If you don’t believe it, do a little study of Agenda 21 or sustainable growth related to the United Nations.
So quit expecting Bernanke or his successor to do anything that would benefit you personally. The longer you keep hoping for that, the more you will be puzzled and disappointed. Central banks and governments worldwide have made the financial system their sole priority, and they will bleed their people dry in order to serve that priority. This should not come as a surprise, since it’s inevitable that if you allow money to enter into your political system, money will end up buying it outright. This happens for the same reason that bad money will always drive out good money from an economy. It’s elementary.
The Federal Reserve doesn’t give a hoot how many Americans are unemployed, how many children live in poverty, and how many millions survive on foodstamps. Their policies, all of them, are geared towards maximizing the profits in the financial system. If that is achieved by raising your standard of living, it will go up. If it’s achieved by making you poor, you will be made poor. In the present situation, where the financial system sits on trillions of dollars in debt and trillions more in highly leveraged wagers, your money, the fruit of your labor, is badly needed to not let the financial system go bust. The Federal Reserve’s iron hold on your money makes the outcome obvious and predictable (and for any loose ends, there’s always the Treasury department).
One area where we will see this inevitable outcome play out is in derivatives. Nothing in the system is riskier, more highly leveraged, or potentially more lethal to our real economies and societies. The political/financial system has made provisions for this in the form of legislation. Under Clinton, regulation of derivatives was strangled, under Bush, bankruptcy law was adapted to accommodate the derivatives markets, and under Obama, the proposed Dodd-Frank legislation is being molded to deliver the few remaining blows.
Dodd-Frank should have been a contemporary Glass-Steagall, but the area of the world where politics and finance converge has both changed and expanded too much over the past 80 years to make that possible. Legislation ostensibly aimed at protecting the people will instead turn out to do the exact opposite.
A good description on how it all works was quoted yesterday by Ellen Brown, and since she had only minor points to add, I’ll turn to the original, two years old, by writer and (documentary) filmmaker David Malone, who also writes a blog as Golem XIV, and add a few bits from Brown afterward.
Plan B – How to Loot Nations and Their Banks Legally Read more