Nobel Prize-Winning Economist: Federal Reserve System is Corrupt and Undermines Democracy

George Washington's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 03/29/2011 - 02:12 | 1111779 fiona
fiona's picture

"">Wholesale Gucci Handbags
"">Wholesale Chanel Handbags
"">Wholesale D&G Handbags
"">Wholesale Coach Wallets
"">Wholesale LV Wallets
"">Wholesale Gucci Wallets
"">Wholesale Chanel Wallets
"">Wholesale LV Sunglasses
"">Wholesale Gucci Sunglasses
"">Wholesale Chanel Sunglasses
"">Wholesale D&G Sunglasses
"">Packers Jerseys
"">Green Bay Packers Jersey
"">Packers Jersey
"">Aaron Rodgers Jersey
"">Charles Woodson Jersey
"">Clay Matthews Jersey
"">Greg Jennings Jersey
"">Wholesale nfl jerseys
"">wholesale jerseys
"">wholesale football jerseys
"">authentic jerseys
"">Wholesale nfl jersey
"">wholesale nhl jerseys
"">wholesale hockey jerseys
"">discount nhl jerseys
"">Wholesale nba jerseys
"">wholesale basketball jerseys
"">discount nba jerseys
"">Wholesale mlb jerseys
"">wholesale baseball jerseys
"">discount mlb jerseys
"">Wholesale NCAA Jerseys
"">Wholesale Custom Jersey

Fri, 03/05/2010 - 12:39 | 254899 Anonymous
Fri, 03/05/2010 - 11:58 | 254834 Anonymous
Anonymous's picture

Americans are awake now to the FACT, because it is an obvious FACT, that the markets are a criminal fraud managed by goldman fucking sachs, JP fucking morgan, and the fed.

obvious fact

and people are pissed off

more so as they push the markets higher

Fri, 03/05/2010 - 11:56 | 254833 You Cant Handle...
You Cant Handle the Truth's picture

I'm not defending the Federal Reserve system, but two basic premises of it are out the window these days:  (1) that it is independent of the Treasury, and (2) that it is part of a BANKING system.  

As for #1, if you think the Treasury and the Fed are in any way unsure as to what the other will do right now, you're nuts.  Moreover, one (the Fed) is clearly the dominant party.  This is a basic breakdown in the way the Federal Reserve system was supposed to work.

As for #2, "bank" these days basically means a prop-trading gambling house leveraged beyond sanity in nearly incomprehensible financial products that are intertwined throughout the world economy in an economic standoff of nuclear proportions.  So the entities the Federal Reserve represents and regulates are fundamentally different -- infinitely more powerful -- and thus the Fed has, itself, grown beyond its britches.

This is clearly a regulatory problem, and it may be a systemic problem with the whole Federal Reserve system -- but if you CAN'T EVEN GET AN AUDIT or begin to regulate, then abolishing may be the only way to start over.

Fri, 03/05/2010 - 11:39 | 254780 jc125d
jc125d's picture

We are the bees. The world is the hive. The globalist IMF et al cabal is the beekeeper. All the bulshit spewed by the gov and media is the smoke. We take in the smoke and it dulls our agitation. The honey is what we make and what they want. We make it, and they take it. We get our pleasure where we can. We can sting them and sometimes do but they have lots of protection, and lots of honey. And that's it. Unless we swarm or bolt the hive, we're fucked.

Fri, 03/05/2010 - 10:25 | 254711 Anonymous
Anonymous's picture

A great must-read piece on the Treserve:

The Financial Coup d’Etat: Consolidation of America's Economic Elite

Fri, 03/05/2010 - 09:18 | 254661 Johnny Dangereaux
Johnny Dangereaux's picture

This whole "nobel prize winner" moniker makes me sick. Why do they continue to use it?

We KNOW what a contrivance it is, after the last awarding of the peace one to such a deserving recipient.

Too bad nobel prizes aren't made of dynamite! Here's your prize......Ka-Boom!

In the States, we're getting stealth IMF measures.

Ellen Brown wrote about it March 2nd.

Fri, 03/05/2010 - 08:43 | 254648 Anonymous
Anonymous's picture

Ok....This is the same as the question....

Is a white horse white ?



The real question should be....

Does the structure of govt. need to be changed ?



Next question....

