Thread: Bernanke Says Limiting Fed Independence Would Impair Economy

http://www.bloomberg.com/apps/news?pid= ... S1SZ95x778

Nov. 29 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said curbing the central bank’s authority to supervise the banking system and tampering with its independence would “seriously impairâ€

[quote]Federal Reserve Chairman Ben S. Bernanke said curbing the central bank’s authority to supervise the banking system and tampering with its independence would “seriously impairâ€

Quote:
"Dodd and Representative Barney Frank, chairman of the House Financial Services Committee, want to take away the Fed’s rule- writing power on consumer financial products and give it to a new Consumer Financial Protection Agency."

Oh, great, the two geniuses who brought us the Sub-Prime Mortgage meltdown because alarms raised by Republicans and former Fed Chairman Alan Greenspan that Freddies Mae and Mac were too loosely regulated and becoming overextended financially were specifically ignored by these two influencial Democratic legislators!

Perhaps someone could post some pictures of some of the old currency notes that were issued prior to 1913 when the Fed took over and after. The old notes are interesting because of what is written on them. Helps to shed some light on how far removed from real money we really are.

From the above quote from Thomas Jefferson,

first by inflation, then by deflation,

First by inflation, (sounds like a bubble? Housing bubble? Credit bubble?) then by deflation (sounds like after the bubble bursts? cheap assets become available to those who can afford to pick them at discount, banks ring a bell?)

Barney Frank is the perfect stooge, placed in the right spot, at the right time. More grand illusions.

"If the American people ever allow private banks to control the issue of THEIR currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprieve the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should taken from the banks and restored to the people, to whom it properly belongs." Thomas Jefferson

Wise Wise words!!!!

Look up Andrew Jackson and the Second Bank of the United States. A Mr. Biddle who controlled the bank said that if President Jackson didn't recharter the bank, he would plunge the country into a depression, and he did as Jackson wadded in with both feet, and put the bank out of business, and fired every person in Washinton who had any connection with the bank and it's operation. And Jackson did such a good job, that it took the international bankers 77 years to gain a new foothold on America.

On President Jackson's Gravestone, it says, "I killed the bank"

Abolish the Fed. They are a bunch of incompetent snakes. Here we have Bernanke lying in our faces that tampering with the Fed would somehow be detrimental to the economy. This is BS. We had an economy before the Fed and we would have one again.

Originally Posted by roundabout

Perhaps someone could post some pictures of some of the old currency notes that were issued prior to 1913 when the Fed took over and after. The old notes are interesting because of what is written on them. Helps to shed some light on how far removed from real money we really are.

Those old "notes" as you called them, were not notes like the fiat currency we have today. They were gold and silver receipts for real money in the treasury. These certificates are usually referred to fiduciary currency, which means thay have something of real value backing them.

Usually the certificates, or treasury receipts would say for a 10.00 dollar slip, There is ten dollars in gold on deposit in the United States Treasury payable upon demand to the bearer.

But what you have to understand is, that this type of paper money can too be manipulated, as the money changers of old did by printing more than actual reserves on hand. This can cause bank runs. That is why the Framers were very explicit in Article 1 Section 10 Clause 1 "nothing but gold and silver coin shall be used as tender in payment of debt"

It is very difficult to manipulate a coin based monetary system where it is set up with coin of real value like silver and gold.

[quote="roundabout"][quote]Federal Reserve Chairman Ben S. Bernanke said curbing the central bank’s authority to supervise the banking system and tampering with its independence would “seriously impairâ€