The rumors have been confirmed; President Obama’s plan to name Stanley Fischer as vice chairman of the Federal Reserve was made official on January 10. At the same time he announced Fischer’s appointment, the president also named Lael Brainard and Jerome Powell to positions as governors on the seven-member Federal Reserve Board. Fed Chairman Janet Yellen and Vice Chairman Fischer also serve as governors.
Unremarked in any of the media coverage of the appointments is the significant fact that all four of these Obama nominations to one of the most powerful institutions on the planet are not only members, but high-level operatives, of the Council on Foreign Relations (CFR), the premier U.S. “think tank” promoting world government for the past century.
Federal Reserve Board Governor Daniel Tarullo is also a CFR member. As we reported on December 29, Stanley Fischer was named this past September to be a “distinguished fellow” in residence at Pratt House, the CFR’s New York City headquarters. In that same article, we noted that “many additional CFR members and officers have rotated in and out of top positions at the Fed, Treasury, and the big Wall Street firms, such as former Fed Chairmen Paul Volcker and Alan Greenspan, as well as current Federal Reserve Regional Bank Presidents William Dudley (New York City), Dennis P. Lockhart (Atlanta), Richard W. Fisher (Dallas), and current Federal Reserve Board of Governors members Daniel K. Tarullo, Jerome H. Powell … and Janet Yellen.”
And we might have added that this curious Pratt House influence extends back over the past century to the founding era of the Fed, to such top Wall Street Insiders as Paul Warburg, who was the chief architect of, and propagandist for, the Federal Reserve act, and one of the founding directors of the CFR.
Warburg’s CFR confreres who have served as Fed chairmen include Eugene Meyer (1930-1933), Eugene Black (1933-1934), Thomas B. McCabe (1948-1951), William McChesney Martin (1951-1970), Arthur F. Burns (1970-1978), G. William Miller (1978-1979), and — as we’ve already noted — Paul A. Volcker (1979-1987), and Alan Greenspan (1987-2006). The departing Ben Bernanke broke the string by not formally being a CFR member, but that is a mere formality; he will likely join at some the near future. The important point is that he was always clearly simpatico with the CFR agenda of a central bank that is controlled by the big Wall Street banks, operating in complete secrecy, unaccountable, and above the law. Moreover, Bernanke has appeared on CFR speaker programs and benefited enormously from favorable coverage from CFR-dominated MSM commentariat.
In his announcement of the Fischer, Brainard, Powell nominations, President Obama stated:
These three distinguished individuals have the proven experience, judgment and deep knowledge of the financial system to serve at the Federal Reserve during this important time for our economy. Stanley Fischer brings decades of leadership and expertise from various roles, including serving at the International Monetary Fund and the Bank of Israel. He is widely acknowledged as one of the world’s leading and most experienced economic policy minds and I’m grateful he has agreed to take on this new role and I am confident that he and Janet Yellen will make a great team. Lael Brainard has served as one of my top and most trusted international economic advisors during a challenging time not just at home, but for our global economy as well, and her knowledge of international monetary and economic issues will be an important addition to the Fed. I’m also thankful that Jerome Powell, who has proven to be an effective and wise voice at the Fed, has agreed to serve a second term. I’m confident that these individuals will serve their country well.
Serve their country well? Or, rather, serve their CFR/Wall Street banking cohorts well? President Obama did not explain the source of his confidence, but many Americans undoubtedly share the concerns of Senators Rand Paul (R-Ky.), Ted Cruz (R-Texas) and others, who objected to the Yellen nomination and the Fed’s secrecy, especially concerning the trillions of dollars these Fed operatives are handing out to their cronies in banks all over the world.
In all of the gushing, fawning coverage of Fischer’s nomination, did any of the MSM pundits bother to point out that Fischer may have played a significant direct role in bringing about the mortgage crisis while he was vice chairman at Citigroup (which is a CFR President’s Circle Corporate Member), or that there still lingers a terrible stench of the colossal conflict of interest over the $2.5 trillion Citi received under the Fed’s loan/bailout programs — the largest of any bank.
Perhaps somewhere out there in the MSM firmament some cub reporter or editorialist has dared to cast a damp blanket on the general media euphoria over the Fischer nomination by bringing up these inconvenient facts, but we haven’t seen it. Typical of the media sock puppet sycophancy is the “superstar” rating given by CNN’s Annalyn Kurtz on January 10:
A superstar in the economics field, the 70-year-old Fischer left a position as vice chairman of Citigroup (C, Fortune 500) in 2005 in order to head the Bank of Israel. He stepped down as the Bank of Israel chief earlier this year.
Fischer also taught future central bankers as a professor at the Massachusetts Institute of Technology in the 1970s, and his list of former students reads like a "Who's Who in Economics."
Current Fed chairman Ben Bernanke thanked Fischer in his doctoral thesis for his "advice and encouragement." European Central Bank president Mario Draghi was also among Fischer's students, as was former U.S. Treasury Secretary Larry Summers, and Harvard economists Kenneth Rogoff and Greg Mankiw.
The party line being retailed by the CFR’s media shills hasn’t changed since Alan Greenspan’s infamous “purposeful obfuscation”; members of Congress and the American public are supposed to be so dazzled and awestruck by the recondite utterances of the Fed “maestros” that we welcome them to continue their fraud and theft of trillions more from our pay checks, pensions, and savings accounts.
Will they get away with it? The answer to that question will decide the survival of our economy, our nation and our freedom.