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Second Wave of Protests Unleashed: Targets the Federal Reserve

George Washington's picture





 

Wall Street Protesters Target the Federal Reserve

The “Occupy Wall Street” protesters have targeted the Federal Reserve as one of their central platforms.

The “Occupy San Francisco” branch of the protests is taking place –
not in the Financial District, where the big banks are located – but in front of the San Francisco Federal Reserve bank.

High-Level Economists, Congressmen and Many Americans Want to End the Fed

This is not as radical and controversial as it might appear at first blush.

High-level economists support the Occupy Wall Street protests. And some very well-known economists also support ending the Fed.

For example, Milton Friedman said:

This evidence persuades me that at least a third of the
price rise during and just after World War I is attributable to the
establishment of the Federal Reserve System… and that the severity of
each of the major contractions — 1920-1, 1929-33 and 1937-8 is
directly attributable to acts of commission and omission by the
Reserve authorities…

 

Any system which gives so much power and so much discretion to a few
men, [so] that mistakes — excusable or not — can have such far
reaching effects, is a bad system. It is a bad system to believers in
freedom just because it gives a few men such power without any
effective check by the body politic — this is the key political
argument against an independent central bank…

 

To paraphrase Clemenceau, money is much too serious a matter to be left to the central bankers.

Austrian economists such as Murray Rothbard also would like to end the Fed:

Given this dismal monetary and banking situation, given
a 39:1 pyramiding of checkable deposits and currency on top of gold,
given a Fed unchecked and out of control, given a world of fiat
moneys, how can we possibly return to a sound noninflationary market
money? The objectives, after the discussion in this work, should be
clear: (a) to return to a gold standard, a commodity standard
unhampered by government intervention; (b) to abolish the Federal Reserve System and return to a system of free and competitive banking;
(c) to separate the government from money; and (d) either to enforce
100 percent reserve banking on the commercial banks, or at least to
arrive at a system where any bank, at the slightest hint of nonpayment
of its demand liabilities, is forced quickly into bankruptcy and
liquidation. While the outlawing of fractional reserve as fraud would
be preferable if it could be enforced, the problems of enforcement,
especially where banks can continually innovate in forms of credit,
make free banking an attractive alternative.

Congressmen Ron Paul and Dennis Kucinich have introduced bills to abolish the Fed.

And as I noted last week, most Americans want the Fed ended or at least reined in:

At least 75% of the American people want a full audit of the Fed, and most were against reconfirming Bernanke.

 

Indeed, as Bloomberg noted last December:

A majority of Americans
are dissatisfied with the nation’s independent central bank, saying
the U.S. Federal Reserve should either be brought under tighter
political control or abolished outright, a poll shows
.

 

***

 

Americans across the political spectrum say the Fed shouldn’t retain
its current structure of independence. Asked if the central bank
should be more accountable to Congress, left independent or abolished
entirely, 39 percent said it should be held more accountable and 16
percent that it should be abolished. Only 37 percent favor the status
quo.

As I have extensively documented,
the Fed is largely responsible for the economic crisis, and has
failed to meet a single one of its stated mandates (let alone its implied ones).

Indeed, the Founding
Fathers despised the British central bank, and said that the right to
create their own credit and currency was one of the core battles in the
Revolutionary War
.

Jones Launches a Second Wave of Protests

Media personality Alex Jones believes that protesting the Fed is the
most important and high-leverage way to change our economic system for
the better. Steve Watson – frequent contributor to Jones’ websites – writes today:

In spite of a large number of protesters who are clearly
aware of the fact that the greatest threat to the global financial
system comes not directly from Wall Street but from the privately owned
Federal Reserve cartel, the official “list of specific demands” of the Occupy Wall Street movement makes absolutely no mention of the Fed whatsoever.

So Jones has launched his ow “Occupy the Federal Reserve” movement:

The Occupy Wall Street crowd has become predictably
focused on issues like taxing the middle class and moderately “rich,”
ending capitalism and even re-electing Obama to ‘fight’ the very elites
who pushed him into power. Focus should instead be on the real source
of power for the out-of-control bankster class- the private,
unaccountable Federal Reserve bank that creates money out of thin air,
issues secret loans to insiders and foreign governments and
systematically institutes debt on the American people through their
undue powers.

