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"Why Did the Fed Bail Out the Bank of Libya?" and Other Questions for Mr. Bernanke
Fed Chairman Ben Bernanke will give his first in a series of regular
press conferences tomorrow. Journalists will be allowed to ask
questions.
As Robert D. Auerbach - an economist with the U.S.
House of Representatives Financial Services Committee for eleven
years, assisting with oversight of the Federal Reserve, and
subsequently Professor of Public Affairs at the Lyndon B. Johnson
School of Public Affairs at the University of Texas at Austin - notes, the press conferences are simply a p.r. ploy, and "will not remedy the fed's corrupt and deceptive public records policies."
But some people have suggested some questions for Mr. Bernanke. For example, Senator Sanders asks:
Why Did the Fed Bail Out the Bank of Libya?
A simple yet powerful question is: Please list the banks and other entities and individuals which own the Federal Reserve, and their percentage of ownership. Another interesting question might be
Mr. Bernanke, you have previously admitted that the Federal Reserve caused the Great Depression. Do you think the Fed caused the Great Recession, given that the Fed:
- Turned its cheek and allowed massive fraud
- Acted as cheerleader in chief for unregulated use of derivatives at least as far back as 1999 (see this and this)
- And for subprime loans
- Allowed the giant banks to grow into mega-banks, even though most independent economists and financial experts say that the economy will not recover until the giant banks are broken up.
For example, Citigroup's former chief executive says that when
Citigroup was formed in 1998 out of the merger of banking and insurance
giants, Greenspan told him, “I have nothing against size. It doesn’t bother me at all”
- Argued that economists had conquered the business cycle, and that modern, technologically advanced financial markets are best left to police themselves
- Preached that a new bubble be blown every time the last one bursts
- Kept interest rates too low?
Here are some other good questions from Senator Sanders and Tyler Durden.
And in 2009, I wrote
a long series of questions for Bernanke's Senate confirmation hearing.
Unfortunately, nothing has changed, and so the questions are still
relevant today.
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Mr Chairman (sic), Why does my pocket constitution say only gold and silver can be used as legal tender, but you continue to propagate a fiat ponzi scheme. Aren't you a traitor?
Topcallingtroll.
You should free up a few letters and just use
Troll.
end the fed
bank leverage 1:1
no banks running their book against my deposits
interest free soverign credit
hard asset monetary standard
import tarrif and flat tax on profits, not labor
no bank holding company permitted to grow beyond .01% of monetary base
there, fixed it for ya
fraud is almost patriotic... its like we must defend a complete lack of anlysis to win 'the global war' on religion/elderly/youth... 5 wars may not be enough to terrify us into deer in the headlights patriotism... even the barbarians revolutions need to be saved
"fraud is almost patriotic" - phrase of the month award
When you are the reserve currency you provide last resort lending to everyone in a crises.
Otherwise you wont be the reserve currency for long if you cant be counted on during crunch time.
With the position comes responsibility, something the Fed and the US Government have shown precious little of.
My charts show a low of 12,091 on the 18th April, following S&P's announcement about the USA's rating. Does the current situation warrant a FIVE HUNDRED point rise since then? I don't think so (well, other than the dollar being trashed).
DavidC
Let's be absolutely clear. NOTHING has changed since 2008 except a tsunami of money printing, exacerbating the underlying problems.
If Bernanke, Geithner et al continue to think that the USA operates in some kind of self contained comfortable little bubble (hmmm, pun maybe intended) that responds to models that only take into account the USA they are going to be rudely awakened, particularly if China does adjust its Treasury holdings from $3 trillion down to $800 billion to $1 trillion.
DavidC
Ugggh. You lost me when you started quoting Michael Moore's ideas on finance. What a first class boob!
Yeah, more government owned banks is just what we need. Freaking idiocy. But we know GW has a penchant for liberal whack job ideas. At least his article didn't claim to speak for conservatives, and it also did a fairly nice wrap up of many opinions, vs most of the enviro hysteria.
as compared to what? bank owned governments?
this simple fact remaining hidden is the root of the problem
The war between liberals and conservatives is a false divide-and-conquer dog-and-pony show created by the powers that be to keep the American people divided and distracted. See this, this, this, this, this, this, this, this, this and this.
The real problem is that both Democrats and Republicans want to fund endless wars, give endless bailouts to the too big to fail banks and corporations, and perpetuate the expensive Ponzi scheme of printing money out of thin air.
The fact is, shrinking government is a conservative ideal. Just because Republicans are not conservatives, does not mean that there is no such thing as conservatives. There will always be Statists and their big government entitlement ways and there will always be those who seek true freedom. Don't pretend otherwise.
corruption is not a size issue nor is it a political philosophy
Thats a lot of reading. After wine, its too much to ask. I'll look at it when I'm sober. In fact your headline is misleading and Libya's just a conversation piece, stalking horse, for a mega critique of FED hegemony exercised for the benefit of private interests.
But something tells me if I come back to Q-daffy's bank that when you run a sovereign fund of 300 Billion you are the FED's best friend as the PDs love you. Then the wheel turns and the FED is out on a limb and has to back track its "I scratch you nuts you scratch my thighs routine". But then that's HIGH FINANCE...need a PHD to understand that!
Something very attractive about camel nuts...I suppose...or is it the wine that clouds my mind?!
Is writing spam text your day job?
Empire for Dummies Hand Book. Hardrian had there heads in wine vase for confirmation the issue was resolved like forms of corruption vary, but it included bribery, extortion, cronyism, nepotism, patronage, graft, and embezzlement. Military can build bridges also since there able to. Need we go on? Oh wait the DOJ is on it.