Eliot Spitzer: "The Federal Reserve Is A Ponzi Scheme" - Inside The Fed's Secret Pile Of TRASH Assets
Extremely important clip. Please share it anywhere and everywhere across the net. Our only hope to stop the heist will come from greater awareness.
The Federal Reserve Is A Ponzi Scheme
Special request from the publisher of The Daily Bail. I am asking each and every one of you to send this video to 2 people. This is a rare instance in life where just 60 seconds of your time can help change the course of history in the fight against the Fed. Either we win, or Wall Street wins. It's that simple. PLEASE click here to pass it on to the next person. That's all I politely ask.
Thank you so much!
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An outstanding discussion, primer and visual lesson on toxic assets, failed banks, the Federal Reserve, HR 1207, auditing the Fed, and the cost to taxpayers.
Dylan puts on his Banker hat and swaps a (literal) bag of trash, on-air, for $13.9 Trillion worth of Monopoly money from a guy wearing a "Fed" hat.
- "The Federal Reserve just extended $14 Trillion of our money, our children's money, America's future...and now they don't want to talk about what's in the bag. And they did it because the banks created a garbage bag full of bad debts." (4:45)
- "I feel as if America has suffered the greatest theft and cover-up -- ever, ... where banks created a pile of garbage, that they paid themselves billions of dollars in personal compensation, and then stuck the trillions of dollars worth of garbage with the American taxpayer. That, to me, is stealing." (7:05)
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The Federal Reserve — the quasi-autonomous body that controls the US’s 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 MSNBC’s 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 York’s attorney-general and then resigned as the state’s governor over revelations he had paid for prostitutes — seemed to agree with Ratigan that the bank bailout amounts to “America’s 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, it’s 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] didn’t get stock in those banks, they didn’t 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.
At the time, Spitzer had been raising the alarm about sub-prime mortgages. In the wake of the economic meltdown triggered last fall by sub-prime loans, some observers have suggested that Spitzer may have been targeted by law enforcement because of his high-profile opposition to Wall Street financial policies.
Investigative reporter Greg Palast wrote that federal agents’ revealing of Spitzer’s identity as a call-girl customer was no coincidence.
Palast wrote that the principle of “prosecutorial discretion” is often used to keep the names of high-profile persons out of the media when they are tangentially linked to a criminal investigation. In the case of Spitzer, the Justice Department chose not to invoke prosecutorial discretion.
Funny thing, this ‘discretion.’ For example, Senator David Vitter, Republican of Louisiana, paid Washington DC prostitutes to put him in diapers (ewww!), yet the Senator was not exposed by the US prosecutors busting the pimp-ring that pampered him.
Naming and shaming and ruining Spitzer – rarely done in these cases - was made at the ‘discretion’ of Bush’s Justice Department.
Spitzer recently told Bloomberg News that President Obama’s regulatory reforms of the financial sector are “irrelevant” because regulatory agencies have not been enforcing corporate laws to begin with.
“Regulatory agencies already had the power to do everything they needed to do,” he said. “They just affirmatively chose not to do it.”
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Video: Spitzer says the Fed is a Ponzi scheme -- Short version
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MSNBC Video: Same complete clip as the one at the top of the story -- stored here in case the youtube version gets pulled.
Jul 24, 2009 at 2:44 PM
Reader Comments (30)
Anybody have any trouble with the acronyms for people to be blamed...?
I posted this in comments under "B-52: We Have A Plan to Suck Reserves" just a few minutes ago (probably just before or after you posted it here), but here are just two of several choice morsels from this clip:
Ratigan: "The Federal Reserve just extended $14 Trillion of our money, our children's money, America's future...and now they don't want to talk about what's in the bag. And they did it because the banks created a garbage bag full of bad debts." (4:45)
"I feel as if America has suffered the greatest theft and cover-up -- ever, ... where banks created a pile of garbage, that they paid themselves billions of dollars in personal compensation, and then stuck the trillions of dollars worth of garbage with the American taxpayer. That, to me, is stealing." (7:05)
Ratigan's new show is a Daily Bail-er's dream show -- I had high hopes, but I never thought it would get this good.
No problem DB - you gotta let it out! Profanity CAN ease your pain - it's a scientific fact. I continue to prove the hypothesis every day!
