FED pigeon to carry the can...

Dick Eastman makes the following observations on the appointment of a new Federal Reserve Board (Fed) chair.

"They call Jerome Powell  a centerist or a pigeon, meaning that he likes a little of both hawkish austerity and deflationary restriction of credit which gives bond and cash balance holders an unearned windfall of purchasing power wealth but also "quantative easing" which means the Fed plays in bed money market to the rich when they want to dump under-performing (because of deflation) securities they have purchased or when, buy up bankrupt real assets from the deflation, they exchange their bonds for cash, the mechanism being of course the Open Market Operations (buying and selling of securities by the Fed to a small group of bankers and brokers, which always and only takes place on the second floor of the New York Federal Reserve Bank.  In short Jerome Powell is in the center between damning the people with deflation and austerity but also blessing the rich highest end creditor class with bailouts of securities made toxic by deflation and for ready cash to buy up the bankrupted and distress-sold real assets put on the market in the household sector (which become rental properties), the domestic business sector (which simply vanish or are swallowed up by the corporations owned by the banks and the brokers and often foreign dollar reserve currency holders) and the federal, state and local government with the privatization of public utilities.   But Powell is a gentile, which to all who know the truth about international finance means that his Fed Chairmenship is to be marked by monetary atrocity that they do not want blotting the reputation of Jewish world financial leadership.  Recall how the worst inflation in nearly 200 years occured when Arthur Burns resigned and G. William Miller became president in 1978 and 79  -- while Paul Volker heading the New York Fed reserve bank was flooding the rich with dollars, back in the day when open market purchases by the Fed gave money to players who actually would put it back into the domestic economy -- causing the great inflation that forced the Depository Institution Deregulation and Monetary Control Act of 1980 followed, after the S & L diversion of US investment money to junk investments, by the GarnSt. Germain Act of 1982 allowing interstate bank mergers -- which is why Rockefeller's Chase bank bought up Washington Mutual were I banked for many years here in Washington State -- a tangible sign the the Eastern Banking Establishment and their City of London affiliates  owns it all now.  So now you know the truth, truth that is worthless when the people can't really share it, discuss it, organize to fight it and replace it with an honest system that is good for everyone."

The game is a Ponzi scheme in which central banks are the means to hoover up real wealth on the back of fake money.

The signs are on the wall for those prepared to stop and look.

The Federal Reserve Has Just Given Financial Markets The Greatest Sell Signal In Modern American History by Michael Snyder
Why have stock prices risen so dramatically since the last financial crisis?  There are certainly many factors involved, but the primary one is the fact that the Federal Reserve has been creating trillions of dollars out of thin air and has been injecting all of that hot money into the financial markets.  But now the Federal Reserve is starting to reverse course, and this has got to be the greatest sell signal for financial markets in modern American history.  Without the artificial support of the Federal Reserve and other global central banks, there is no possible way that the massively inflated asset prices that we are witnessing right now can continue.

The Fed Actually Begins its QE Unwind by Wolf Richter
But what’s happening with mortgage-backed securities?
Thursday afternoon, the Fed released its weekly balance sheet for the week ending November 1. This completes the first month of the QE unwind, or “balance sheet normalization,” as the Fed calls it. But curious things are happening on the Fed’s balance sheet.

Dick Eastman's immediate thoughts upon first hearing Jerome Powell is being appointed Chairman of the Federal Reserve:
Jerome Powell, a trained corporation lawyer, was appointed to the Federal Reserve Board by Barrak H. Obama and he has been backed by the Chairmanship by Senator Chuck Schumer. As late as October he has been calling for banks to increase their reserves, meaning austerity in lending, meaning deflation which hurts the real economy for the benefit of creditors and bankers. Every time he voted for Quantitative Easing in the default crisis, which means he was in favor the the Fed buying the bad mortgages that had been securitized from the international lenders who bought them, very little of which payment of the securities ever found its way to consumers or investment in the real domestic economy. Jerome Powell has never once been honest in his public statements regarding any of the catastrophic misdeeds at the Fed since the Chairmanship of G. William Miller under whose Fed Chairmanship "quantitative easing" (Fed Open Market Purchases conducted by NYFRP President Paul Volker) brought the nation to its worst inflation ever. Miller was the last Gentile the Money Power permited to become Fed Reserve Chairman, and he was a patsy. Arthur Burns did not want the blood of the double-digit inflation that set up the great S & L default and banking reform scandal that robbed the people of over 500 billion and diverted our investment from infrastructure to speculative junk ventures. I suspect Jerome Powell is being given the job to keep Jewish names clean when the monetary disaster, whatever it will be, obtains.

Here again is my account of the wrongdoings of the Federal Reserve System under its recent past Chairmen:


Let's take them one by one -- and on the way you will learn all the tricks of Central Bank theft from the real domestic economy of nations with all-borrowed money supplies and monetary authorities who serve the moneyed interests at the expenses of everyone else.

