News & Analysis
US Fed as Credit Card and Consumer Watch Dog! ...
Credit Card Tips from the Federal Reserve Board: To learn more about factors to consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://www.federalreserve.gov/creditcard. – DB Reader submission via a Marriot Rewards Card invitation
Dominant Social Theme: The Fed cares for you!
Free-Market Analysis: A close friend of ours just received a promo advertising a "Marriot Rewards Cards." She was surprised to find, upon reading the "terms and conditions," a note suggesting a visit to a US Federal Reserve website that would educate her about credit cards generally.
She found the involvement of the Federal Reserve puzzling. We did, too. It wasn't an involvement that we were conscious of – though the Fed "consumer help" website claims to have been in business since 2007. (Should we been? Perhaps so, but we can't keep track of everything!) Here's the "About" statement at the Fed site:
While we were caught by surprise by the ambition of such Fed "help," we were not surprised by the larger ambition. We figure it's part of an obvious elite dominant social theme – an attempt to make the Federal Reserve increasingly seem like part of the US government.
In fact, this has been the brief of those who run the Fed from the beginning. The Fed is a mercantilist entity, deriving its power and authority from a virtual monopoly granted to it by Congress. To maintain that the Fed is a purely private enterprise is just as false as to argue it is a purely public one.
The impulse of those running the Fed is to combine it rhetorically with the federal government whenever possible. That's why this website is a discouraging one.
We believe the Fed should be shut down as soon as possible. Those running the Fed have different ideas. They want to pretend that there is NO space between this entity and the federal government. They want to retain their private status while investing themselves with the absolute authority of the modern state.
The Fed's top honchos are not alone in this effort. Visiting Kenya recently, we saw signs posted at banks that were attributed directly to the Bank for International Settlements warning people against certain kinds of fraud. To see memos directly from the BIS to casual consumers of bank products was startling, to say the least.
The impulse is the same because the same people run both facilities. The Federal Reserve is the most powerful central bank in the world due to the dollar reserve currency it prints – and that others must hold if they wish to purchase oil.
The BIS is perhaps even more powerful than the Fed as it is an aggregator of central banks – the facility that is in charge of the policies and practices of these tremendously powerful entities.
Both the BIS and the Fed – and about 100 or more other central banks – are basically controlled by the Anglosphere power elite, based out of the City of London with various arms in Tel Aviv, the US, the Vatican and Brussels.
It is this power elite that wants to create world government and is funding this extraordinary push via the trillions that central banks throw off.
The Fed has no brief that we know about when it comes to being a consumer watchdog. It is run as a private entity and is basically a bank supervisor, though its brief is constantly expanding. We checked with several sources to see if the Fed had some sort of consumer protection brief of which we were unaware. But it doesn't, so far as we can tell.
In these websites, however, the Fed is surely casting a broad net. In its "consumer help" website, the Fed offers helpful hints on the following subjects: Checking Accounts, Consumer Credit, Consumer Protection Laws, Credit Reports, Small Business, Foreclosures, Home Mortgages, Deposit Insurance, Electronic Banking and Frauds and Scams.
The last item is of interest to us because the Fed should list itself as a target of "frauds and scams." This is what central bank monopoly money printing IS, after all.
Modern central banks always seem to print too much money and one could make an argument that this is their only real function. They are money machines of the elite, intended to create booms and then ruinous busts that allow the elites to gradually centralize power as economies are destroyed.
The monopoly monetary overprinting of fiat tricks businesses and people into overspending. But when the larger market realizes that the prosperity is phony, reality kicks in. Markets plunge and people realize that far from being rich, they are often verging on impoverishment.
Central banking is STILL presented as a necessary part of the modern financial system. But really all central banks do is fix the price and volume of money. Price-fixing never works, so central banks are essentially in the business of distorting economic functions.
Those who run central banks have good reason to want them to appear to be consumer friendly. That's what this current "consumer help" push is all about when it comes to the Fed – and even to the BIS.
It could well be, of course, that this is the shape of things to come as the elites see it. No doubt they want one private central banks supervising EVERYTHING, not just monetary policy. In this sense the current Fed campaign can be seen as a kind of wishful thinking (currently, anyway).
But that day is not yet, and with the job that what we call the Internet Reformation has done on the credibility of central banking, we believe the entire financial complex is in danger of toppling, not expanding.
Conclusion: More and more people – many in the West – don't believe in central banking. Even the soothing websites and calming advice may not be enough to combat such a growing secular apostasy. Too bad ... for them.
Posted by Bischoff on 02/25/12 02:14 PM
"It is run as a private entity and is basically a bank supervisor, though its brief is constantly expanding."
