Constitutionalist Rep. Ron Paul (R-Texas), the Chairman of the House Financial Services Subcommittee on Domestic Monetary Policy, is planning to hold hearings about the Federal Reserve’s bailouts of foreign-owned banks during the economic crisis.
With the turmoil in the Middle East and the catastrophe in Japan, it is easy to be distracted from the power plays of the global elite. But this week’s ruling by the World Trade Organization declaring $5.3 billion in U. S. government subsidies to Boeing Corporation illegal is a significant episode in the 15-year effort of the WTO to wrest trade sovereignty from the nations of the world and consolidate it under a global authority.
Complying with a court order, the Federal Reserve began releasing documents on March 31 related to one of its bailout and wealth-transfer schemes during the financial crisis. And it turns out that among the biggest beneficiaries were foreign firms, including a bank owned by Libyan dictator Moammar Gadhafi's central bank.
Harvard Professor Gregory Mankiw (picture, left), in writing a hypothetical speech in the New York Times for the President in the year 2026, thinks politicians can kick the entitlements can down the road for another 15 years. His opening could come from any politician’s current teleprompter:
It used to be one of the great cities of a great nation, a thriving, prosperous metropolis humming night and day with the machinery of America’s industrial superiority. In 1950, individuals and families were still streaming to Detroit to work in the ever-growing automotive industry, and as the U.S. Census Bureau crunched the numbers that year they found the Motor City had grown to an astounding population of 1,849,568 people, with the city fathers predicting two million and beyond in the coming years.