Great commentary. I found your complete comments and added them to the video. You are today's "Guest Tortured Soul.'
@Angry Jones
I'm glad you sense my pain. Great link.
Per my invitation in a previous thread for you to write a guest post, you may write about whatever you wish...and you are not limited to 1 post, so don't feel as though you must choose between favorite topics...
You have written extensively on many subjects so I would suggest reprising something from your previous work. Fed, Paulson, Getihner, capture, corruption, b-52, free-money Alan G., or just about anything else you can come up with....
You can use an article such as this one for your starting point (just as an example, though I need to publish something on Fannie and Freddie soon):
http://money.cnn.com/2009/07/22/news/companies/fannie_freddie_bailout/index.htm
Let me know what you're thinking by email...you can contact me thru the site at this link:
http://dailybail.com/contact-us/
thanks.
Thanks for the link. Well, at least we know why dropping a few F-bombs seems to ease stress every once in a while. Catharsis backed by Science. Now if only you could dig us up something on firing squads or life in prison, we can finally have closure. I am only half kidding.
http://www.anonymousphysicist.com
The move for term limits which had so much hope a decade ago, is now non-existent...
The problem started with the Federal Reserve Act of 1913, and all distraction ( fingure pointing) has been propagated by the Banker Manifesto of 1892 to divert attention away from themselves as they steal/ sell our nation.
DB
"The move for term limits which had so much hope a decade ago, is now non-existent... "
They will resist with extreme prejudice all urgings to leave the "cookie jar" alone and settle for just one "cookie".
http://www.grupo.org/ponzi
"Very Well Said" What we all see in the media is only a show for the "Sheeple"........ The ones that have No Clue as to whats realy going on. Our Goverment is only "Little Puppets" hanging from Cheep String, doing what Stupid Little Puppets Do. What ever thAre told to do.
S. Gompers got it right too. It all started back in 1913. We need to get back to where it was in 1900. The IMF no longer needs to hide behind the goverment any longer. They just come right out and tell us what thier doing to us. I'll bet there aint more than 25 good guys in the goverment, working for us, and thier real eazy to spot.
The only differance between 2008 and now is that before 2008 we talked amungest our selfs on what they intend to do to us someday, and now were living in the world we once talked about.
All the puzzle pieces are now in place. Thier just waiting for the "IMF Glue to Dry" so they can lock in the "NWO Law" of the land we once called USA.
Most "Demmies" & "Repuplickos" cant evan see it comming. Very soon they will join us in the "Soup Lines & Death Panels" as they will no longer be needed. The new goverment is already in place with BHO under them. Why else would they pretend to answer to only BHO.
If the people wake up and look, its right in front of our faces. They just make it look like they answer to BHO for our entertainment. The last time someone wanted to open up the Fed, he was DEAD in 3 days down in the Great State of Texas......
The New Goverment can all ride in one "Little Yellow Bus".........................BHO will then be "Just the Bus Driver" !
Think About It...? He will have done his role for the "Shadow Goverment".
I just hope God saves us, before "They Get Us"....?
Those times between 1890 and 1935 are very insightful towards what is going on today. but we are told to just pretend it is all a happy coincidence....
http://www.constitution.org/mil/lawnanti.htm
http://realitybloger.wordpress.com/2010/02/26/killing-your-strawman-the-path-to-freedom/
Gobie the second one might interest you, it has a thing about birth certificates. To date I have been unsuccessful trying to get mine.
Updated - Beware, Be Ready, the True Crash Appears Before Us
A follow-up from I.O's Celente posting of Friday, 5/7/2010
Overwhelming debt? No problem, they will just make sure everybody owes their livelihoods to everybody, in a fictitious world economy. Can't get way with "spread the wealth?" Then they will spread the debt. The commitment of U.S. Federal Reserve money to Greek debt is the further mass robbery of our Citizen taxpayers.
http://investigatingobama.blogspot.com/2010/05/beware-be-ready-big-crash-appears.html
Hope this email finds you in good spirits.
The email below is pretty explanatory. If not, understand NY FED Reserve admitted electronic negotiable instruments are worthless.
Know what that means?
