(Above: Federal Reserve Chairman Benjamin Bernanke leaving the 2008 Bilderberg Conference in Chantilly, Virginia. Source: Wikipedia)
At various times in the nearly 100-year history of one of the most opaque institutions, outside the intelligence services, the United States government has established, the Federal Reserve has been the target of conspiracy theories: that it had been really founded by the German and British Jewish financial moguls The Rothschilds who had played a key role in the founding of Israel, that it is private, that it is a puppet of Wall Street bankers with no regard for the welfare of the people and so on. There was a time when armed gunmen had entered the Fed to shoot its Board members.
Much of the weaving of the spider web of popular imagination is because the nation’s central bank has a monopoly over what we all so desperately need to get on with our daily lives: money. It is the Fed’s job to turn it into the air we breathe involuntarily or to keep its loss of value down to zero, ideally.
Fiat money should not matter in reality because economics is about real things and the Federal Reserve must be an institution that no one should know even exists as long as it does its job well, fading into the background of Washington’s political fog, like a watermark on the Federal Reserve notes.
Doctor Ron Paul of Texas, a medical doctor, is so vexed with the institution he so competently oversees as a member of the Committee on Financial Services in the United States House of Representatives that he wrote a book called “End the Fed” because he thinks that the very institution charged with dispensing currency has played a role in devaluing it. He is running for president again and a large part of the country resonates with his views about the Fed.
The idea that the nation needs a central bank goes as far back as Alexander Hamilton, the first Secretary of the Treasury of the United States in 1789. So, the Fed can indeed be ended if money can be supplied by the Department of the Treasury, with the Executive Branch becoming directly accountable to the United States Congress for the economic security of the country.
The Federal Reserve was established, 6 years after the 1907 financial crisis on Wall Street, by the then president Woodrow Wilson because John Peirpont Morgan, as the one man band stand, would not be around to stabilize the financial system should it crash again. Despite the Federal Reserve, the financial system did indeed crash again in 1929, this time into a depression, and again repeatedly thereafter until most recently in 2007-2008.
The uproar on the streets is coming from deep down the abyss in the people’s pocketbooks. Pocketbooks dictate electoral fortunes. But what if the fear of rising prices in a Republican administration leads to the fear of falling prices followed by a deluge of cash amidst a two-front war with no end in sight under a Democrat administration followed by rising prices and unemployment and the prospect of a Republican administration once again? Who should the people turn to but to the idea of jettisoning the entire political system in Washington overboard into the Atlantic just as the East India company’s tea had sparked the American Revolution? Conspiracy dons the garb of truth for good reason when even Washington and Wall Street doff their hats to the sounds of the nation’s main streets.
The bonfire of the vanities of the Masters of the Universe meeting secretively in the shadows of government and finance to shape and direct the affairs of the state and states around the world has been the ghost haunting the minds of Americans since time immemorial, as if the apparitions of the Knights Templar are pervading American consciousness since its founding by General George Washington’s freemasons, among others.
Every secret society since the European Middle Ages and the Templars, underground for fear of persecution by the kings, queens and high priests of the Church, has formed the basis for today’s times when secret societies are no longer needed because their raison d’ etre has been achieved: most of the world is free, run by the people, albeit imperfectly. Now, the people need shelter from the secret societies which have become the establishment of the new order of the way the world works, an unavoidable aspect of human nature. Hence, Benjamin Bernanke pictured above, leaving the Bilderberg Conference in 2008 (which he reportedly also attended in 2009, in Greece, at the height of the financial crisis, and before the Greek financial crisis and the subsequently known role of Goldman Sachs in it) presumably with taxpayer provided Secret Service protection and transport.
The Bilderberg Group is a group to belong to for the who’s who of the world: ceremonial kings, queens, princes, princesses, senior public officials and senior executives from the private industry, away from the pressures of the free society, including the free press, to be free to commune in ultra secrecy in broad daylight. Nothing that is ever uttered there can be known, that which is said protected by the taxpayers from themselves with no sunshine shed on it, ever. These are the self-ordained Benjamin Franklins of the world, the shadows of global private and public institutions, keeping the republics of the world from themselves.
(Above: A reasonably well-researched History Channel YouTube excerpt about the Bilderberg Group. Since the publication of this article, the above video has become unavailable for unknown reasons on You Tube. The group has an official website at http://www.bilderbergmeetings.org/index.php)
Credible rumors abound in foreign policy circles that the group was begun by the Central Intelligence Agency (CIA) in the 1950s and psychological operations programs of the United States government (PsyOps or mind control experiments on the population without their consent) are attributed to it. And any mentions of its inner workings are immediately pigeonholed as a conspiracy theory. So, what the Fed Chairman was doing there cannot be known. Either he was being controlled or he was scheming to control the minds of the people, notwithstanding all the talk of central bank independence.
People are, therefore, condemned to drawing the picture of the elephant blindfolded, feeling their way around the organism while guarding themselves from being trampled should the normally docile giant get mad, even as they cope with being systematically numbed into accepting two long wars and a debilitatingly drawn out economic slowdown, a PsyOp of sorts that appears to be preparing the nation for generational sacrifice to perhaps temper the world order into a Churchillian fascist global state.
The world media is reporting that $18 billion in expenditures by the United States in Iraq, first parked at the Federal Reserve Bank of New York around 2003, to stabilize Iraq after the quick disposition of Saddam. That money was supposed to buy flowers and garlands for American foot soldiers by the maidens of the land of Ur where god had blown the wind to dismantle the ziggurat of the Tower of Babel to disperse civilization around the world, though much of it is yet to be accounted for.
There can only be two reasonable hypotheses to validate before government secrecy can be aspersed: either the governments of the world are corrupt, a la the Bank of Credit and Commerce International (BCCI) affair which was investigated by the United States Congress in 1992 or the Iraq monies were counterfeit dollars, printed with the full knowledge of the American government to stabilize Iraq without distributing real American money on the ground. In either case, the money will be lost in the maze of global banking, either because it has been stolen or because it is fake, only to be replaced with sound money through the Federal Reserve’s global money operations in the current financial crisis as both Iraq and Afghanistan are stabilizing.
More importantly, of imminent concern is the idea that economies can be slowed down to bring inflation under control, a thesis close to the heart of Ben Bernanke. This idea, a favorite of the inflation targeters at the European Central Bank (ECB), has been tested by policymakers in practice before. Particularly worrisome for the times we live in are two facts: the current economic slowdown has been forecast to be a depression that has not yet happened, unlike in 1929, and the possibility of another prolonged global slowdown to contain food and energy price inflation for the next recovery to be realized through investment in structural change to achieve sustainability despite the presence of better policies since 2007 to make that happen through a more optimal recovery.
The loss of monetary value through higher tolerance of inflation to lower structural unemployment is the price of structural change although belated, not economic slowdown whether that slowdown occurs because inflation expectations cause firms to underinvest, disinvest or keep tabs on wages or the Fed throttles the monetary valve.
An even better approach is for international organizations such as the International Monetary Fund (IMF) to be reformed to enable the nations of the world to get away from the Bilderberg charade of international economics as I discuss elsewhere.
It is for the Congress to find out what really happened to report back to the people because the bipartisan price of damage control, one military since 2003 and the other economic since 2007, should not be this high for those whose republic it is to keep: the main streets of America.