 

With this in mind, Alex Jones is calling on patriots to “occupy”
branches of the Federal Reserve, with plans to appear at three locations
in Texas this weekend in Dallas, Houston and San Antonio. The times
and locations appear below. Further, people everywhere should converge
upon Fed locations in their area to raise awareness about the real
culprit behind the economic crisis.

 

Well meaning protesters who have joined the Occupy Wall Street
effort, including solidarity activities in cities everywhere, need to be
educated about the power held by this insidious institution, as well
as the false solutions that have been proposed by leading figures on
the left and right that only further expand the scope of big government, all while avoiding the elephant in the room.

Given that Alex Jones has millions of TV viewers and readers, his
announcement might result in a dramatic new front in the nationwide
protests currently occurring.

 


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Wed, 10/05/2011 - 08:35 | Link to Comment blindman
Tue, 10/04/2011 - 10:57 | Link to Comment Lazane
Lazane's picture

the jesuits and rome have been master puppeteers running the world show behind the scenes for hundreds of years, if AJ is truly a jacobite, he operates as masterfully as has been the case with his many predecessors in the same vein. 

Why not work to restore the republic as an alternative to a revolution of this republic. 

Tue, 10/04/2011 - 11:26 | Link to Comment Bob
Bob's picture

How about direct democracy, now that the infrastructure of communication has sufficiently evolved and is now in place?

I don't need to be "represented" by some power hungry narcissist cocksucker who I can only hope--however hopelessly I must do it--does what I want him/her to do in my name. 

Fuck tradition.  Reduce these fuckers to what, in this Age, they should be: Administrators. 

Tue, 10/04/2011 - 20:22 | Link to Comment New_Meat
New_Meat's picture

Bob:

"Fuck tradition.  Reduce these fuckers to what, in this Age, they should be: Administrators."

Yep, ya got yer wish: we call them "Czars" these days, on account of their a) unlimited power, with b) zero accountability, while c) superseding all national laws and regulations.

"Colonel" House had an equal program during the Wilson Regime, you 'll recall the "too proud to fight" nonsense from the Princeston President.  Until he wasn't.

- Ned

Tue, 10/04/2011 - 11:33 | Link to Comment tip e. canoe
tip e. canoe's picture

public SERVANTS

Tue, 10/04/2011 - 11:55 | Link to Comment Bob
Bob's picture

I stand gratefully corrected. 

Tue, 10/04/2011 - 10:40 | Link to Comment Raging Debate
Raging Debate's picture

I believe you are onto something Trader Dave about what happens to the 'bad' bank of the Fed. The 100 year charter was over and the ones running the assylum took no chances and looted with wild abondon these last few years.

What is still unclear to me is a change in plans and a  bait-and-switch with China and the future Chinese currency peg. I do believe the plan for Sr. Political Leadership/Bankers was China to become the peg, final U.S. devalue and China revalue, buy up U.S. assets penny on the dollar, etc. etc. etc.

I don't think this plan of China de-pegging and becoming the worlds reserve currency has changed Dave. The assumptions made in the 1990's to accelerate the Chinese peg at the long-term detriment of our own culture and the Chinese acceptance means also induced pain for their citizens (both benefitted short term) in the intermediate term. Our relationship with China reminds me a lot of a passionate marriage of love/hate relationship. Anybody want to expand on this topic? Would love to see others input on game theory and geopolitics.

There is some game theory going on between us and Russia with Putin about Europe. I can't fully put my finger on it because I believe some events like Europe turning on us and allying themselves with Russia against the U.S. may come first. That would insunuate our leadership has gone insane but what we have seen over the last several years seems nothing short of insane. Perhaps it is just my conjecture for a new Tom Clancey novel.

Tue, 10/04/2011 - 10:26 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

David Pierre....

YOU are a very dangerous man to "the sysem"

Be very carefull/

And I wish you well.

