Fails to comply with congressional demands for
transparency, underscoring age-old problem of top down socialism and letting
the fox guard the henhouse
Paul Joseph Watson
Prison Planet.com
Tuesday, November 11, 2008
The Federal Reserve is facing a lawsuit after it failed to comply
with congressional demands for transparency and disclose the destination of at
least $2 trillion dollars in bailout funds, underscoring once again the failure
of top down socialism and the folly of trusting the foxes to guard the
henhouse.
“The Federal Reserve
is refusing to identify the recipients of almost $2 trillion of emergency loans
from American taxpayers or the troubled assets the central bank is accepting as
collateral,” reports Bloomberg.
“Fed Chairman Ben S.
Bernanke and Treasury Secretary Henry Paulson said in September they would
comply with congressional demands for transparency in a $700 billion bailout of
the banking system. Two months later, as the Fed lends far more than that in
separate rescue programs that didn’t require approval by Congress, Americans
have no idea where their money is going or what securities the banks are
pledging in return.”
Bloomberg has
requested details of the Fed lending under the U.S. Freedom of Information Act
and filed a separate lawsuit in an effort to find out where the money has gone.
President elect Barack Obama, who in a September 22 campaign speech promised to
“Make our government open and transparent so that anyone can ensure that our business
is the people’s business,” refused to comment on the story when contacted by
Bloomberg, which is no surprise considering the fact that the man who
guaranteed “change” has indicated he will not only follow the Bush
administration policy of a socialized financial system, but radically expand
it.
The Fed’s secrecy on
the issue of where the bailout money is going underscores the age-old problem
with top down socialism as a tool of re-shaping the economic landscape. The
promise to fairly re-distribute the wealth, with full accountability, to
achieve a solution that will ultimately benefit everyone, is trumped by the
cold reality of the fact that corrupt elites, once the taxpayers have been
suckered into believing the lie, merely hoard all the money for themselves and
don’t redistribute it to anyone apart from their own inner circle of cronies.
Indeed, the banks have admitted that they are
hoarding cash and will keep on doing so while bigwigs reward
themselves with fat bonuses as the real economy sinks deeper into the toilet.
But what else could we
have expected upon hearing that ex-Goldman Sachs executive Neel Kashkari was appointed
by Paulson to dole out the ill-gotten gains of the bailout to the rest of the
corporate crooks?
Kashkari: A man you can trust.
If you let the fox
guard the henhouse then he’s going to eat the chickens.
In this case, the Fed
and the gaggle of bastard banker children sucking on its teat, gobbled up $5 trillion plus in
taxpayers’ money and then figuratively stuck the middle finger up when
questions were asked about where that money was going.
Meanwhile, the bailout
has had no effect whatsoever, increasing the severity of the financial downturn
and allowing the same elite to exploit the crisis as a pretext for centralizing
control of the world economic system and creating a new world order and a
single global currency.
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