I. Janet Yellen (Fed Chair 2014-present): In the midst of the present real economy's deflationary depression, she is increasing the Fed's discount rate for lending to banks making it more expensive and risky to lend near the limit the reserve requirement permits -- final effects fewer loans outstanding (less money in consumers' hands) and a bigger "outflow" of interest payments to banks which is pure deflation since during deflation, those collecting interest gain from not spending or lending the interest because just sitting idle their bonds and idle money deposits in deflation gain in purchasing power, giving them a windfall as the prices of things they buy (homes put on the market for rental properties, bankrupt businesses, privatized public lands and utilities going on the market.) Yellen and her colleagues are determined to prevent a new president from "making American great again" by further restricting consumer purchasing power through deflation, through tight bank lending of national money supply.

II. Ben Bernanke (Fed Chair 2006 - 2014): This Fed Chairman also served the bond holders and cash balance holders of the world by creating deflation -- to the point of letting the M1 money supply (our checking deposits and dollar bills in the public's hands) actually shrink in quarters prior to the 2008 default crisis which was caused by that shrinkage of buying power, hiring power, tax paying power and, especially, mortgage-paying power of households, businesses and government. He did all of this deflationary damage -- but he talked a good talk -- about helicopter money being needed -- but his strategy and Fed Policy to remedy the deflation crisis -- misnamed a bubble crisis -- truth is, the economy is an airship in need of reflation, not a bubble that gets too much money and bursts, what really happens is the deflation hollows out the economy -- but as I was saying, Bernanke talked a good fight -- but his "solution" for the deflationary spiral -- which he would never exactly name as such -- was for the Fed -- actually Timothy Geithner who was then president of the Federal Reserve Bank of New York which does all of the Federal Reserves swapping of bonds for cash (open market sale of bond by the Geithner NYFRB) with the bond holding super rich) and of swapping cash for bonds (the NYFRB buying bonds -- especially bad securitized (bad) mortgage loans from those who bought them -- bailing out the creditors -- CALLED QUANTITATIVE EASING -- protecting creditors from default by buying the bad IOUs from them -- BUT THIS MONEY THE INTERNATIONAL RICH GOT FOR THEIR BAD SECURITIZED MORTGAGE AND OTHER SECURITIES BROUGHT LOW BY DEFLATION IS MONEY THAT NEVER TOUCHED THE REAL ECONOMY WHERE THE MAJORITY OF AMERICANS WERE SUFFERING FROM STILL-ONGOING DEFLATIONARY SPIRAL. THE MONEY WAS HELD IN IDLE DEPOSITS OR USED FOR BUYING REAL ASSETS AROUND THE WORLD -- IT WAS NOT SPENT ON AMERICAN PRODUCTS OR INVESTMENT IN NEW INFRASTRUCTURE OR PRODUCTIVE CAPACITY IN THE US, BUT ONLY TO BUY UP PROPERTIES THAT THE PEOPLE WERE FORCED TO SEEL BECAUSE OF MIDDEL-CLASS DEFLATIONARY DEPRESSION THAT WAS INTENSIFIED BY CHAIRMAN BERNANKE AND NYFRB PRESIDENT GEITHNER.

III. Alan Greenspan (Federal Res Chair 1987 - 2006): This Fed Chairman too served the bond holders and cash balance holders rather than the people in the real domestic economy -- buy keeping the national economy on the tightest possible purchasing power rations. Always bear in mind that under the monetary and lending system begun with the Bank of England after the Jew funded glorious revolution of 1688, the Bank, given to usurers by William III so that he could pay for his war with France --- we now live in a country where the entire money supply the economy runs on is borrowed money -- that is, it is a loan deposit created by the bank always along with a co-created debt obligation to pay back to the bank a much greater amount, an amount equal to all obligations for paying principal plus compound interest. When the money supply is loans co-created with a debt obligation to repay the loan amount plus more (the interest) over future months and years we have this pattern. The loan comes first -- which reflates the economy -- the deposits created by the loan continue permanently until someone one gets it deposited in his bank account and then uses it to pay interest and principal -- which is deflation for the real economy. So first the loan which reflates, then the loan payments which deflate the economy and continues deflating it even below the level where it was before the loan was received -- which is when the defaults begin. So when this system is kept going for a while the deflation eats more and more through bankruptcies, through firms distressed and forced merge or be bought out in hostile takeovers by the big cash owning lending class - so that during Greenspan's watch more assets left the hands of the middle class and went to the rich than happened after Wall Street crash of October 1929 and the resulting deflationary depression known as the Great Depression. And when the people were starving and being ruined by Greenspan's tight money policy -- how did he replenish the money supply? He forced people to loose equity on their houses, to swap equity (ownership) in their homes for cash to pay their mounting credit card debt and bank debt -- "refinancing" they called it, but it was robbery -- because the lending class had the Federal Reserve Bank self-regulatiors -- and Congress and the state legislatures set up banking -- sign off on a system where home buyers must pay interest first and principal toward the end of the loan payment schedule stipulated in the loan agreement. That means that every time a family refinanced -- they lost all of the interest payed up to that date with very little equity of their own -- so that with the new refinancing -- which horribly complete replaced 2nd mortgages which were not being pushed in the billions of phone calls people were receiving offering them to "refinance at the new lower rate Greenspan was giving them." But Greenspan was really replenishing money supply draining away in interest payments -- but having home owners restart their payments all over again with the same amount of principal to be paid but the front loaded interest having to be paid all over again. And it was a slow death of many cuts -- because Greenspan replenished the money supply but cutting interest a fraction of a percent at a time -- so that over a long period the refinancing and the people's loss of their front-ended interest payment would continue -- borrowing money at the cost, not only of new interest to be paid which was only a tiny tiny bit lower but because all of the interest they had paid counted for nothing. That was Greenspan's contribution to the American economy -- he kept us on starvation rations of purchasing power while continuously robbing us of home ownership (our equity in the homes were were buying) -- a great transfer of assets from the people to the Money Power. Unearned income for the lending class -- while giving the rich a tight money advantage so that their bonds and dollar deposits (held inoffshore banks) would not loose in purchasing power.