Tue, 10/04/2011 - 10:09 | Link to Comment newbee
newbee's picture

So we end the FED.  Then what boys and girls?  Please think through the entire sequence of events.  This is like a bunch of militants who overthrow some power but have no idea what to do afterwards, so the next dictator ass wipe shows up and fills the void who is much worse than the first ass wipe.

We give the power to CONgress????  Are you Nuts???  Congress are the ones who spent us into oblivion, the FED enabled them.  Don't END the FED, limit their powers!!

For those who would like a fresh perspective from a guy who's coming back on the scene in a major way after spending 7 years in jail for NOT playing the game with Goldman squid, take a look at Martin Armstrong's recent doc on the dollar and it's reserve currency status.  I'm amazed Armstrong's stuff is not mentioned at all on ZH given his enormous background, what's up with that?

http://www.martinarmstrong.org/economic_projections.htm

Tue, 10/11/2011 - 11:12 | Link to Comment Ag Star
Ag Star's picture

We could nationalize the fed so we could audit/control or do what we did before the fed came to be in 1913.  Quit trying to make it an either or situation.  There are many choices.  Germany is the only western counrtry that doesn't need a bail out-- in fact they have surpluses and are bailing out the rest of the euronzone.  We should do whatever the Germans are doing.

We don't have to reinvent the wheel just  copy someone who most nearly perfected it.  We love German cars, rockets and beer. We could learn to love their economics too. BTW it's their strong unions and labor parties that  fight for the working class.  Americans let Ronnie boy sucker them out of their unions and pensions and health benefits.  Then sent their jobs overseas.

That doesn't seem to be a problem in Germany now does it?

It's called "socialism" people and it works just fine.  You don't see any occupations, homeless, or hungry children over there.

Also haven't seen any occupations in Cuba, Venezuela, Brazil,

Equador--oh those people have jobs and are not hundreds of thousands in debt  for a useless education.

 

Tue, 10/04/2011 - 11:20 | Link to Comment Raging Debate
Raging Debate's picture

Since you like Martin Armstrong I will be nice about your ignorance. A Central Bank encourages and facilitates politicians spending for far longer than naturally would happen. Especially when your country is the reserve currency. 

Massive debt issuance from 2002 on masked the fact that we were finishing up exporting our productive wealth manufacturing capabilities to China. It kept dreams alive of pushing paper indefinately and that the family unit was doing great instead of the household balance sheet eording and individual purchasing power being destroyed. 

Central Bank encourages the formation of Fascism. I can elect or vote out a Congressman but I cannot do the same with the Chairman of the Central Bank that OWNS that Congressman. The Central Bank can make special provisions to corporations that bribe our politicians to doing an endless positive feedback loop until the nation is destroyed. Guess what, that is exactly what happened.

Central Banking encourages indirect tax vehicle policy at the State level, accelerating Fascism and Class Warfare at all levels. It Centralizes the wealth so easily for those that have it that investors rely on the citizens bailing them out for bad investments. The moral hazard creates tremendous laziness and shunning of sustainable, five year investments when the easy money cycle does turn. Two of three generations enjoy the Central Bank model while one third is completely destroyed. Rolling the dice at birth on whether "you feel lucky punk" or not is a heinour and lazy way of not continuing our evolution toward clinical immortality and abundent energy, retarding our growth for the benefit of the few and unnacountable. Mandraking our productive wealth is a external sovereign nations was considered treason when the Constitution was founded. Should have kept the Articles of Confederation alive! Should I go on about Central Banking? This is the short list.  

Bottom line: A Republic government without a Central Bank can only fool the people for perhaps a decade before being ousted from office . With a Central Bank, the timeline doubles if not a reserve currency. If a reserve currency quadruple this estimate to four decades. It isn't about an argument about government or private sector being in charge. It is an argument of how long it is useful for any entity to have a license to steal the labor's gains over long-durations. Government will always become the mob but the Central Bank masks the criminality and assigns a useful scapegoat after all the wealth has been plundered. Trader Dave's analysis covers much of this topic.

Tue, 10/04/2011 - 12:39 | Link to Comment newbee
newbee's picture

Yep, I understand your stance.  It's the popular view for sure.  I'm struggling with the concept of pulling power away from one crook and giving it to another set of crooks thinking results will be different.  The entire system is corrupt and incestuous - banks, government, regulators, corps.  I just don't see the utopia coming about by ending the FED. 

