Thomas Jefferson warned us that if we let the banks control our currency by inflation and deflation then we’d end up homeless. And look it’s happening, the Fed (a bank) tells us they’re watching out for inflation while many Americans are waking up homeless.
In the book “Our Lot How Real Estate Came to Own Us“, author Alyssa Katz said “The generations between FDR and Reagan barely knew what homelessness was; now, nearly seven hundred thousand Americans, most of them hardly stereotypical street people, have no place to live.”
Due to increased inflation the cost of living skyrockets while good jobs vanish overseas. Not only has the government and the Federal Reserve failed to control inflation they have failed to control the banks.
The government deregulated the banks and the Fed allowed banks to take unreasonable and irresponsible risks which created the housing bubble while Alan Greenspan Fed Chairman (the one supposedly charged with keeping inflation at bay) spurred them on. When they “failed” we the people had to bail them out or else. The Bush administration rewarded this reckless behavior by doling out 700 billion in tax payer dollars with no strings attached. When the Obama administration tries to attach strings to this bail out bonanza, suddenly they’re paying back the TARP loans.
With unemployment so high, credit markets frozen and people aren’t spending, so where are the banks getting this money to pay back these loans?
Ben Bernanke current Fed Chairman said in an interview that the Fed has pumped billions into the basements of banks just in case they need it but not to worry, the banks won’t spend this money until the time is right. You know, so the spending of these Fed infused billions won’t cause more inflation.
Now the Fed is seeking to create a fund for banks similar to CD funds where these banks can keep their profits to refrain from pumping this money back into circulation. The Fed is concerned that if the banks return these profits back into society, it will cause inflation.
What is going on? How are they making profits while Americans lose their homes and their jobs? Maybe they’re paying back these loans using our money they have buried in their basements.
We have failed to heed the warnings of Thomas Jefferson about preventing “overgrown wealth” becoming “dangerous to the state”. These banks including the Federal Reserve have too much wealth and are dangerous to the financial state of our nation.