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How’s that for a game changer?
In case you missed it, the #1 news story for this week (and the year) was the Fed’s decision to ask its Primary Dealers (PDs) for suggestions on how large and how long QE 2 should run.
The implications of this are vast. But the biggest ones are:
1) The PDs OWN the Fed (not the other way round)
2) QE 2 is a definite, not a “maybe”
3) The Fed doesn’t know what it’s doing
4) The Fed will be dismantled within five years
I’ve long asserted that the US’s money system was in fact controlled by the Big Banks, not the Federal Reserve. The Fed’s decision to ask THEM for suggestions reveals confirms this. It tells us in plain terms WHO decides monetary policy in this country and WHO is responsible for financial markets being where they are.
This statement alone should send chills down everyone’s spines. Think about it, the folks in charge of maintaining our currency policy and consequently the quality of living standards in the US take their orders FROM the banks: the same group responsible for destroying our financial system.
What’s even scarier is the fact that the Fed DOESN’T know what it’s doing. Of course, I’ve been saying this ever since the Financial Crisis erupted in 2008. After all, the Fed never actually took any action in advance, it merely waited for something to go wrong and then desperately applied a band-aid of backstopping or money printing.
However, to see the Fed actually state, PUBLICLY, that it is uncertain of what to do and NEEDS advice from others is simply astonishing. Remember, this is the same group that has resisted any and ALL attempts at transparency and less power. The Fed has literally fought tooth and nail to maintain its privileges. In fact, it’s actually pushed to have MORE power.
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