Alex Jones & Paul Joseph Watson
Friday, September 14, 2012
While Ben Bernanke’s announcement that the Federal Reserve will embark on an open ended scheme to purchase $40 billion in mortgage-backed securities each month has been touted by the establishment media as the beginning of “QE3″ it is in fact nothing less than another banker bailout in disguise.
While many have rightly attacked the Fed’s policy of printing money as a band aid that does little to solve the economy in the long term, this new move isn’t even about that. The policy announced yesterday will merely see the Fed use taxpayer money to purchase more bad debt in the form of junk mortgage-backed derivative based securities that have been sold over and over again.
This has nothing to do with getting the economy going again and will only serve as yet another huge wealth transfer from the middle class to the elite.
“The truth is that it isn’t as if banks are hurting for cash to loan out,” writes Michael Snyder
. “In fact, right now banks are already sitting on $1.6 trillion in excess reserves. Just like with the first two rounds of quantitative easing, a lot of the money from QE3 will likely end up being put on the shelf.”
Indeed, after the TARP bailout back in 2008, the Federal Reserve paid the big banks to withhold loans
, because the bailouts are not about reinvigorating the real economy, they are about propping up the stock market for the rich while the real economy goes to the dogs.
Recall that the Federal Reserve is a privately held organization
and outside of government
. Think about that for a minute. They control our currency and its value… thus they control and manipulate our economy and have a significant impact on your life and standard of living. In my book, an organization that has this sort of power, headed up by big banks such as Bank of America, Chase, etc., represents a fundamental problem which we continue to allow fester. Their manner of operation places both our government, us, and our future generations into debt, debt payable onto those that run the “Fed”. We have allowed this disease called the Federal Reserve, and their henchmen the IRS, to continually run down our buying power for just about one hundred years. When are we going to take the power back?