November 24, 2008
“The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago,” reports Bloomberg. “The unprecedented pledge of funds includes $2.8 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s.”
|OTN covers the End the Fed demonstration outside the Dallas Federal Reserve building on November 22nd, 2008.|
It is not, however, a response to an economic emergency. It is brazen grand larceny conducted in broad daylight. It is financial terrorism and the bankster engineered TARP is the equivalent of the Patriot Act that allows the government and Wall Street to get away with the biggest heist in modern history. Paulson and his co-conspirators rammed their bank robbery bill through Congress with threats of martial law and dire warnings of a financial crash. Now they are cleaning out the till with precision as Congress and the American people stand dumbfounded on the sidelines.
“When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight,” Bloomberg continues. “Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in.”
It should be noted that the amount of money pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages.
Simply reigning in the private Federal Reserve will not put an end to the bank robbery. In fact, the criminal Federal Reserve is responsible for the current economic crisis. The Federal Reserve Bank, through its inflation of the money supply and the distortion of free markets, engineered the crisis. As Alex Jones told OTN on the weekend (see video), the international banksters have cut off liquidity by design in order the bankrupt the country and implode the economy. It is a bankster scheme engineered to consolidate wealth and buy up assets — banks, insurance companies, roads, infrastructure — for pennies on the dollar.
- A d v e r t i s e m e n t
Last week we were told the in-coming Obama administration will nominate New York Fed boss Timothy Geithner for Treasury secretary. Geithner currently manages the bankster bailout from his New York office, thus demonstrating that the looting will continue under the “change” and “yes we can” president.
Congress is finally coming around, albeit a day late and several billion dollars short, as usual. “The backlash has begun already. Congress is taking a lot of hits from their constituents because they got snookered on the TARP big time. There’s a lot of supposedly smart people who look to be totally incompetent and it’s all going to fall on the taxpayer,” Bob Eisenbeis, chief monetary economist at Vineland, New Jersey-based Cumberland Advisors Inc., told Bloomberg.
It appears Obama will further bankrupt the nation with an ill-conceived “stimulus package,” said to top $700 billion, although Obama’s senior economic adviser, Austan Goolsbee, refused to reveal numbers. In addition, Obama has promised to keep the bankster giveaway on track.
“On Monday, Mr. Obama will likely offer for the first time an explicit pledge to honor all commitments already made by the Bush administration in the TARP program, without imposing new conditions even if there are changes are made to the program in the future. Obama officials also say the president-elect will promise to find spending cuts to try to keep short-term stimulus spending from ballooning the budget deficit over the long term,” reports the Wall Street Journal.
In other words, the austerity and sacrifice alluded to by Obama’s wife during the election will commence in earnest after her husband’s anointment in January. Obama’s spending cuts, of course, will not come out of the massive Pentagon budget, or the off-record intelligence black budget, but will instead come at the expense of the American people who are destined to live as serfs under the system planned by the banksters and the global elite.