Congressman Dennis Kucinich (D-OH), a longtime advocate for reform of the Federal Reserve, is sharply criticizing the Federal Reserve today after Bloomberg news reported that the Federal Reserve secretly committed nearly $8 trillion in support to American and international financial institutions during the 2008 bailout. Kucinich recorded a video for his website before going to the floor of the House of Representatives to call upon Congress to reclaim its Constitution primacy over monetary policy.
Rep. Dennis Kucinich (D-OH) called for the U.S. Federal Reserve to be reformed after Bloomberg reported the central bank secretly loaned nearly $8 trillion to financial institutions from 2007 to 2009.
Tens of thousands of documents obtained by Bloomberg under the Freedom of Information Act showed that banks reaped an estimated $13 billion in profits thanks to the low-interest loans. JPMorgan, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley accounted for $4.8 billion of that total.
“Remember the great debate we had here over the 700 billion in TARP funds?” he said on the House floor Tuesday. “There was no debate over the 7.7 trillion the Fed gave the banks.”
The Fed Grants $7.77 Trillion in Secret Bank Loan - Now Do You Understand Occupy Wall Street?
The hollow state has the trappings of a modern nation-state (“leaders”, membership in international organizations, regulations, laws, and a bureaucracy) but it lacks any of the legitimacy, services, and control of its historical counter-part. It is merely a shell of a state that serves as a legal conduit and enforcement mechanisms for global financial interests to loot what’s left of the state’s economy. Corruption and violence are its only traits.
If you aren’t scoping out or building your own Resilient Community to avoid this disaster, you should be.
10-4 on that. Brilliant and immediate. Let the good times roll.
Kucinich for VEEP. Grayson for secretary of state.
What is a VEEP please?
VEEP is vice-president.