In a rare exclusive 60 Minutes interview tonight, Federal Reserve Board Chairman Ben Bernanke when asked when the current recession will end, answered that it is likely to stabilize by the end of 2009. However, the things what Bernanke would not say and what CBS refuses to investigate is the outgrowth of a long line of corruption and outside domination of the United States.
Portraying Bernanke as a visionary economist sensitive to the lives of “main street” Americans, CBS exerted much effort to reveal the power and importance behind the office of the man who is “keeping the economy together”. However, while CBS touts his powers which even extend beyond that of President as essentially unanswerable to anyone, they fail to question the indivisible authority of the Federal Reserve System in this age of continual bailout and banker takeover.
Bernanke remained somber throughout the interview, often sounding on the verge of tears as he slowly and calmly commented on the failure of the private conglomerate of major banks to foresee and act appropriately on the world financial crisis.
The Federal Reserve System was created in 1913 to take over the U.S. government’s job of regulating the money supply as well as minting coinage for use. At the same time, the federal income tax became the Sixteenth Amendment. Many opponents of the tax on labor argue that the amendment was never fully ratified.
Since the Federal Reserve System’s founding, America has experienced the Great Depression, over four other recessions as well as the Great Recession that now exists. The Federal Reserve has yet to inform the public of how it has doled out over $2 trillion in federal bailout funds to major private banks. Two similar bills, one proposed in the Senate by Independent Bernie Sanders of Vermont and one in Congress by Republican Ron Paul of Texas, would create a first-time congressional audit of the private Federal Reserve System and shed light on its power to authoritatively grant funds and print an excess supply of Federal Reserve notes.
The Federal Reserve is magically keeping the U.S. economy and much more-so the U.S. government on life alert. By printing enormous sums of greenbacks, the private conglomerate is desperately seeking to stave off the inevitable crash of insolvent institutions. Usurping wealth from citizenry to bank executives, CBS reports the average American family lost 18% of its wealth during 2008. Sapping from the economy precious capital, the Federal Reserve’s actions have downsized economic investment and output, ultimately leaving the American citizen to pay. In addition, a federal debt surpassing the $13 trillion mark (much owed to foreign nations), is of no mention in economic discussion.
Federal Reserve Chairman Ben Bernanke remains under heavy fire. In a time of strong economic uncertainty and major political upheaval through backroom banker deals, he is a highly visible figure in the coup of the millennia. Yet, Bernanke retains his position as master of the sword with the hair-line thinness of political majority. His comments on 60 Minutes alluding to a quick recovery may be in the end, bad news for the Federal Reserve. For with the extremeness of their action, in the hatching of the ultimate plot, its result may unravel the system and expose at last, what it really is.