In a lengthy op-ed, published today in the Washington Post, Federal Reserve Board Chairman Ben Bernanke warned Congress, in no uncertain terms, to butt out of his and the Federal Reserve's business, and leave the U.S. central bank independent and fully integrated into the global system of private central bank dictatorship. Bernanke tore into two pieces of so-called Congressional reregulation, that would reduce the power and independence of the Fed: Chris Dodd's bill to remove Fed oversight authority over the banking system (a desperate populist ploy by Dodd, who is widely expected to lose re-election next year); and the Ron Paul bill to force an annual audit of the Fed's books. Bernanke wrote that "These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the United States."
Put in stark terms, Bernanke asserted that the "global consensus" among central bankers trumps the U.S. Constitution, and Congress should back off from its Constitutional responsibilities. Senior U.S. intelligence sources have confirmed that, were the Fed to be subjected to transparent Congressional audit, top Fed officials and leading bankers from the "too big to fail" institutions would be frog-marched off to jail en masse, for the preferential bailout treatment they have gotten—and continue to get—from the Fed, as regional and community banks are allowed to go under at record rates.
Paradoxically, the same issue of the Washington Post that gave nearly a full page to Bernanke's self-promoting rant, featured a regular column by David Ignatius, in which he cited the official Fed notes from the Nov. 3-4 Federal Open Market Committee (FOMC) meeting, to show that the Fed policy has been a total failure with respect to the real economy and the conditions of life for the vast majority of Americans. The FOMC members assessed that there will be no reversal of the high unemployment rates for the next five years, and that there is no sign that bank lending to small businesses will resume anytime soon.
Ignatius' conclusion is that Obama and the Congressional Democrats are in deep trouble: "The politics of rage aren't pretty. But in this case, it's hard to argue that the anger isn't justified. The Fed's analysis shows what we see in the daily stock market summaries. People on the top are recovering their losses; people on the bottom are out of work and out of luck." Obama, he warns, "will need all the political genius he showed during the 2008 campaign—and which he has displayed too little lately—to handle what's coming at him next year."
November 30, 2009 (LPAC)—
http://www.larouchepac.com/node/12590
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