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-- an Office of National Insurance in the Senate bill will override state laws and regulations not in line with international agreements; further, the US Treasury will be empowered to enter into them without consent of Congress, so the net effect will undermine consumer protections, not enhance them;
-- criminal prosecutions won't happen, except for a few lambs perhaps thrown to the wolves, taking the fall for their bosses, the way it always works, or as someone once said - only little people have to pay with the rarest of rare exceptions to prove the rule; and
-- except for its emergency lending facilities in the Senate bill, the Federal Reserve won't be audited, and what's done will be redacted to keep Congress and the public in the dark; the Fed functions in secrecy; Senate bill provision 714, entitled "Audit of Financial Institutions Examination Council," will keep it that way; remember, the Fed is a Wall Street owned banking cartel serving its member banks in the 12 Fed districts, not the public it's empowered to scam and has with impunity for nearly 100 years.
Solution: shut it down or nationalize it, encourage establishing state and locally-owned banks, take banking out of private hands and make it a highly regulated public utility - topics never considered, discussed, or reported in the mainstream. They are below.
Fundamental change is essential. A systemic makeover is vital. In collusion with Washington, Wall Street predators wrecked the economy, profiting "all the way to the bank," and are now well advanced in their newest schemes, this time with public money, gambling with what's needed to fix America by rebuilding crumbling infrastructure, aiding budget-strapped states and cities, producing jobs, and helping homeowners facing foreclosure or in it.
As long as the privately owned Fed controls the nation's money, reform won't happen. Earlier, this writer explained that since established by the 1913 Federal Reserve Act, the dollar eroded to 5% of its former worth. We've also had rising consumer debt; record budget and trade deficits; an unsustainable national debt; a high level of personal and business bankruptcies; millions of lost homes; loss of the nation's manufacturing base; soaring poverty levels; an unprecedented wealth transfer to the rich; the gradual destruction of the middle class; sustained massive fraud for private gain; and a hugely unstable economy lurching from one crisis to another, followed by calls for reform that fail.
Is this time different? Analyst Mike Larson writes for Money and Markets, run by investor safety advocate Martin Weiss. His latest commentaries stress:
"The great interest rate explosion of 2010-2011," the result of a massive credit bubble starting to burst, especially because of the doubling of US Treasuries to $7.6 trillion in the past seven years, and, at the present pace, will more than double again in the next decade to over $18 trillion and become toxic junk vulnerable to crashing along the way.
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