Tag: Federal Reserve

As the total vacuum of any principled leadership from President Obama has now produced the inevitable directionless, anti-consumer, Insurance Monopoly boondoggle fraud, now masquerading in Congress as “reform“, it is time to reflect upon just who Obama’s friends really are and have been all along, and what his uninspiring charade of a Presidency is really all about.

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I just realized what has been nagging at the back of my mind about the creepy demeanor of Treasury Secretary Geithner. He has the affectless expression of a hitman, but he is a special kind of hitman. Like John Perkins, the author of “Confessions of an Economic Hitman,” Geithner was hand-picked for his willingness to execute the instructions of a powerful elite – no matter what the consequences for ordinary citizens.

Consider Geithner’s career progression. Wikipedia gives us the key early dates:

After completing his studies, Geithner worked for Kissinger and Associates in Washington, D.C., for three years and then joined the International Affairs division of the U.S. Treasury Department in 1988. He went on to serve as an attaché at the US Embassy in Tokyo. He was deputy assistant secretary for international monetary and financial policy (1995-1996), senior deputy assistant secretary for international affairs (1996-1997), assistant secretary for international affairs (1997-1998)

Nobody in the press pays any attention to Geithner’s early years, but these were the years in which he became a made man in the service of the US Plutocracy. In 1985, when he joined Kissinger and Associates, Henry Kissinger’s reputation had been badly discredited by reports of his involvement in numerous ugly international plots of the Nixon administration, including the bombing and destabilization of Cambodia, the murder of Allende in Chile, and dirty dealings backing the Argentine dictatorship. Ask yourself what kind of well-informed Dartmouth graduate would join Kissinger Associates. The answer is an aspiring hitman.

Like Perkins, Geithner’s ambition knew no moral bounds, and he was determined to make himself useful to the wealthy and powerful. Having established his bona fides at Kissinger Associates, he rose rapidly in Government “service,” with the backing of Kissinger-connected godfathers and patrons, and always accumulating greater influence in preserving the wealth of the people who run the world. As president of the NY Fed, he was at the center of decisions that transferred huge amounts of taxpayer wealth into the hands of failing banks and financial firms. As Treasury Secretary, he continues to protect the strong against the weak and the wealthy against the poor. He has been a safe pair of hands for the Plutocracy, and for this loyal service he will be richly rewarded.

Tim Geithner was not made Treasury Secretary by President Obama. He was installed by America’s permanent government: the Plutocracy.

Rise & Fall Of The US Dollar: 1800 – 2008

Sean W. Malone, Saturday, August 29, 2009 at Logicology

click the image to view full size

so you can read the notes on it

(you may have to click it again to magnify it once you have the large image open)

Secrets Of The Federal Reserve

President Obama has re-nominated Ben Bernanke to sit as Chairman of the Federal Reserve for another four-year term, following glowing praises of Bernanke’s supposed financial genius in most of the media for his handling of the current economic crisis, while Obama himself has suggested that Bernanke helped save the US from another Great Depression.

Paul Amery commented the other day at Seeking Alpha that:

Federal Reserve Chairman Ben Bernanke’s speech to the Jackson Hole symposium, delivered on Friday, has already been dubbed a “we saved the world” declaration by some commentators.    

In fairness to Bernanke, nowhere in his remarks does he make such a grandiloquent claim, unlike British Prime Minister Brown, who did just that last December in the U.K. parliament.

However, underlying Bernanke’s narrative of events is the U.S. central bank’s conviction that the panic that hit global markets last fall was a kind of act of God, a phenomenon that was “collectively irrational”, and which the Fed contained by its policy of “lending freely against sound collateral.”

Is this fair, or does Bernanke’s speech signify that U.S. policymakers have understood nothing and learned nothing?

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Bernanke asserts in the final paragraph of his speech that “we have avoided the worst”. He may be right, but I wouldn’t bet on it. I’m more inclined to agree with Willem Buiter, who wrote recently in the Financial Times that “[t]he US Treasury, the Congress, the Fed and the other financial regulators have, through their behaviour since August 2007, confirmed and re-inforced the incentives for excessive risk taking by crossborder banks and any other financial institution deemed too systemically important to fail. The groundwork for the next financial boom and bust cycle, worse than what we are just emerging from, has been put in place.“

So exactly whose world has Bernanke “saved”, if anyones?

What the fucking fuck???  Say it ain’t so!

Zero Hedge is reporting that the Fed has been betting its shit on the big crap table.

One-point-some-odd trillion in March alone.

Box cars working, people.

WTFF??

If true, this is government on drugs, flying saucer, four-way-window-pane.