How does one chnage the structure of govt. ?


Fri, 03/05/2010 - 08:37 | 254643 Anonymous
Anonymous's picture

Debt based fractional reserve currency issued by private bankers at the Fed, to whom the government pays interest is an unsustainable and unconstitutional system. Debt has reached the parabolic stage, and a large percentage of the nation's income (tax receipts) is eaten up by interest payments to the private central bankers. There is a solution. Freedom's Vision. It's not what backs our money, it's who controls it's quantity. Visit and join the swarm at

Fri, 03/05/2010 - 08:27 | 254642 Anonymous
Anonymous's picture

The FED has performed great when you measure how well they have adhered to their fiduciary obligation to act in the best interest of its private member boards. Bank executive bonuses have never been higher! with taxpayers funding them.

Bravo el Maestro and the Helicopter beating back all moves that would compromise in any way the bonus generating capacity of these institutions!

And way to go Dodd beating back Volker's proposals. The US is a fascist state and can no longer be trusted. We all need China and/or other countries to continue to rise so that it can act as a counterbalance to this fascism which has hi jacked the US republic.

Fri, 03/05/2010 - 06:14 | 254613 SteveBob
SteveBob's picture

I heard Stiglitz speak last month at the London School of Economics.  He is a bright guy but is without question a quantitative easing (printing press), one-world currency, one-world govenment, central planning loving, dare I say the C-word (as in CCCP).  I've heard him speak, first person, and he is dangerous.

Fri, 03/05/2010 - 05:49 | 254607 Anonymous
Anonymous's picture

It would behoove you well to get your facts straight - I would have thought that fact checking level at Zero Hedge isnof higher quality. Stiglitz never was the "Head Economist" of the IMF; rather he was Chief Economist at the World Bank, before he was forced out by Summers.

BTW: Would be rather devastated to learn that your general background search is not better than that

Fri, 03/05/2010 - 03:53 | 254589 Escapeclaws
Escapeclaws's picture

I thought the fox guarding the henhouse is the American way. Look at the SEC with its 29 year old Goldmanite running the enforcement arm. Remember when they got rid of all the meat inspectors to let the industry police itself? We believe in private enterprise in this country so wholeheartedly that we deem it in our own best interest to let private industry police itself. Look, we aren't even allowed to know if the food we eat is genetically modified--we have no choice but to trust the producers. It's the American way. This is part of getting government off the backs of the people.

Fri, 03/05/2010 - 02:50 | 254578 Anonymous
Anonymous's picture

An excellent point in the US: the gangs.

The gangs are kind like an exaggerated version of every day US, a sort of "how the US works for dummies"

If you understand how the gangs work, you understand how the US, its spirit, its long term ambitions and stuff.

That story is simply a story of rival gangs.

IMF is mad at FED because the FED is on a better position on the US turf. IMF want to increase its control share over the US turf. Cant be done without kicking FED.

Key word when it comes to the US: gangs. If you understand gangs, you understand the US from the common guy to the the president.

Fri, 03/05/2010 - 00:23 | 254534 dumpster
dumpster's picture

so the wolf has been in charge of the hen house for 80 odd years ,, the creature from jeckle island ,,, and now we have some person tell us what has been known for many years ,,

a couple golden stars to pin on his head ,, lol

Thu, 03/04/2010 - 23:07 | 254475 35Pete
35Pete's picture

Congress has abdicated it's constitutional responsibilities. 

America deserves to get the government it voted for good and hard. 

Thu, 03/04/2010 - 22:59 | 254470 Anonymous
Anonymous's picture

Stiglitz criticizing the Fed ?
What's next ?

Mark Sanford criticizing Tiger Woods infidelity ?
Ben Bernanke criticizing James Traficants barber ?
Tom Daschle criticizing lobbyist influence ?

Pigs, by the score, flying by my window.

Thu, 03/04/2010 - 23:37 | 254493 MarketTruth
MarketTruth's picture

:)  Spider PIIG, Spider PIIG, does whatever a Spider PIIG does. Can he swing from a thead? No he can't he's a PIIG look out! There goes the Spider PIIG. :)


Thu, 03/04/2010 - 22:43 | 254451 BlackBeard
BlackBeard's picture


Thu, 03/04/2010 - 22:05 | 254417 Captain Willard
Captain Willard's picture

Well, he's right of course. But the alternative is that the Congress goes ahead, exercises its Constitutional responsibilities, directly runs the Fed and destroys us even faster.

