Alex’s notes: This is a horrible idea.

The proper oversight of systems lies with the people themselves not a private banking institution, let alone a private banking institution owned by private interests who benefit from the debasement of a currency supply.

This is exactly the kind of thing that got us into this mess in the first place.

“Some [most] people think the Federal Reserve Banks are U.S. government institutions. They are not … they are private credit monopolies which prey upon the people of the U.S. for the benefit of themselves and their foreign and domestic swindlers, and rich and predatory money lenders. The sack of the United States by the Fed is the greatest crime in history. Every effort has been made by the Fed to conceal its powers, but the truth is the Fed has usurped the government. ”

—Congressional Record 12595-12603 — Louis T. McFadden, Chairman of the Committee on Banking and Currency (12 years) June 10, 1932

Can anyone who has studied this subject say that the SEC and the Fed have actually done a good job at regulating fraud and crime? Ever?

Do you realize that the books of the Federal Reserve have never been audited? The Federal Reserve is essentially above the law as it does not answer to the United States Congress, nor have to report its activities or allow its books to be audited.

Did you know that when asked for information by various members of Congress, duly authorized by the people to do so, that representatives of the Federal Reserve to include Ben Bernanke have simply said “no”, and its perfectly legal for them to do so?

The Feds very existence defies the US Constitution, but the legislation it is written under allows it to operate with total secrecy, even from the people of the United States. Can you imagine what would happen to our banking system if these people were allowed full authority over the core of the banking system, completely above the law, in total secrecy?

“The few who understand the system will either be so interested in its profits or be so dependent upon its favours that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests.”

—The Rothschild brothers of London writing to associates in New York, 1863, laying the groundwork for the eventual passage of their catastrophic Federal Reserve Act on December 23, 1913

This proposal is like searching the prison for the most despicable serial rapist one can find, and then making that person in charge of protecting people from being raped.

The “Federal Reserve” is neither Federal nor does it have reserves. It is not a government institution, and it simply creates money when it needs it. Its very name is a fraud.

If you want proof of this, there are numerous works available publicly by credible sources that shed further light on this. Check out Creature from Jekyll Island by G. Edward Griffin, or google Edwin Vieira. Anyone who has studied this subject in detail already knows this, but if you are just starting your journey into the subject of “how the world REALLY works” then understanding the Fed is a critical piece of the puzzle.

In times of fear people let the government do all sorts of stupid things. People are scared, and I dont imagine we will see anyone trying to stop this, except maybe Ron Paul.

If people fear failure of systems, they will let them get away with this. If you are one who allows it to occur without at least trying to understand it, speaking about it and educating your fellow man, then remember that ultimately people do not get the government they want, they get the government they deserve.

“It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

—Henry Ford inventor and founder of the Ford Motor Company.

You have heard me harp on this before, if you dont own gold and silver as this unfolds, you may be very sorry before this is all over.

The article is below. Oh by the way, this news release was put out via Associated Press.

You may find it interesting to know, as I did,  that The House of Rothschild bought Reuters news service in the 1800’s. Within the last 20 years, Reuters bought the Associated Press.

No conflict of interest there, and you can expect completely unbiased reporting with absolutely no agenda. I also have a bridge to sell you, cheap.

***

By ANNE FLAHERTY, Associated Press Writer Anne Flaherty, Associated Press Writer   – 2 hrs 11 mins ago

WASHINGTON – The Federal Reserve could become the supercop for “too big to fail” companies capable of causing another financial meltdown under a proposal being seriously considered by the White House.

The Obama administration told industry officials on Friday that it was leaning toward making such a recommendation, according to officials who attended a private one-hour meeting between President Barack Obama’s economic advisers and representatives from about a dozen banks, hedge funds and other financial groups.

Treasury Secretary Timothy Geithner and other officials made it clear they were not inclined to divide the job among various regulators as has been suggested by industry and some federal regulators. Geithner told the group that one organization needs to be held responsible for monitoring systemwide risk.

“Committees don’t make decisions,” said Geithner, according to one participant.

Officials from the Treasury Department and National Economic Council, which hosted the meeting, told participants that the Fed was considered the most likely candidate for the job, according to several officials who attended or were briefed on the discussions.

The administration officials said a legislative proposal would likely be sent to Capitol Hill in June with the expectation the House Financial Services Committee, led by Rep. Barney Frank, D-Mass., would consider the measure before the Independence Day recess.

The officials requested anonymity because the meeting had not been publicly announced and they were not authorized to discuss it.

A Treasury Department statement provided to The Associated Press on Friday confirmed Geithner’s position that he wants a “single independent regulator with responsibility for systemically important firms and critical payment and settlement systems.”

A spokesman said Geithner also is open to creating a council to “coordinate among the various regulators, including the systemic risk regulator.”

The Fed itself hasn’t taken a position on whether it should have the job, although Chairman Ben Bernanke has said the Fed would have to be involved in any effort to identify and resolve systemwide risk.

Original Article

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