to. It can now eliminate the National Debt in one fell swoop too and all interest on that debt and all associated taxes with it. That amendment can also force the government to keep the quantity of money pegged exactly at real productivity so that there will never be either inflation or deflation. It would be easy! We don't need any gold or silver either. Fiat currency is perfect.

I've been hollering about this. Start hollering with me please.

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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