If the FED's original mandate in 1913 was to exist only to provide the banking system with additional funding in times of intense stress, as JP Morgan did in 1907, rather than its current form of running the world, then this limited power would rein in the FED while also providing the liquidity to the banking system restoring confidence and minimizing bank runs.

I mean seriously, do you REALLY believe Congress can manage our banking system? REALLY???  Talk about a monkey with a pistol.  And this idea that we can just vote out the bad apples, well it's laughable.  If it were that simple this whole mess would have never taken place.

Tue, 10/04/2011 - 09:54 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

CBC Radio in canada had a guy on yesterday saying the protestors where anti-capitalist.

Fucking dim wit.

Tue, 10/04/2011 - 09:51 | Link to Comment MIDTOWN
MIDTOWN's picture

Al Pacino could play this guy!

Tue, 10/04/2011 - 09:45 | Link to Comment adr
adr's picture

For every one person who "gets it" at these protests there are 100 who don't. You have undereducated stoners mixing it upwith overeducated conceptual leftists. Just because your Ivy League professor taught you something doesn't make it true. Classroom economics doesn't work in the real world.

I'll never forget when my econ professor told me. Look you're right but you're wrong in the context of this class. The purpose of early courses in economics is to teach basic principles that really aren't applicable outside the classroom. As a required class most students would not be able to grasp the reality of the true contructs of economic theory, therefore we teach simple concepts with easy right and wrong answers for tests. 

Econ 1 was a required class but beyond that my major did not require anything. Turned outwhat was needed was just an econ class so I got permission to enroll in econ 3 with the same professor. Made a world of difference. 

He was very fond of saying: If you aren't a socialist when you are 20 you have no heart, if you're still a socialist by the time you're 30 you have no brain. That academics that never enter the real world never get the chance to find out socialism doesn't work. 

It is pretty clear that for the most part the Occupy movement has no brain and therefore very dangerous. If the worng person with a brain comes along and uses the movement very bad things can happen. I just see star destroyers over head with the iperial march playing.

Tue, 10/11/2011 - 11:19 | Link to Comment Ag Star
Ag Star's picture

If "socialism" is so horrible, why do the most satisfied people on the planet live in socialist counties like: Germany, Norway, Holland, France, Sweden and Canada?

Tue, 10/04/2011 - 11:13 | Link to Comment geekgrrl
geekgrrl's picture

Obviously you don't have a very high opinion of those protesting, but your claim that only 1 in 100 has any understanding of what is going on is a dubious claim at best, and doesn't seem to be supported by the available evidence. Still beating on the left/right distinction, huh?

As for economics, you mention "true contructs of economic theory." I'm curious what these "true constructs" are, because as far as I can tell, economics has very little predictive power, and so in my mind it doesn't even qualify as a science. It seems to me that economics is a branch of human psychology, where decision-making processes are key. Economics has a foundational assumption of rational actors whereas the evidence from psychology is that most people do not make decisions rationally. All those advertisements are not trying to speak to us rationally, they are doing exactly the opposite. They are trying to trigger the older parts of our brains where rationality plays no part whatsoever, the reptilian and limbic brains. They are particularly fond of pinging the reptilian brain, hence the use of sex, social status, and human mimicry as a means of selling people things they don't really need.

"It is pretty clear that for the most part the Occupy movement has no brain and therefore very dangerous."  Here again I'm not following. What organization has a brain? Does the military have a brain? Do corporations have a brain? No, what they have is a shared and common purpose. If we're talking about "very dangerous" then to me these are the most destructive entities in the world: militaries, central bankers, multinational corporations, and governments.

Tue, 10/04/2011 - 09:46 | Link to Comment ClassicalLib17
ClassicalLib17's picture

.  

Tue, 10/04/2011 - 09:37 | Link to Comment entropos
entropos's picture

I will be at occupyhouston with my end the fed sign this Thursday.

