Do we ever fear for the future? Are we so distracted that we fail to acknowledge how ‘Big Government’ continues to borrow and spend at an alarming rate?
The federal government working in collaboration with the Federal Reserve – a private entity comprised of ‘member banks’ with almost unlimited fiscal and economic power and influence – are inflicting irreconcilable fiscal harm upon our nation. With basically no accountability, this Federal Reserve Bank continues to print money and set interest rates at the expense of the taxpayer – this seems to be our standard monetary policy, and all it does is put us further in a hole!
What happened when the housing market went belly-up and the economy tanked? Well, our government quickly responded by providing loans to various corporations, including investment banks deemed ‘too big too fail’ – enabling them to stabilize in hopes that the overall economy would eventually recover.
Unfortunately, if we take the time and look a little a closer at what really is going on, we may realize how a massively powerful select minority continues to prop themselves up while the rest of us are swiftly plummeting toward economic ruin.
Many years ago, the government promised to expand the dream of home ownership by pressuring banks to offer private as well as federal-backed mortgage loans (Freddie Mac and Fannie Mae) to individuals and families who previously did not qualify. In many cases, the loans should have never been made as a majority of the buyers lacked the financial resources to rightfully be approved for a mortgage. As the economy started taking a downturn, homeowners started defaulting on their loans; and eventually, everything was affected. Many had to declare bankruptcy as they were facing foreclosure, while the overall economy started to plummet with many small and large corporations going out of business. Unemployment also started to rise, while at the same time the country was still healing from the emotional and financial devastation brought about by the 9/11 tragedies.
Another unfortunate consequence was the controversial bailout of the auto industry. But in the end, the move that really troubled the masses was the bailout of the Wall Street banks, especially since many of these institutions were mired in careless risk and excessive greed. But in swooped our government, coming to their aid, ultimately rewarding their reckless trading and loan practices.
Primarily, it was our government that caused the mess in the first place. We are ultimately left to wonder – how many of our own elected officials stood to gain from the bailouts? And even worse – why is it that these investment banks continue to profit while the American citizen (and the nation as a whole) continues to fiscally flounder?
According to a report by Bloomberg News, after the Federal Reserve came to the aid of the ‘too big too fails’ – these big banks were able to turn around and capitalize on the central bank’s below-market rates to the tune of $13 billion. In the end, these banks are sitting on tons of money, while our government continues to spend us into oblivion as we continue to sweat.
At the risk of over-simplifying the matter, I’d like to take another look at the problem through the lens of our current administration so we can all get a general sense of how business is being conducted. Basically, our government proceeds to have the Federal Reserve Bank print money for programs at the expense of the taxpayer, while in the process devaluing the dollar, increasing our debt, and ultimately assuring the inevitability of an economic meltdown.
If we look at recent history, we are seeing how government continues to cause our economic problems, then, in an attempt to fix them, creates a much greater one. As economic collapse continues to loom, the ‘powers-that-be’ are poised for a grand takeover of epic proportions. If it sounds like the apocalypse is at hand – I’m sorry to say, but it may very well be!
At the very least, our government is acting as the intermediary in support of special interests. One who essentially brokered a deal enabling the Federal Reserve Bank to bail out the big investment banks deemed ‘too big too fail.’
I don’t know about everyone else, but I smell a scam. A sinister scam built on a demonic foundation of complicit theft, covertness, deceit, and greed.