The London FT, mouthpiece of the NWO noticed the End the Fed campaign? No!! Just now the noise might wake some sheeple they decided to debunk it
Gold standing: a 1960 Fed guard in protective metal overshoes keeps an eye on some of its bullion. Congressmen once sent an investigator to its vault to ‘check it was there’
It is an unlikely rallying cry. At marches and meetings against big government across the US, where some placards damn the president, others bear a catchy slogan: “End the Fed”.
Even Ron Paul can hardly believe it. Aged 74, fresh from a quixotic run for the presidency last year, the Texan Republican’s pet subject is winning a rash of converts. His book, also called End the Fed, is riding high in the bestseller lists. In it, he writes with delight about students in Ann Arbor, Michigan, chanting the phrase and burning dollar bills in the college quad as they discussed the crimes of the Federal Reserve.
That was before the financial crisis. In the aftermath, the signs and slogans have become more widespread, the anger more vitriolic. “It’s understandable,” says Mark Zandi, chief economist at Moody’s Economy.com and an adviser to John McCain during his presidential election campaign. “Many Americans have been put through the proverbial wringer and they are suffering and they are confused and they are upset.”
In Congress, too, the ideas of a tiny minority obsessed for decades with curtailing the power of the nation’s central bank have been supplemented by criticism from the mainstream. “It has become known to many Americans and congressmen that the Fed is more intrusive than we imagined,” offers Mr Paul by way of explanation.
For Mr Paul and his allies, removing the Fed would end almost a century of rule over the economy by an undemocratic institution that has weakened the dollar and stoked inflation. For most economists, “ending” the Fed – or just compromising its independence – could rock financial markets just as the bank weighs up when to tackle the feat of withdrawing the large unconventional stimulus without choking off recovery but before driving up inflation.
The Fed itself has argued that any whisper of political interference with monetary policy will drive up long-term interest rates and cost “current and future generations” of American taxpayers dear in higher costs of servicing the large national debt. Ben Bernanke, who has presided since 2006 over a network of 12 regional Fed banks, approaches a confirmation hearing expected in the next few weeks for a second term as Fed chairman with an unwelcome list of political problems adding to his duties in helping breathe life into an uncertain economic recovery.
A bill from Mr Paul to audit the Fed has more than two-thirds of the House of Representatives backing it. The Texan’s motives are not as nuanced as “audit” suggests – this is only the “first step” to the eventual abolition of a menace. “They can print money out of thin air and serve special interests,” he says. “It’s central banking that causes economic bubbles.”
It is certainly true that the most recent bubble, its bursting and the Fed’s actions in the aftermath have inspired existing critics and recruited new ones. Their first charge is that interest rates under Alan Greenspan, Mr Bernanke’s predecessor, were kept too low for too long, contributing to a bubble of easy credit.
Source and more on the Financial Times
, October 7 2009
By: Tom Braithwaite