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Politics : President Barack Obama
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To: tejek who wrote (103376)10/25/2011 8:49:41 AM
From: RetiredNow  Read Replies (1) of 149317
 
The Fed bank is hardly private. The head of the Fed bank serves at the pleasure of the president who is an elected official.

Wrong. The Chairman of the Fed Res is appointed by the President and confirmed by the Congress, but then cannot be fired by the President. He has to be impeached. That gives him an amazing amount of flexibility and immunity from politics, as intended. The Federal Reserve is also organized as a confederation of private banks like the Bank of New York, from which are elected Federal Reserve Governors who become voting members. All of this information is freely available at their website, if you want to know more.

The bottom line is the Federal Reserve can act with impunity and has been doing so. The GAO recently showed exactly the unbelievable amount of conflict of interest going on at the Federal Reserve. These banks decide exactly how they are going to bail themselves out and how much interest they will charge themselves. Then they also decide to print money ad infinitum in order to enrich themselves and impoverish the 99%. The Federal Reserve also creates money through the fractional reserve system.

In short, we created a Frankenstein and the monster is now rampaging, destroying everything in its path. Neither Congress nor Obama have put any reigns on the Fed whatsoever. Even worse, they have both been full throated supporters of the Fed, as it continues to transfer staggering sums of wealth from the 99% to the top 1%.

None of this is conjecture or speculation. Just do your homework and you will find that I am stating facts. Given those facts, there can be no sane reason to vote for Obama, nor for most of the GOP candidates either, excepting Ron Paul who may be the only candidate who gets what is going on.
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