FEDERAL RESERVE SCANDAL
This is why, despite Chairman Powell’s recent suggestion that the Fed will soon begin “tapering” its purchases of Treasuries, the Fed is unlikely to significantly reduce its purchase of Treasuries or allow interest rates to significantly increase. Powell is also unlikely to upset President Biden and Biden’s congressional allies as long as progressives are urging the president not to reappoint Powell. Progressives want to replace Powell with connected elites who receive the Fed’s newly created money before the new money causes widespread price increases. Inflation has always benefited the well- connected elites who receive the Fed’s newly created money before the new money causes widespread price increases. The true motivation behind Fed policies was revealed by former Fed official Andrew Huszar in 2013. Huszar, writing for the Wall Street Journal , confirmed that quantitative easing kept stock prices high, instead of helping Americans struggling with the aftereffects of the 2008 melt down. Other beneficiaries of the Fed are big- spending politicians. The Federal Reserve’s purchase of federal debt instruments keeps the federal government’s debt-servicing costs manageable. Inflation has always benefited the well-
someone more committed to fighting climate change and systemic racism, two boogeymen routinely bought out as excuses for vast expansions in government spending and power. Another major scandal involving the Fed is Congress’ refusal to pass the Audit the Fed bill and let the American people know the truth about the Fed’s operations. Audit the Fed authorizes a Government Accountability Office audit of the Fed’s dealing with foreign governments and central banks, the Fed’s discount window operations, reserves of member banks, securities credit, interest on deposits, and open-market transactions. Audit the Fed would finally reveal the truth about the Fed’s operations. A limited audit authorized by the Dodd- Frank Act found that between 2007 and 2010, the Federal Reserve committed over $16 trillion dollars to foreign central banks and politically influential private companies. Imagine what a full audit would find... It is time to end the scandal of allowing a secretive central bank to have so much power over the economy and our liberty. It is time to audit, and end, the Fed. Copyright © 2021 by RonPaul Institute. Permission to reprint in whole or in part is gladly granted, provided full credit and a live link are given.
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October 2021
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