Yellen will oversee locked in policies established by her predecessor and engineered by bankster elite.
November 21, 2013
Janet Yellen moved a step closer to becoming window dressing for the Federal Reserve when the Senate Banking Committee gave her a nod on Monday. The Democrat dominated committee is expected to move Yellen’s confirmation forward to the full Senate later today. A vote is expected in December.Republicans and Democrats agree Janet Yellen should be the next Fed syndicate boss.
Yellen, widely described as a “monetary dove” who is said to obsessively hand-wring over stubborn unemployment, will oversee locked in policies established by her predecessor and engineered by the bankster elite – ZIRP (Zero Interest Rate Policy) and QE and bond monetization forever, or at least until the bottom falls out which may or may not occur under Yellen’s reign.
The Fed now holds a balance sheet overloaded with an astounding $4 trillion. It expands at the rate of around $1 trillion per year. On Saturday, a former Fed official, Andrew Huszar, described the cartel’s asset purchase program as “the greatest backdoor Wall Street bailout of all time.” It was designed to prop up crippled zombie financial institutions that would otherwise collapse. Sold to an unwitting public as a palliative for Main Street, it is instead a criminal shell game devised by the psychopaths who run the global economy. “QE may have been driving down the wholesale cost for banks to make loans, but Wall Street was pocketing most of the extra cash,” Huszar writes for the Wall Street Journal.
Both Democrats and Republicans support Yellen’s confirmation. Republicans hedged at first because they believed the Fed’s easy money policy enabled Democrats and Obama to engage in a spending spree, but most are ready to move confirmation forward. “In the end, I do believe she has the qualifications necessary to be the Fed chairman and plan to support her nomination,” said Senator Bob Corker, a Republican from Tennessee. Key senators Susan Collins, Tom Coburn, and Lindsey Graham also support the nomination.
Small hurdles remain. For instance, an effort by Senator Rand Paul of Kentucky to put the nomination on hold until there is a vote on a bill he sponsors to subject the bankster cartel masquerading as a federal agency to more congressional control. Paul admits, however, that he will not be able to block Janet Yellen’s confirmation and a continuation of Federal Reserve policy that will ultimately result in financial disaster.