Ben Bernanke is the Federal Reserve Chairman. The Federal Reserve Chairman is the liaison between The Federal Reserve and the United States government. The Chairman is appointed by the President and approved by The Senate. The Federal Reserve is a private corporation that prints United States Currency and lends this money to banks and governments. The currency produced is called a Federal Reserve Note which is found on every current American Bill you will find. The Federal Reserve earns interest off of the Citizens of the United States through these processes and in turn creates a profit. The Federal Reserve was created in 1913 by an Act of Congress now law, US Code Title 12 Chapter 3. “The Fed’s Exit Strategy” written in the Wall Street Journal Online July 21, 2009 states the Federal Reserve’s idea presented by Chairman Ben Bernanke on how to get out of this recessed global economy. The elite bankers of the Federal Reserve devise plots and create plans behind closed doors. There is very little oversight and transparency to their operations. The Federal Reserve is under heavy fire from Congress with Ron Paul’s HR 1207, which is requiring full transparency of the Federal Reserve. During President Barack Obama’s 2008 campaign it was stated several times that 5% of Americans make more than $250,000 a year. These bankers make millions of dollars a month while the 95% of Americans that make less than $250,000 a year are out working hard. They also profit off every transaction we make because they own the money we use. While their currency is in circulation there will always be a payment back to the Federal Reserve. A decline in employment led to a housing crisis in which the public was forced to pay billions of dollars to the banks through the Troubled Asset Relief Program. Billions of dollars funneled back into the banks because they could not wait or work with struggling families. The Federal Chairman in this article laid out their plan for financial dominance of the global economy under the guise of assisting the economy. This editorial was a threat to the American People if they continue to pressure the Federal Reserve with transparency. Chairman Bernanke laid out his strategy for his suggested correction of the economy by tightening monetary policy with the four following steps:
“First, the Federal Reserve could drain bank reserves and reduce the excess liquidity at other institutions by arranging large-scale reverse repurchase agreements with financial market participants, including banks, government-sponsored enterprises and other institutions. Reverse repurchase agreements involve the sale by the Fed of securities from its portfolio with an agreement to buy the securities back at a slightly higher price at a later date.
Second, the Treasury could sell bills and deposit the proceeds with the Federal Reserve. When purchasers pay for the securities, the Treasury’s account at the Federal Reserve rises and reserve balances decline.
The Treasury has been conducting such operations since last fall under its Supplementary Financing Program. Although the Treasury’s operations are helpful, to protect the independence of monetary policy, we must take care to ensure that we can achieve our policy objectives without reliance on the Treasury.
Third, using the authority Congress gave us to pay interest on banks’ balances at the Fed, we can offer term deposits to banks—analogous to the certificates of deposit that banks offer their customers. Bank funds held in term deposits at the Fed would not be available for the federal funds market.
Fourth, if necessary, the Fed could reduce reserves by selling a portion of its holdings of long-term securities into the open market.”
– Ben Bernanke, Wall Street Journal Online July 21, 2009
Mr. Bernanke’s first strategy involves forced transactions with the banks. Banks will be forced to buy securities from the Federal Reserve with a promise that they will be purchased back at a later date for a better price. This is thuggery at the highest level of government. The private corporation The Federal Reserve is demanding that other banks spend money. This is the same as someone you didn’t know walking up to you on the street and told you to give them $20 with a promise they would give you $20.01 in return and you had to do it. These are the gangsters that are making money simply because you are holding one of their treasury notes. Except now, it does not matter if you are physically holding a note. Any transaction in the United States Banking System generates funds for the Federal Reserve because the Federal Reserve gives the United States Government its funds. This strategy is more of a threat to banks rather than a solution. The second strategy is to sell currency to make profits. The Federal Reserve already does this. Within this strategy Chairman Bernanke also admits of the Federal Reserve goal to make decisions without the input of the Treasury Department. The Secretary of Treasury is doing business for the President of the United States’ Administration. The President recommends this position yet has no input in the business of American Currency. The Federal Reserve has usurped our Constitutional Right of coining money and has taken it to make profits from it. This is unacceptable and Treason. The third strategy is offering term deposits to bank. This is similar to a Certificate of Deposit that an individual would get from a bank. They plan to correct their balances or increase their reserves by asking banks to put more money into their coffers. This is just another way of saying if we get more money, our balances will be higher. The fourth strategy would involve selling American Currency to the open market for investment. All these strategies would only create more revenue for the Federal Reserve. These strategies will not create jobs. These plans for corrective regulation are laid out specifically by Federal Reserve Chairman Ben Bernanke in his article “The Fed’s Exit Strategy”.
The Federal Reserve cannot offer any real solutions to the economic situation in the United States. Whether there is more or less money circulating in the economy does not matter. What will turn the economy around is job growth. If there are no jobs there will be no one putting money into the economic system. Once more people start making more money, there will be more spending money and payment of bills. The load on the government would lighten as well with less dependency on government programs. More taxes would be being paid so that the government would have more revenue and less debt. Bernanke’s agenda to further submit the American dollar to outside control and to continue to decrease the value of the dollar is Treason. A Fed Exit would definitely help the economy, and only if that meant abolishment of the Federal Reserve System with a repeal of United States Code Title 12 Chapter 3. A private corporation should not be allowed to control the money of the American People for a profit. The claim of independent control of the money of the United States would better serve the public is a farce. This just means that one group of people control the wealth of the nation. Since the inception of the Federal Reserve System the dollar is no longer a United States Treasury Note. We the people of the United States of America are supposed to be in control of our own money. This was designated to the Congress in United States Constitution Article 1 Section 8:
“To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;”
-U.S. Constitution, 1787
The fact that we allow ourselves to be manipulated and controlled by Politicians only reflects the American lazy attitude. Many people would just rather not deal with important issues that directly affect our everyday lives. It takes time to pay attention to what politicians say during their campaign. This is valuable time because it gives a chance to make an intelligent decision on whom to elect into office. It is time to take back control of American Finances and put the criminals who run this country in jail. These crimes are serious. Congressman Brad Miller in an email stated that 1.2% of American’s make more than $350,000 a year. If we relate the people who make the money having the power then 1.2% of the American people control the rest of the country; this is slavery at its finest hour. It’s time to take back the American Dollar.
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