"It is run LIKE a private entity, not as a PRIVATE entity."
The NBA of 1935 did set up the "Fed" as an INDEPENDENT agency of the U.S. government, but a government agency, nevertheless.
The Congress provides the fiscal part in monetising debt, and the "Fed" has the "freedom" and "independency" to use the FOMC to set monetary policy and control the money supply. In the end, everything the "Fed" does is in the name of the U.S. government, which means "We the People". If we the people get screwed in the process, whose fault is it... ???
Nobody else's, but our own. The excuse that, "well, we didn't know" just doesn't wash. The con artists and charlatans will only tell us in the end, "sorry, you suckers". You didn't have to push for the 16th and 17th Amendments, which we used to steal you blind.
The minute the con artists and charlatans (federal politicians and their banker friends) saw how stupid people were to push for the ratification of these two amendments, they felt empowered to go ahead and plunder "We the People", wholesale.
The propaganda the con artists and charlatans has put out is so effective, that "We the People" still can't get our head around the fact as to what has been done to us.
The irredeemable USD is about to fall off the cliff, the country is going to hell in a hand basket, and the MSM propaganda machine has "We the People" talk about birth control instead.
If that isn't proof of the opinion the elites holds about the smarts of the average voter, than I don't know what it is.
Posted by terrybee on 02/23/12 03:59 AM
max keiser is right with 'hang 'em' .The people ultimately behind 'it' all will probably never answer.
Ireland's wealth being given away for fiat nothing @ moment.
Why every soul on the planet is not marching & downing tools to prevent the oncoming www111 slaughter is a deep mystery.
On the Eisenhower thread,-i've been reading a Pleiadian book in which 'they' claim 550 mill' is 'optimum 'for this planet.
Also there was a mainstream programme on 'telly' about a 747 (nasa -i think) that flies high above American interfierence/pollution with it's eyes & ears fixed on the Pleiades.
The Georgia Guidestones are chilling & bill n' melinda gates are evil innnoculating monsters. No amount of shrill dirges could measure them & the ptb.
Posted by Bischoff on 02/23/12 12:45 AM
"... an attempt to make the Federal Reserve increasingly seem like part of the US government."
Are you kidding... ??? Go to the Federal Reserve Web site, and it states right there that the Federal Reserve is a government agency made up of the Board of Governors of the Federal Reserve, headquartered in Washington, DC and of the twelve Federal Reserve district banks located in major cities throughout the country. To make the "Fed" seem like a part of the government... ??? Gees... their own website officially states that they ARE a government agency.
As to establishing the "consumer help" page, I conclude that it was a direct result of the demise of a Scottish bank, and a French bank in 2007 which had American MBS instrument holdings go sour. When that happend, the Fed was under no illusion that it would spell trouble for the worldwide market in MBS instruments.
Knowing that many Americans depended on home equity loans to maintain their living standard, the "Fed help page" was designed to communicate a warning to banks and credit card companies that consumers will have trouble getting home equity loans, and that they will turn to other credit.
The "Fed's consumer help page" was less designed to help the consumer, as it was a vehicle to warn the banks and credit card companies to be careful and not to count on the "Fed's" help to meet the credit demand, much less to count on a bail out, should there be trouble.
But the horse was out of the barn, and a bailout happend a year later anyway. The Congress passed TARP legislation in September of 2008. The Troubled Asset Recovery Program monitized all non-paying mortgages and bad credit card debt existing in the banking system.
I am sure, the "consumer help page" was not created in an attempt to make the Federal Reserve increasingly seem like part of the US government. The homepage proclaims that the "Fed" is a government agency.
The "Fed", however can be quite subtle by sending a message to the banking system through an innocuous message on a "consumer help page".
Reply from The Daily Bell
We wrote the following:
"It is run as a private entity and is basically a bank supervisor, though its brief is constantly expanding."
Here is a video in which Alan Greenspan says directly that the Fed chairman answers to no one. It is NOT a private entity, nor did we write that. But we wrote it is RUN as a private entity in that the US government currently cannot compel the Fed to take certain actions that the Chairman doesn't wish to take. The Fed, according to Greenspan, is not trammeled even by presidential oversight.
Here is Greenspan in his own words (7:40) in the video.
Click to view link
Posted by seer on 02/22/12 07:11 PM
London, 13 February 2012 -- As anticipated in November 2011, Moody's Investors Service has today adjusted the sovereign debt ratings of selected EU countries in order to reflect their susceptibility to the growing financial and macroeconomic risks emanating from the euro area crisis and how these risks exacerbate the affected countries' own specific challenges.
Moody's actions can be summarised as follows:
- Austria: outlook on Aaa rating changed to negative