Lionel: Lionel: Federal Reserve
NEW YORK, NY. (KPLR) – Could the Federal Reserve help ease some of the effects from those automatic spending cuts? Here’s Lionel’s take.
Quick name the greatest mystery in our country? Don`t bother thinking; I’ll save you the effort.
It`s the Federal Reserve. The Federal Reserve is the most misunderstood, not understood, barely understood concept bar none. It is cloaked in unnecessary mystery. A mystery that`s fueled by ignorance and incuriosity. And more importantly, the presumption of correctness and constitutionality.
If asked what it is, most Americans will say something about the fact that it determines interest rates or is responsible for regulating the economy or something. It`s not provided for anywhere in the constitution. But then again, neither is the air force. It`s just understood as being a part of the governmental terrain and no one in the Ted Baxter sockpuppet echo chamber bumper sticker media will ever so much as whisper anything as to its legitimacy; it`s presumed to be on the up and up and why shouldn`t it be, right?
Next year it will be 100 years old. And why is that so important? Simple. With all this talk about the sequester and failed super committees and fiscal cliffs, no one`s mentioned this. Across-the-board spending cuts totaling $85 billion start kicking in Friday if Washington doesn’t act. The cuts would continue over the next decade to achieve $1.2 trillion in deficit reduction to rein in a rising $16.5 trillion national debt. So why doesn`t the Federal Reserve, which as they say is as federal as Federal Express, do what it did once before? The first ever GAO audit of the Fed from the period between December 2007 and June 2010, revealed that it had secretly bailed out many of the world`s zombie banks, corporations, and governments to the tune of $16 trillion dollars which happens to be our national debt.
The Fed liked to refer to this as an all-inclusive loan program and as of six months ago, virtually none of it has been returned or repaid after it was quote loaned out at 0% interest. How is this even possible? How does this happen? Think of it, a private central bank created out of nowhere virtual imaginary money to the tune of 16 trillion. How? Will you speak up? Will you say something?
I know you want to help but you have to be an active participant in the news. You just can`t listen to what the guy on 24/7 TV is telling you. Especially when his network likewise was the recipient and beneficiary of bailouts disguised as stimulus money.
And look, the truth isn`t hidden. It`s not subterranean. It`s there on the internet but you have to first learn just the rudiments of what it`s about and then you have to go elsewhere. The 24/7 Ted Baxter media will all say exactly what the script instructs. Join me and let`s get to the bottom of not this but everything hidden in plain sight.