Atlantis Online
October 16, 2019, 03:03:46 pm
Welcome, Guest. Please login or register.

Login with username, password and session length
News: Site provides evidence for ancient comet explosion
http://www.thenewstribune.com/news/nationworld/story/173177.html
 
  Home Help Arcade Gallery Links Staff List Calendar Login Register  

Federal Reserve Steals From the Poor and Gives to the Rich

Pages: [1]   Go Down
  Print  
Author Topic: Federal Reserve Steals From the Poor and Gives to the Rich  (Read 78 times)
Rebelitarian
Hero Member
*****
Posts: 652


« on: November 18, 2013, 03:07:50 pm »

Federal Reserve Steals From the Poor and Gives to the Rich
       

Ron Paul
Prison Planet.com
November 18, 2013


Last Thursday the Senate Banking Committee held hearings on Janet Yellen’s nomination as Federal Reserve Board Chairman. As expected, Ms. Yellen indicated that she would continue the Fed’s “quantitative easing” (QE) polices, despite QE’s failure to improve the economy. Coincidentally, two days before the Yellen hearings, Andrew Huszar, an ex-Fed official, publicly apologized to the American people for his role in QE. Mr. Huszar called QE “the greatest backdoor Wall Street bailout of all time.”

As recently as five years ago, it would have been unheard of for a Wall Street insider and former Fed official to speak so bluntly about how the Fed acts as a reverse Robin Hood. But a quick glance at the latest unemployment numbers shows that QE is not benefiting the average American. It is increasingly obvious that the Fed’s post-2008 policies of bailouts, money printing, and bond buying benefited the big banks and the politically-connected investment firms. QE is such a blatant example of crony capitalism that it makes Solyndra look like a shining example of a pure free market!

It would be a mistake to think that QE is the first time the Fed’s policies have benefited the well-to-do at the expense of the average American. The Fed’s polices have always benefited crony capitalists and big spending politicians at the expense of the average American.

By manipulating the money supply and the interest rate, Federal Reserve polices create inflation and thereby erode the value of the currency. Since the Federal Reserve opened its doors one hundred years ago, the dollar has lost over 95 percent of its purchasing power —that’s right, today you need $23.70 to buy what one dollar bought in 1913!

As pointed out by the economists of the Austrian School, the creation of new money does not impact everyone equally. The well-connected benefit from inflation, as they receive the newly-created money first, before general price increases have spread through the economy. It is obvious, then, that middle- and working-class Americans are hardest hit by the rising level of prices.

Congress also benefits from the devaluation of the currency, as it allows them to increase welfare- and warfare-spending without directly taxing the people. Instead, the increase is only felt via the hidden “inflation tax.” I have often said that the inflation tax is one of the worst taxes because it is hidden and because it is regressive. Of course, there is a limit to how long the Fed can facilitate big government spending without causing an economic crisis.

Far from promoting a sound economy for all, the Federal Reserve is the main cause of the boom-and-bust economy, as well as the leading facilitator of big government and crony capitalism. Fortunately, in recent years more Americans have become aware of how the Fed is impacting their lives. These Americans have joined efforts to educate their fellow citizens on the dangers of the Federal Reserve and have joined efforts to bring transparency to the Federal Reserve by passing the Audit the Fed bill.

Auditing the Fed is an excellent first step toward restoring a monetary policy that works for the benefit of the American people, not the special interests. Another important step is to repeal legal tender laws that restrict the ability of the people to use the currency of their choice. This would allow Americans to protect themselves from the effects of the Fed’s polices. Auditing and ending the Fed, and allowing Americans to use the currency of their choice, must be a priority for anyone serious about restoring peace, prosperity, and liberty.

http://www.prisonplanet.com/federal-reserve-steals-from-the-poor-and-gives-to-the-rich.html
Report Spam   Logged

Lars Worthington III
Hero Member
*****
Posts: 163



« Reply #1 on: November 19, 2013, 09:40:12 pm »

This is all wrong. If a Republican President was in charge, we'd be confiscating from the poor to give to the rich even faster, for the wealthy know what to do with their money!
Report Spam   Logged

Romney, Palin or Huckabee in 2016
Rebelitarian
Hero Member
*****
Posts: 652


« Reply #2 on: November 20, 2013, 11:19:11 am »

This is all wrong. If a Republican President was in charge, we'd be confiscating from the poor to give to the rich even faster, for the wealthy know what to do with their money!

Until America is one big kleptocracy !!!!!!

No thanks !!!!!!!!!!!!!!

We need to secede and nationalize the banks.
Report Spam   Logged
Manfred
Sr. Member
****
Posts: 51



« Reply #3 on: November 20, 2013, 08:22:37 pm »

No, we need the banks to be given access to the Social Security trust fund so they have more capital to play with.
Report Spam   Logged
Rebelitarian
Hero Member
*****
Posts: 652


« Reply #4 on: November 21, 2013, 01:01:31 pm »

No, we need the banks to be given access to the Social Security trust fund so they have more capital to play with.

They are already sitting on $22 trillion dollars in QE money....

Only a kleptocratic con-tard wants to destroy social-security and all other forms of safety-net programs.

How about we cut the con-tard troll budget ?  Hmmm, you know where you have to get out and do something productive instead of spewing Globo-con-tard ideals.
Report Spam   Logged
Pages: [1]   Go Up
  Print  
 
Jump to:  

Powered by EzPortal
Bookmark this site! | Upgrade This Forum
SMF For Free - Create your own Forum
Powered by SMF | SMF © 2016, Simple Machines
Privacy Policy