Tue, 10/04/2011 - 09:53 | Link to Comment High Plains Drifter
High Plains Drifter's picture

http://www.newsfollowup.com/cia_carnaby.htm#stanford

oh so you live in houston? i used to at one time. i lived near 610 loop and ella blvd. did you ever hear anything about this cia guy getting gunned down over on the west loop service road. it appears the israelis are using the port of houston as a major smuggling route for nuclear materials etc......imagine that....thorough discussion of the situation in the above link...

Tue, 10/04/2011 - 09:37 | Link to Comment Shizzmoney
Shizzmoney's picture

Despite torrential downpours in both NYC and Boston, the campers and occupiers and protesters have not left.  They grow in numbers, especially on the weekends when the working proletariat (like me) who are getting screwed over can join them.  If you see the trend in numbers in marches over the weekends, it grows by 300-500 people.  Do the math, millions will march soon.

On another note, Alex Jones must be making a KILLING on his website during these craptastic times we live in, especially with all the END THE FED talk. 

Tue, 10/04/2011 - 09:55 | Link to Comment High Plains Drifter
High Plains Drifter's picture

BUY MY VIDEOS, BUY MY VIDEOS , BUY MY VIDEOS.......that is about all he is about. he is the self described fearless leader of so many lemmings. they are like ron paul genuflecting sycophants. to them he is their god and if anyone says anything derogatory they get pissed........oh well....

Tue, 10/04/2011 - 11:28 | Link to Comment Raging Debate
Raging Debate's picture

"Buy my video" pounders accept little or no corporate sponsorship. Frankly, the left was led off a cliff into believing all corporations are "evil". It is easy for me to make a distinction of corporations that bribe my officials to force me into less product choice at more cost and ones that don't. I believe allowing the movement to be defined as it was back in the 1930's is dangerous. Back then, it was Commies vs. the Fascists. Tell you what, lets skip all of the side 'isses' and focus on sound money and ENFORCEMENT of the rule of law.   

Tue, 10/04/2011 - 09:29 | Link to Comment PaperBear
PaperBear's picture

The non-Federal non-Reserve is the proper target, most definitely. Send people to DC like Ron Paul who have read, understood and will obey the Constitution. Legalise freedom.

Tue, 10/04/2011 - 09:20 | Link to Comment dcb
dcb's picture

I want to end the fed, no doubt, but if they want independence, they need a government appointed inspector general who is independent and has the power to supeona. full audits of thier programs, who is getting those no interst trillions of loans while the american people can't get a break on their credit card rates. The collateral they take in, etc. Independence with oversight, and end this appointment of wall street titans to the boards for the regional feds. theere is no place for these dual roles.

Tue, 10/04/2011 - 09:14 | Link to Comment bigmikeO
bigmikeO's picture

Why aren't these "99%ers" marching on Washington DC? They are the people that gave wall st the money in the first place.

Could it be because the community-organizer-in-chief has a hand in these protests? This is the MO he taught for years.

Talk about "false flags" - this whole movement is AstroTurf. No offense to real AstroTurf.

This video sums it up: http://www.youtube.com/watch?v=gFAGsxkWLJY

Tue, 10/04/2011 - 10:30 | Link to Comment Bob
Bob's picture

Occupy Washington DC begins October 6:

http://october2011.org/

 

Tue, 10/04/2011 - 09:07 | Link to Comment Mach1513
Mach1513's picture

Everyone should read Das' Extreme Money.

Tue, 10/04/2011 - 08:55 | Link to Comment TyCarrerra
TyCarrerra's picture

Someone should buy that guy a bull horn.

Tue, 10/04/2011 - 08:41 | Link to Comment tradewithdave
tradewithdave's picture

Would someone please tell Alex Jones and George Soros that the Fed is already dead.

http://tradewithdave.com/?p=7173

Dave Harrison
www.tradewithdave.com

Tue, 10/04/2011 - 11:15 | Link to Comment tip e. canoe
tip e. canoe's picture

the Fed is the Bad Bank everyone was talking about creating in 2009.   just read the latest Audit the Fed report.

Tue, 10/04/2011 - 09:19 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

So Bernanke is just a hologram?

