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A Caring Federal Reserve?

By       Message Alan Adaschik       (Page 1 of 1 pages)     Permalink    (# of views)   4 comments

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opednews.com Headlined to H4 10/21/14

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On October 17, 2014, the Associated Press published an article by Martin Crutsinger entitled, "Yellen Greatly Concerned by Widening Inequality in U.S". According to the article, the Federal Reserve Chair Janet Yellen sounded an alarm that America's tradition as a land of opportunity was in jeopardy because of a widening economic gap between the very rich and the average American. According to Yellen, this growing gap is due to a robust stock market which helped the wealthy outpace gains in income and home prices for working Americans. Yellen went on to say that she is concerned because the economic gap is, by some estimates, at its highest level for this past century and in the past few decades we have seen "significant income and wealth gains for those at the very top and stagnant living standards for the majority". According to Yellen, "this is one of the most disturbing trends facing the nation".

From flickr.com/photos/47422005@N04/10547141054/: Janet Yellen - Caricature
Janet Yellen - Caricature
(Image by DonkeyHotey)
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In a closed society, with a fixed amount of money available, if a person is allowed to loan money at interest, this person will end up with all the money and everything else as well. This is intuitively obvious, because over time, the lender gets richer through collecting interest on the money he loans while society as whole has less and less money to spend. If unchecked the lender becomes rich enough to buy everything and ends up with all the money as well. This is why loaning money at interest was a crime punishable by death in some early societies. However, even though we do not live in a closed society, and even though our money supply is not fixed, our situation with the Fed is similar to our closed society example because the Fed creates the money they loan our government out of thin air and upon doing so, the American people must pay the Fed back with real money earned through diligence and hard work.

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The Federal Reserve System is so one sided and unfair that it is truly far worse than a Ponzi scheme where people are bilked out of their investments by an unscrupulous financial advisor. In a Ponzi scheme, investors only lose their investments. In the Fed's con game all of us will eventually lose everything. The truth of this is clearly evident in the shrinking value of our dollar and our exploding and out of control national debt which we would not have if Congress created and regulated our money supply as required by our Constitution. The Problem is that in 1913, Congress was duped and cajoled into passing the Federal Reserve Act making this fraud legal and giving the Fed, a foreign privately owned banking cartel, the power to create our money as if it was theirs. As a result, this nation is rapidly becoming a nation of paupers and the Fed is directly responsible for this state of affairs.

All of the above being true, it should be clear that Fed Chairperson Janet Yellen either has a very poor grasp of economics and monetary issues or she is a bald face liar painting a black kettle white.


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Al Adaschik was born in New London, Connecticut, on June 27th, 1943. He was raised in Brooklyn, New York and attended Franklin K. Lane High School. Upon graduation, he was accepted as an engineering student at the University of Michigan in its (more...)
 

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