The problem is Congress. And we need to re-write the Federal Reserve Act so that the bankers can not simply put in place their friends to run the Fed. But the Devil is in the details.

Stiglitz has a keen perception for the blindingly obvious problems. Not so obvious is how to fix it. Should we the People elect the heads of the Fed regions and the at-large Board members? Should special regional Congressional caucuses elect them? What role should the Executive branch have? Could we re-engineer the whole mess in full view of the public without causing a panic?

In any case, we may not even choice but to take the bull by the balls and do it before we are ruined.

Fri, 03/05/2010 - 08:44 | 254649 Anonymous
Anonymous's picture

How about we just keep the money supply at a fixed multiple to the population?
A purely mechanical structure is easier to implement and take out all the subjective guess work from the chairman.

Thu, 03/04/2010 - 21:24 | 254381 Anonymous
Anonymous's picture

the enemy of my enemy is my friend and if it takes an imfer like steiglitz to cast the light of truth on the den of iniquity which is the fed i will take it for now.....

if i hear transparency one more time i am going to puke....fuck the fed - burn it down.

Thu, 03/04/2010 - 20:06 | 254316 Anonymous
Anonymous's picture

Its all fked. The whole system. We are all fked. We all know it.
Its like watching an atom bomb the size of Alaska dropping to Earth - no one feels they have the power or ability to alter reality or change whats coming. So we come here and whine instead until we are vapourized.

Fri, 03/05/2010 - 00:07 | 254523 Anonymous
Anonymous's picture

Only the unprepared will be vaporized. The prepared will be going hunting...for banksters and their stooge politicians. They can run, but they can't hide.

Fri, 03/05/2010 - 02:34 | 254574 Anonymous
Anonymous's picture

Bring back the guillotine...

so few blades, so many heads...

Fri, 03/05/2010 - 12:17 | 254861 Mr. Anonymous
Mr. Anonymous's picture

Oh, the joyous sound of the Chopper.  Croon for us.

Thu, 03/04/2010 - 20:02 | 254308 G. Marx
G. Marx's picture


I thought we acknowledge political hacks before we quoted them? Or do we only do that with Republicans?  Stiglitz has had quite the career as part of the ruling status-quo. It would be substantive news if he admitted his culpability in the grand fiat Ponzi scheme, but this, this is tripe.

Thu, 03/04/2010 - 21:01 | 254364 George Washington
George Washington's picture

Okay, but it is newsworthy ... just as it it would be if Bernanke said that the IMF uses disaster capitalism when it "helps" developing nations with loans and then demands austerity measures.


Thu, 03/04/2010 - 20:10 | 254322 Crime of the Century
Crime of the Century's picture

+1  There will never be a day that I read the name Stiglitz w/o remembering his 2002 report on the GSEs. Just in time to indemnify the ensuing shitstorm. "But Stiglitz said we're harmless!"

Thu, 03/04/2010 - 20:47 | 254355 El Hosel
El Hosel's picture


    ...and whoever coined the term "shit storm" +3

Thu, 03/04/2010 - 21:09 | 254369 Privatus
Privatus's picture

...and whoever coined the term "shitfountain" +3

Thu, 03/04/2010 - 19:56 | 254299 brodix
brodix's picture

TPTB are fighting amongst themselves. Expect more of it, because even they know it's getting out of control. They can plaster over the cracks for only so long.

Thu, 03/04/2010 - 19:46 | 254283 Anonymous
Anonymous's picture

The only reason the federal reserve system exists in this country is because we have a powerful military and a strong police force at various jurisdictions.

Thu, 03/04/2010 - 19:22 | 254258 Anonymous
Anonymous's picture

Well, which other country in the world has a central bank system like the US Federal Reserve?


Because no government (except the US of course) can survive proposing establishing a privately-owned money printing organization which it, the government and the rest of the country, must borrow money from with full interest.

That's called creating corruption.

Now in the case of the Fed, Congress passed a law exempting it from supervision, from reporting, from control, by Congress and the people.

That's called the ultimate stupidity.

As if that's not enough, the US Constitution says "... only Congress may coin money ...". But Congress not only does not coin money, it gave away this power to a private bank which it cannot regulate or control.

