Video: The Federal Reserve is a Ponzi Scheme, Looting is an Inside Job


The following video was broadcast on MSNBCs Morning Meeting, Friday, July 24, 2009:
Federal Reserve is a Ponzi scheme, an inside job


Source: RawStory

The Federal Reserve — the quasi-autonomous body that controls the USs money supply — is a Ponzi scheme that created bubble after bubble in the US economy and needs to be held accountable for its actions, says Eliot Spitzer, the former governor and attorney-general of New York.

In a wide-ranging discussion of the bank bailouts on MSNBCs Morning Meeting, host Dylan Ratigan described the process by which the Federal Reserve exchanged $13.9 trillion of bad bank debt for cash that it gave to the struggling banks.

Spitzer — who built a reputation as the Sheriff of Wall Street for his zealous prosecutions of corporate crime as New Yorks attorney-general and then resigned as the states governor over revelations he had paid for prostitutes — seemed to agree with Ratigan that the bank bailout amounts to Americas greatest theft and cover-up ever.

Advocating in favor of a House bill to audit the Federal Reserve, Spitzer said: The Federal Reserve has benefited for decades from the notion that it is quasi-autonomous, its supposed to be independent. Let me tell you a dirty secret: The Fed has done an absolutely disastrous job since [former Fed Chairman] Paul Volcker left.

The reality is the Fed has blown it. Time and time again, they blew it. Bubble after bubble, they failed to understand what they were doing to the economy.

The most poignant example for me is the AIG bailout, where they gave tens of billions of dollars that went right through — conduit payments — to the investment banks that are now solvent. We [taxpayers] didnt get stock in those banks, they didnt ask what was going on — this begs and cries out for hard, tough examination.

You look at the governing structure of the New York [Federal Reserve], it was run by the very banks that got the money. This is a Ponzi scheme, an inside job. It is outrageous, it is time for Congress to say enough of this. And to give them more power now is crazy.

The Fed needs to be examined carefully.

Spitzer resigned as governor of New York in March, 2008, after news reports stated Spitzer had paid for a $1,000-an-hour New York City call girl.

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5 Responses

  1. Inflation is hidden tax. In the last 50 years there has been a 1,000 percent inflation. It doen’t take a mathematical genius or a rocket scientist to figute it out. Here is the formula: In 1960 $1.00=$1.00 At a hypathetical figure of 5% inflation a year. The inflation rate is compounded per annum. (1.05)10=11.50-1.00=10.50 Round it off to simplify it to 10.00 Now using ratio proportion 1.00:100%::10.00:X+1,000% inflation since 1960. If you went back to 1910, the last 100 years you probably have an inflation rate of 3,000%. I think these economist that went to Harvard and Yale have had a Lobotomy.

  2. The biggest crooks are in the world of high finance. They are like miners and sappers undermining the confederated republic. The international bankers have abscounded with the national treasuries and usurped the peoples wealth. When the government becomes so corrupt, it is time for a military coup to sieze power and take those people out by the seat of their pants. Only force conquers in political affairs and not academic discusions. The time for talk is over with. Those who issue money and credit direct the policies of government and hold in their hands the destiny of the people. The final solution is to repeal the Federal Reserve Act of 1913 and restore monetary authority to the U.S. Treasury to create and extinguish honest debt free money based on a two tiered system of precious metals and barter exchange contracts. Do the international bankers have a right to exist? A maget has a right to exist, but it is still a maget!! Even their own holy book comdems interest. The only way you get rid of parasites is to remove the host, which is the control of money through the centrol banks. The question is how much can the people take before they finally revolt against their oppresors? In the 49th year on the 7th month on the 10th day on the day of atonement you must declare a Jubilee and on the 50th year you must proclaim freedom throughout all the land. There is a provision for debt foregiveness and it is a year of restorations. The illuminati bankers worship the golden calf, and their God is satan the devil and his demons. You are a den of thieves and vipers and I am determined to rout you out, and by the eternal God I will rout you out! Andrew Jackson

  3. The elites maybe looting the coffers of all nations, but at least their using the money to dig for them-selves huge underground bunkers that create jobs ^_^

  4. B.Benhamid says:

    The Zionists robbed the German Treasury and created the Great Depression in 1930.
    We are now experiencing the same thing right here in the US because we let the foxes guard our henhouse and expect to find all our chickens when we return in the morning?

    • I firmly beliieve that is a certain element that is defrauding and abscounding with the national treasuries and are usurping the wealth of the nations of the world. It is not the whole race of Herbrew people, but a certain element that are hiding behind a religious community and masquerading as Hebrews. Judism is a religioun. A zionist is a political organization. An Israelite is a nationality. There are those that say they are Jews but are not Jews but are from a synagogue of satan. To the religious leaders of apostate Israel. You are from your father the devil and you wish to do the works of your father, that one was a manslayer when he began and the truth was not in him. To the true Jews, remove the corrupting influence among you.

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