In addition to valiant congressional efforts for increased transparency, the Federal Reserve System and its cohorts are being targeted with criminal complaints and multiple lawsuits that attempt to shed to light on the central bank’s “bailouts” and its manipulation of the stock market, the precious-metals market, and more.
In a misleading article by Associated Press that IOUs “stashed away” in an investment account in Parkersburg, West Virginia, were going to have to be sold to meet Social Security shortfalls, all the attention was on the location of the account instead of what was in it.
After hiring lobbyists last year to protect its interests amidst increasing public and congressional scrutiny, the Federal Reserve banking cartel is stepping up the fight to keep and possibly expand its regulatory regime while maintaining its secrecy. This month, regional Federal Reserve Bank chiefs publicly pushed the issues in what the New York Times described as a “public relations offensive.”
International Monetary Fund head Dominique Strauss-Kahn made a series of headline-grabbing statements late last week, calling for new supervisory authority over world financial markets and even the exploration of a new global reserve currency.
When he appeared on ABC News's This Week on February 7, U.S. Treasury Secretary Timothy Geithner was quizzed about the risk of the United States losing its triple-A credit rating, the chances that foreign investors might start shunning US debt, and whether the economy would suffer a double dip recession.
When the Bureau of Economic Analysis announced that “the output of goods and services…increased at an annual rate of 5.7 percent in the fourth quarter of 2009,” the usual suspects in the kept media could hardly restrain themselves. ABC News’ headline trumpeted, “Economy Grows…Fastest Since 2003” which was “fueled by companies boosting output to keep stockpiles up.” Their announcement explained that “Growth exceeded expectations mainly because business spending on equipment and software jumped much more than [was] forecast.”
Although the likelihood that President Obama will embrace a free-market solution to fixing the economy anytime soon must be reckoned similar to the probability of an asteroid strike on the White House, the President's upcoming State of the Union address will allegedly throw at least a sop in the direction of greater economic freedom — soaked in the usual Big Government broth.
“The debt level of the United States is unsustainable, something has to give,” said the co-author of a new joint report released last week by the National Research Council and the National Academy of Public Administration. The committee that prepared the 268-page study, entitled Choosing the Nation's Fiscal Future, included three former heads of the Congressional Budget Office.
Today more people are aware of the Federal Reserve's activities than ever before, mostly owing to the Ron Paul movement or H.R. 1207, Rep. Paul’s Federal Reserve Transparency Act, which had 317 cosponsors in the House. The spotlight on the Fed this past year did not prevent it from taking in a record-breaking $45 billion in profits last year, as recorded in public documents and reported by the Washington Post. The Fed's largest previous profit was $34.6 billion, in 2007.