What do you call these. Treaso.... ?

Fri, 03/05/2010 - 11:07 | 254762 35Pete
35Pete's picture

Huh? What nations do not have a central bank like the Federal Reserve? 

Thu, 03/04/2010 - 22:33 | 254442 jeff montanye
jeff montanye's picture

actually the original bank of england looked quite a lot like the fed, given the more primitive state of finance in the earlier period.

Thu, 03/04/2010 - 19:20 | 254256 Anonymous
Anonymous's picture

.and the problem if the FED and it's parents, Goldman Sucks, were to vaporize tomorrow, how much better off would the world be?

Thu, 03/04/2010 - 18:37 | 254200 overmedicatedun...
overmedicatedundersexed's picture

watched President Fisher,  of the Texas fed ,refer to the people of America as "SNAKES"..

(see CNBC interview yesterday morning)

not one comment on this by our MSM- I even pointed the comment out to Drudge...silence

Our masters at the Fed banks are exibiting

signs of fear of the could hope they are right.

(see CNBC interview yesterday morning)

Fri, 03/05/2010 - 03:46 | 254587 Cistercian
Cistercian's picture

 How ironic.I think of the FED as being operated by snakes.

Thu, 03/04/2010 - 19:03 | 254234 Anonymous
Anonymous's picture

Link appreciated.

Fri, 03/05/2010 - 08:48 | 254650 overmedicatedun...
overmedicatedundersexed's picture

not able to get the internet address to print so here is the info for the interview,,he makes those statements about 2 min in..sure don't make me feel any better about the Fed reserve bank crooks oops.. I mean system.

go to cnbc video list here is the date and time.


Wed. Mar. 3 2010 | 7:13 AM ET

Dallas Federal Reserve Bank President Richard Fisher discusses the economy, unemployment and more with CNBC.

Fri, 03/05/2010 - 11:55 | 254831 Anonymous
Anonymous's picture

Link seems to be GONE? there is a video clip 3 Mar at 7:08 for about 2 minutes and then another at 7:15. Were commercials on from 7:10 to 7:15? or did CNBC REMOVE the clip. Does anyone have that clip captured, on youtube?

Thu, 03/04/2010 - 18:36 | 254199 Anonymous
Anonymous's picture

Looks like demonization of the fed to placate the IMF global takeover. What other endgame is there?

Fri, 03/05/2010 - 10:43 | 254729 bchbum
bchbum's picture

I completely agree.  The fed 'owns' much of the toxic paper through mbs purchases (do we know for sure?).  Will the fed throw itself under the bus for something much worse?  Time will tell.

Fri, 03/05/2010 - 13:12 | 254959 Cognitive Dissonance
Cognitive Dissonance's picture

"Will the fed throw itself under the bus for something much worse?  Time will tell."

This idea is so beyond most people's comfort zone that it never even registers as possible.

"The reason you talk about governance is because in a democracy you want people to have confidence ... This is a structure that will undermine confidence in a democracy."

So maybe they don't want democracy any more. Maybe the purpose of the engineered crisis is to compel people to accept some more restrictive form of governance. These people are whores. The only questions are how much will it take to sell our freedom away and why are we accepting the sellout? 

Fri, 03/05/2010 - 10:15 | 254701 Alexandra Hamilton
Alexandra Hamilton's picture


Thu, 03/04/2010 - 18:36 | 254198 Anonymous
Anonymous's picture

"A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the Nation, therefore, and all our activities are in the hands of a few men... We have come to be one of the worst ruled, one of the most completely controlled and dominated, governments in the civilized world—no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and the duress of small groups of dominant men."

-Woodrow Wilson, Senate Doc. 23, 76th Congress, 1st Session
after assisting with the enactment of the Federal Reserve Act, which gave birth to the Criminal Reserve

Thu, 03/04/2010 - 17:37 | 254112 Anonymous
Anonymous's picture

"All political thinking for years past has been vitiated in the same way. People can foresee the future only when it coincides with their own wishes, and the most grossly obvious facts can be ignored when they are unwelcome." … George Orwell

Keiser also talks to David DeGraw about his new book, “The Economic Elite versus the People of the United States of America.”

Do NOT follow this link or you will be banned from the site!