Bernanke's Fed: America's Sovereign Wealth Fund
Classic stuff from economist Ed Yardeni (boldface below is mine):
When the credit crisis is finally over, we should put up a statue of Ben Bernanke in New York Harbor near the Statue of Liberty, which has a plaque at the base with a line from a poem, "The New Colossus," by the nineteenth-century American poet Emma Lazarus: "Give me your tired, your poor, Your huddled masses yearning to breathe free, The wretched refuse of your teeming shore. Send these, the homeless, tempest-tossed, to me: I lift my lamp beside the golden door." Ben's plaque should read, "Give me your subprime mortgages to the poor. I'll free you from the masses of illiquid securities in your portfolio, The wretched blind pools of CDOs and CLOs too. Don't make anyone homeless: I lift my lamp beside the golden discount window." The Fed crossed another historic line yesterday by extending a $30 billion credit line to fund Bear Stearns' illiquid assets, i.e., the firm's Level 3 portfolio. According to the 3/17 FT, a senior Treasury official said this credit line as part of the Bear sale could cost taxpayers money, although it could also result in a profit. And get this: "The Fed will employ a private sector adviser—as yet unnamed—to help it manage the assets from Bear." We now have our own sovereign wealth fund, namely, Feddie.
Tags: Ben Bernanke | Federal Reserve
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Elimination of the Feds
In this country, we the people, still have strong convictions about following the laws set forth by the Constitution. What really needs to happen is we need to get back to the gold standard that puts a constant sustainable value on money, instead of using (Fiat money,Money with no backing) that is created by the Federal Reserve Banking System out of nothing.Our money is printed up by the Federal Reserve with no value on it. Until we as a nation can see that all the Federal Reserve is doing is putting this country more and more in debt by creating more and more worthless money and circulating it causing more and more inflation,(which is nothing but a hidden tax), this country will allways remain in debt. In our constitution Section 8 - Powers of Congress The Congress shall have the power to lay and collect taxes, duties, imposts and excises, to pay the debts and to provide for the common defense and general welfare of the United States; All duties, imposts and excises shall be uniform throughout the United States.
To borrow money on the credit of the United States; To regulate Commerce with foreign Nations; and among the states and Indian Tribes; TO COIN MONEY, REGULATE THE VALUE THERE OF,AND OF FOREIGN COIN, AND FIX THE STANDARD OF WEIGHTS AND MEASURES.
So as you can easily see we as a Nation do not need a central bank printing our money up for us, and charging our government plus interest for this service, when we have the authority to do it ourselves. It has been done before, back in the 1700"s with the printing of the "Colonial Script" and again with president Lincoln during the Civil War it was called "GreenBacks". We just need to muster the courage for a change in our monetary policy and the way we think about ourselves as an Independant and Sovereign Nation. Stop relying on a group of bankers to control our nations money supply.Allways remember banks are in buisness for 1 reason, and that is to make money off of you. They care not who they harm in the process.Read Thomas Jeffersons speech on a Central Bank and you will understand better of what I am referring to.
Mar 26, 2008 22:39:20 PM [permalink] [report comment]