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IPFS News Link • Federal Reserve

Karl Denninger: Bernanke Speaks With Forked Tongue (Again)

So unconscionable actions taken by Bernanke must then be defended to the point of maintaining secrecy - perhaps so that the true nature of the outrage - that is, the actual impact, effect, and reality of those unreasonable and unscrupulous acts do not boomerang back on him and the rest of the Feral Reserve? Exactly who is being protected here? The court says the arguments made by The Fed are BS: The U.S. Freedom of Information Act, or FOIA, “sets forth no basis for the exemption the Board asks us to read into it,” U.S. Circuit Chief Judge Dennis Jacobs wrote in the opinion. “If the Board believes such an exemption would better serve the national interest, it should ask Congress to amend the statute.” How about the truth? How about the fact that The Fed has overstepped its authority? How about perjury? How about willful and intentional attempts to cover up the actions of a chartered institution? How about the sort of actions that led President Jackson to dissolve The Second Bank of The United States? Folks, monetary policy can be controlled and operated by a computer. Or, if we require a "human touch", we can do so by actually enforcing the law! You know, The Federal Reserve Act, which mandates that long-run credit aggregate growth be commensurate with GDP? The act that The Fed has willfully and intentionally ignored for the last 50 years, and, as a consequence has led us to an over-levered economy with excessive debt burden? That burden, by the way, is why our economy is not truly recovering and can't.