IV - Paul Volker (Fed Chair 1979 - 1987): This monster of a Fed Chairman, started hurting us when he held the job Geithner would hold years later. As President of the New York Federal Reserve Bank Volker single handedly created the double digit INFLATION of the Carter years -- robbing all of the savings and purchasing power the people accumulated from the "go-go" easy money years of Kennedy, to the big deficit-financed spending for war and the Great socialist Society of Lyndon Johnson to the well-managed economy under Nixon (who took us off the gold standard internationally and was inerested in domestic industrial production -- the last American president -- until Trump -- to be so. But Volker at the NYFRB flooded the lending class with cash at a time when quantitative easing still filtered into the real economy -- and so Volker at the NYFRB while having the Fed pay cash for securities -- actually did send too much money chasing too few goods -- double digit deflation THAT ROBBED THE PEOPLE OF THEIR SAVINGS FROM THE 1960'S AND EARLY SEVENTIES WHICH WERE CONSIDERABLE -- AND THAT INFLATION BROKE THE BACKS OF THE SAVINGS AND LOAN COMPANIES WHICH USED TO PAY THREE PERCENT TO DEPOSITORS WHILE CHARGING 6 PERCENT TO HOME BUYERS FOR LONG TERM LOANS (15 YEARS, 30 YEARS ETC.) BUT OF COURSE S & L'S COULD NOT SURVIVE WHEN INFLATION WAS DOUBLE DIGITS AND INTEREST RATES FOR LOANS ALSO DOUBLE DIGITS. And so Paul Volker created the inflation which robbed the middle class of saved purchasing power (like Germans who had war bonds and savings were robbed by the victors after WWI) -- and then what happened. Well while this great robbery was going on their was a patsy Fed Reserve Chairman set up as a figurehead to take the blame -- his name was Miller -- but then after the people were robbed of their savings and after the banks took possession of the best of the S & Ls and their remaining assets and after deregulation of banking was forced by the crisis created for Savings and Loans -- allowing Wall Street investment banks to buy up commercial banks and to go into commercial banking but also, the phony and lethal "fix" to allow remaining S & L's to buy very high interest paying but super risky "junk bonds" - for building shopping malls in the middle of deserts in the hope that "shoppers will come if we build" etc. AND IT WAS THEN THE BANKERS' PRESIDENT JIMMY "CFR" CARTER APPOINTED THIS VERY SAME INFLATION CAUSER PAUL VOLKER TO BECOME THE NEW FEDERAL RESERVE CHAIRMAN -- AND VOLKER IMMEDIATELY REVERSED THE DEFLATION POLICY HE CARRIED OUT AS PRES. OF THE NYFRB AND BEGAN TO RAISE THE DISCOUNT RATE -- WHICH MEANT BIG CUTS IN LENDING -- BIG CONTRACTION OF LOANS OUTSTANDING WHICH MEANS BIG DEFLATION, BIG LOSS OF PURCHASING POWER AND HIRING POWER AND DEBT-PAYING POWER AND TAX COLLECTION. In short Volker went from quantitative easity inflation making at the NYFRB to loan contracting via discount rate increases as Fed Chairman -- which made any success for the new Reagan Administration impossible. -- Trump Administration take note please!!!!!! It was Paul Voker who created the double-digit inflation crisis -- which moved the country from building homes and cities and infrastructure -- to junk bonds building junk -- rewarding the very opposite of entrepreneurship -- because if an investment was too sensible it would not have the risk premium to give it the high interest rate that S & L/s and other lending institutions locked into long term loans at only 6% were getting -- and so not only were savings robbed but the nation was robbed of the investments in itself that he needed and had always gotten in the past. Volker created the crisis with inflation, and "cured" it with deadly deflation -- and the middle class has been on starvation rations of money ever since -- to be managed by Greenspan as described above, followed by Bernanke and the great big stroke of the big deflation that caused the debt crisis that led to the further cleaning out of Americans of their assets as collateral is seized as deflation leads to default and bankruptcy and liquidation and resale to the Moneyed elite who buys up the dead remains of our enterprises starved to death by deflation of money in people's hands.


Banksters rule the world and until that is understood, we're not even at the "first base" of understanding 

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