Alvie
Federal Reserve Bank
New York
“From: ucclaw-l-bounces@lists.washlaw.edu
On Behalf Of Joseph.Sommer@ny.frb.org
Sent: Friday, March 26, 2010 11:15 AM
To:xxx-xxx-xxx
Subject: Re: [Ucclaw-l] Electronic PromissoryNotes
If I were confronted with an "electronic promissory note", I would walk very slowly
away and break into a run as soon as I can.
They are a logical impossibility, along with electronic chattel paper and UCC 7 electronic
warehouse receipts.
The word "electronic" is miserably defined in all the statutes. But we all kinda sorta know
what it means: something in a computer, rather than in some more fixed medium. Of course, a
computer is made of matter and energy, just like a slip of paper or the side of a cow. So it
must mean something special to be "in a computer."
And it does! Most records are stably associated with a particular agglomeration of matter which--if it is not realty--can be
physically transferred from one person to another. This includes paper, cows, and DVDs. If the piece of paper or Old Bossy or
the DVD is uniquely distinguishable from any other piece of paper or cow or DVD that bears the same data structure, we have the basis for a system of negotiability.
However, computer records are not stably associated with any particular piece of matter.
Instead, they are stably associated with a system, which contains many pieces of matter amongst which the record may be sitting, at any
given moment. Or the record could be sitting in 12 places in the system; it makes no difference. You don't need a unique piece of
matter to uniquely identify an obligation—there is no unique matter (or energy) associated with the record. You just need an authoritative registry.
Hence the logical impossibility of an electronic promissory note. "Promissory note" means unique piece of matter. "Electronic" means
that there is no unique piece of matter, and we're dealing with authoritative registries.
UCC 8 gets this right. It has two property systems that rely on unique pieces of matter (registered and unregistered certificates), and
two systems that rely on authoritative registries (transfer agents and securities intermediaries.)
The cotton warehouse system gets this right, and talks in great detail about authoritative registries. UCC 7, 9 and UETA screwed up.
They are bad law—literally incomprehensibly bad law.
The courts will probably eventually define 7, 9, and UETA into registry systems of some kind.
But until then, I would treat electronic negotiability systems as if they were rabid cows.”
it's leveraged banking that is the scam.
http://en.wikipedia.org/wiki/Community_Reinvestment_Act
Sadly, it is not as simple as this law perpetuated by every administration back to Carter.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3579171.ece
http://www.lewrockwell.com/dilorenzo/dilorenzo125.html
"When will the banking industry put their foot down and say NO to the egregious lending practices and guarantees of the Federal government?? "
Never, as long as the private FED exists, and the casino is open with no loss gaurantee's. Both parties have encouraged this and protected this since 1913. All expansions and contractions are controlled, and the fraud is played out over and over again, remember the S&L scandal to the tune of 1.4 trillion?
How many senators and congressmen warned about the Fed all through the 30's and 40's and 50's but no one listened. How many books have been written by informed investigative organizations and persons, x congressmen, senators, writers, CIA, FBI, Fed insiders, persons of high rank in government, military, corporations, etc, that have warned in the past of the massive and growing fraud and theft that has been on going within our institutions, the Fed being one of the most guilty. How many books have been written by the villians themselves, bragging of how they are stealing the wealth of nations, governments, and the world. Who are they - look at their names, look at their backgrounds, look at their associations - Judeo/Freemasonry. Blame everyone and everything but no one dares to blame the source - Judeo/Freemasonry.
http://www.unelected.org/federal-reserve-2
Mortgage brokers complied even though they knew the people they were interviewing could not possible pay off these mortgages. But, who cared? The word came down from above to write up more mortgages. That pooled investment money had to go some where. Besides, what would anyone care because the banks took out insurance policies in case of default. It was a win-win situation for the banks/trusts. The losers were the investors and the public, because after screwing the investors and tanking the economy, the banks took out their crying towels and asked to be "bailed out" and were rewarded with nearly a trillion dollars.
The upshot was that the bank/trust that did not put up one red cent toward mortgage money nor held any title to the defaulted properties, received default insurance money for the full amount of the note and then would make money a second time when the defaulted property was sold. Not a bad return for shuffling some illegal forged electronic documents and bringing them into court to fool unschooled judges.
Their Ponzi scheme is a work of art. The banks reaped trillions through chicanery and tears without ever using any of their money. We have got to at least give them credit for being so creative.