Tue, 10/04/2011 - 10:04 | Link to Comment Uncle Remus
Uncle Remus's picture

With a name!

Tue, 10/04/2011 - 09:28 | Link to Comment i-dog
i-dog's picture

Excellent analysis, Dave. Makes a lot of sense ... particularly in the light of your 'Maid In The Shade' article from June and now Putin's new push for a 'Eurasian Union' (showing his NWO colours, at last!).

Tue, 10/04/2011 - 08:43 | Link to Comment reader2010
reader2010's picture

You guys are just playing into the cartel's trap. Ending the Fed is one of their ways necessary before they can create a new Global Fed if you will. The new scheme on the surface will largely be based in Asia, and behind the scene it will be the same criminals that are operating the cartel.

Tue, 10/04/2011 - 08:57 | Link to Comment e-recep
e-recep's picture

Yeah right. Goldman Sachs runs the Chinese Communist Party, too?

Tue, 10/04/2011 - 09:11 | Link to Comment reader2010
reader2010's picture

Hank Paulson flew to Beijing meeing the senior leaders more than 700 times between 2004 and 2006 for leisure?

Tue, 10/04/2011 - 09:17 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

Three words: frequent flyer miles

Tue, 10/04/2011 - 09:39 | Link to Comment reader2010
reader2010's picture

traveling back and forth between NYC and Beijing in his own private jet for skymiles?  Educate yourself here instead: 

http://www.youtube.com/watch?v=QCxjqPgHgpA

Tue, 10/04/2011 - 11:13 | Link to Comment tip e. canoe
tip e. canoe's picture

Vrabel needs to go down to Liberty Square and teach a 'class'.

Tue, 10/04/2011 - 11:17 | Link to Comment reader2010
reader2010's picture

He received so much threats that he quit doing his educating efforts. Here is what he has to say.

http://csper.wordpress.com/

Tue, 10/04/2011 - 08:15 | Link to Comment Seasmoke
Seasmoke's picture

that kid has balls..............

 

1. talking about ending the wars in middle east in Jew York

2. wearing a sixers jersey in NYC

Tue, 10/04/2011 - 08:15 | Link to Comment casey13
casey13's picture

I find this protest rather strange. They call themselves the 99%ers and they want wealth redistribution. The strange part is they want a stronger government to do this not realizing that it is the current strong government in collusion with big business that is the problem. They also seem to want Obama reelected although his policies have made everything worse and in reality were not all that different from Bush?

Extremely confused here.   

Tue, 10/04/2011 - 10:05 | Link to Comment High Plains Drifter
High Plains Drifter's picture

when you have idiots like this in a country is it any wonder why we are so easily manipulated and controlled. what was it the Good Book said, professing themselves to be wise, they became fools........... 

Tue, 10/04/2011 - 09:18 | Link to Comment Alvaro de Esteban
Alvaro de Esteban's picture

First I was hopeful, then confused.

After have seen Sarandon and Stiglitz there & heard Soros support, I stopped being confused.

It´s another internationalist-socialist scam wich surely is going to be "played" for Obama´s re-election

Sorry to say that because I´m sure there ara a lot of good people that is going to be manipulated.

Tue, 10/04/2011 - 10:07 | Link to Comment High Plains Drifter
High Plains Drifter's picture

do you think the lemmings would get upset if i walked around with my   isrsel did 911    shirt on? 

Tue, 10/04/2011 - 09:38 | Link to Comment Dan Watie
Dan Watie's picture

Oh, I see, MSM cleared things up for you. Baaaaah.

Tue, 10/04/2011 - 09:44 | Link to Comment Alvaro de Esteban
Alvaro de Esteban's picture

Has The MSM Photoshoped Stiglitz?

Did they put a fake soundtrack to make the world beleive that he was warmly welcome by the protestors?

Tue, 10/04/2011 - 08:33 | Link to Comment Fred C Dobbs
Fred C Dobbs's picture

I think this is where the left has always screwed up.  

Tue, 10/04/2011 - 10:08 | Link to Comment High Plains Drifter
High Plains Drifter's picture

left, right, what difference does it make? what difference did it ever make?

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