At the prospect of raking in new billions from taxpayers and following the authorization of a $600B Treasuries issuance, Fed Chairman Bernanke has expectedly deemed the current rate of wealth dilution “too low”.
Two Federal Reserve regional bank presidents confirmed that a further nearly trillion dollars would be created out of thin air —and paid for by the American public— to keep full the coffers of the Fed’s private member banks, who will be owed payment of interest by the American people.
“I fully anticipate we will purchase the entire amount,” said a smiling Eric Rosengren, Boston Fed President, referring to the $600B in Treasuries and $300B in mortgages up for grabs.
Several Republican lawmakers were on hand to pay lip service to the idea that Americans might keep what they have rightfully earned, with Wisconsin Representative Paul Ryan going as far as to call the move a “big mistake”.
Following the catastrophic failure of the establishment’s last pursuit of economic stimulus and the Fed’s one-hundred-year assault on the value of the dollar —which the Fed has successfully reduced by about 98% — the Republican resistance to what amounts to a $3000 tax on every American man, woman, and child was less than satisfying for the vast majority of Americans, or those who will never see a dime of the money.
“While most Americans don’t yet understand or appreciate the significance of this sort of wealth dilution, almost every American understands that something is terribly wrong”, said Keith Harris, who serves as the American Third Position economic policy analyst.
“Essentially, the U.S. government has forfeited its right to create, issue, and regulate our money supply. It’s surrendered this right to the Federal Reserve, which creates money of out of thin air and lends it to the government at interest. ”
“The A3P has got the right solution: abolish the Fed and incorporate the power to create, issue, and regulate the money supply into an institution whose overseers are subject to the scrutiny of the democratic process. And let interest rates be determined by markets, not by a group of bankster elites who stand to profit by it. “