On the day before Thanksgiving in 1991, the U.S. Senate voted to vastly expand the emergency powers of the Federal Reserve.
Almost no one noticed.
The critical language was contained in a single, somewhat inscrutable sentence, and the only public explanation was offered during a final debate that began with a reminder that senators had airplanes to catch. Yet, in removing a long-standing prohibition on loans that supported financial speculation, the provision effectively allowed the Fed for the first time to lend money to Wall Street during a crisis.
That authority, which sat unused for more than 16 years, now provides the legal basis for the Fed’s unprecedented efforts to rescue the financial system.
Since March 2008, the central bank’s board of governors has invoked its emergency powers at least 19 times: to contain the wreckage of Bear Stearns and ease the fall of American International Group, to preserve Goldman Sachs and Morgan Stanley, to limit losses at Bank of America and Citigroup, to lend more than $1 trillion. Continue reading
General Motors Corp. filed for Chapter 11 bankruptcy early Monday, marking the humbling of an American icon that once dominated the global car industry and setting up a high-stakes gamble for U.S. taxpayers.
The bankruptcy filing, made in the U.S. Bankruptcy Court in Manhattan, marks the climax of a lengthy debate over the auto maker’s future after it sought a bailout from the U.S. government in December to stay alive. In the end, GM couldn’t complete its restructuring out of court and filed for bankruptcy-court protection to get billions more in aid from U.S. taxpayers.
The question now facing 56,000 auto workers, 3,600 GM dealers and the Obama administration: Will it work?
The U.S. government has agreed to provide GM with another $30 billion in aid, in addition to the $20 billion the auto maker has already borrowed, to see it through its restructuring and exit from bankruptcy protection. In return, the government will get a controlling stake in the company. The Canadian and Ontario governments are putting in $9.5 billion for a 12.5% stake. Continue reading
Veteran investigative journalist Jim Tucker has uncovered Bilderberg’s 2009 agenda, which includes the plan for a global department of health, a global treasury and a shortened depression rather than a longer economic downturn. Continue reading
I will be blunt, for certain conclusions are now inescapable, even this early in the miraculous, transcendent Age of Obama. Insofar as those who regularly follow political matters are concerned, and especially with regard to those people who write about politics and foreign policy which is to say, insofar as commentators and reporters in the mainstream media and on blogs are concerned to continue to believe that Barack Obama represents any kind of improvement over the abomination of George W. Bush is not an innocent error. To persist in delusions of this kind requires that one intentionally and deliberately blind oneself to evidence that assaults us every day.
It looks like the Federal Reserve may finally have something to worry about now that HR 1207 is finally gaining serious steam. If enacted, HR 1207 will amend title 31 of the United States Code and reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States. In other words, for the first time since 1950, the criminals at the Federal Reserve will be forced by law to open their books. Continue reading
This blog is about documenting the New World Orders plans for a one world government, 80% de-populisation of the earth, and a one world bank / currency are just a few issues on their agenda.
