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Obama Regulatory Reform Plan Officially Establishes Banking Dictatorship
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Obama Regulatory Reform Plan Officially Establishes Banking Dictatorship

Obama Regulatory Reform Plan Officially Establishes Banking Dictatorship

Thursday, June 18, 2009

President Obama’s plan to give the privately-owned and unaccountable Federal Reserve complete regulatory oversight across the entire U.S. economy, which is likely to be enacted before the end of the year, will officially herald the beginning of a new form of government in the United States - an ultra-powerful banking dictatorship controlled by a small gaggle of shadowy and corrupt elitists.

The new rules would see the Fed given the authority to “regulate” any company whose activity it believes could threaten the economy and the markets.

This goes a step further than the centrally planned economies of the Soviet Union or Communist China, in that the Federal Reserve is not even accountable to the U.S. government, it is a private entity that according to former Fed chairman Alan Greenspan, is accountable to nobody but the banking families that own it.

Obama’s regulatory “reform” plan is nothing less than a green light for the complete and total takeover of the United States by a private banking cartel that will usurp the power of existing regulatory bodies, who are now being blamed for the financial crisis in order that their status can be abolished and their roles handed over to the all-powerful Fed.

According to an Associated Press report today, Democratic leaders have committed to enacting the plan before the end of the year and Republicans in both the House and Senate have indicated that they won’t stand in the way of the overhaul.

“The final plan….is expected to sidestep most jurisdictional disputes and simply impose across the board standards to be applied by all financial regulators, according to administration and industry sources, ” reports the Washington Times.

In other words, the Fed, which is already totally unaccountable to Congress, is to be placed in complete control of the entirety of the U.S. financial system, to do as it wishes without repercussion.

As the LA Times reports, the government, in conjunction with the private Federal Reserve, would effectively have the clout to simply seize and take over any company it desires.

In order to appease those opposed to the plan, such as Sen. Christopher J. Dodd, chairman of the Committee on Banking, Housing and Urban Affairs, the Obama administration has agreed to create a “watchdog” council of regulators to “advise the Fed”.

However, as former chairman Alan Greenspan has most recently pointed out, given that the Fed is an independent entity, and therefore accountable to no one, it will have the power to simply reject and overrule any advice it is offered.

Pointing out the flagrant conflict of interest in empowering the Federal Reserve to essentially regulate itself, Professor of public affairs at the University of Texas at Austin Robert Auerbach writes, “The Federal Reserve has massive conflicts of interest that make it ill suited for its present regulatory functions and certainly for an expanded regulatory reach. The officials leading the Fed today preside over an organization that is run in substantial part by the bankers they regulate. Bank regulation begins at its 12 district Federal Reserve Banks, each governed by a nine-member board of directors, two-thirds of whom are elected by the bankers in the district.”

As economic author Nomi Prins highlights, Obama’s plan does nothing whatsoever to fix the excesses of financial institutions blamed for the financial collapse, it only ensures their continued operation and an expansion of the practices that contributed to the economic crisis in the first place.

“The ’sweeping overhaul’ of the financial system detailed by Geithner on behalf of the Obama administration does not overhaul the system at all,” writes Prins, “giving the Fed a bigger role, creating a ‘council of regulators’ to oversee the existing oversight bodies and allowing the biggest Wall Street players to maintain their status, leaves the system intact.”

“The Federal Reserve is not a fully public entity. It has amassed a set of $7.87 trillion worth of facilities and other entities through which it has lavished cheap loans in return for questionable collateral from the banking system. It has kept the true nature of these transactions a secret despite numerous FOIA requests. And, it has actively promoted the creation of bigger institutions in a chaotic environment, rather than putting the brakes on the creation of these giants,” concludes Prins.

Proof that the agenda of implementing overt financial dictatorship is being carefully coordinated can be seen in the fact that an almost identical scheme is also being set up in the United Kingdom, where “The governor of the Bank of England has called for greater powers to allow it to fulfil its new role of promoting financial stability,” according to a BBC report

Just as in the U.S., King is calling for traditional independent regulatory bodies to be all but abolished and replaced by the Bank of England itself, which just like the Federal Reserve is a private outfit with no accountability to the government whatsoever.

The mainstream media, for the most part, has reported the oversight plan as a much needed regulatory crackdown on those responsible for the financial crisis. However, the details of the plan constitute almost exactly what lobbyists for leading bankers have been pushing for over the past few weeks.

“All derivatives contracts will be subject to regulation and all derivatives dealers subject to supervision,” Treasury Secretary Timothy F. Geithner said at a Time Warner Economic Summit in New York on Monday, also noting “When you have too many people involved, there’s an accountability problem.”

As we reported earlier this month, heads of nine of the biggest banks in the derivatives market, including JP Morgan Chase, Goldman Sachs, Citigroup and Bank of America, secretly lobbied to keep derivatives under Federal Reserve “oversight” and away from real scrutiny.

As reported by The New York Times, they all met secretly to discuss how to use the lax regulation and institutional secrecy of the NY Fed to shield their credit-default swaps business from prying eyes and attempts at regulation.

The banks formed a lobby– the CDS Dealers Consortium– only weeks after accepting TARP funds in October 2008 to protect its interests. Heading this effort was Edward Rosen, who previously helped fend off derivatives regulation. Rosen wrote and circulated a “confidential memo” to the Treasury Department and leaders on Capital Hill, making their agenda clear, the Times reported.

Rosen and his backers propose that derivatives be “traded in privately managed clearinghouses, with less disclosure,” according to the Times. The clearinghouse of choice for the big banks in Rosen’s CDS Consortium is ICE U.S. Trust, which is in turned regulated only by the Federal Reserve system.

So the upshot of all this is that the bankers get what they want, are allowed to carry on as they were, while at the same time the fractional reserve banking system and the federal government are both greatly expanded and empowered, and the compliant corporate media ludicrously tells us that a strict crackdown is underway.

This kind of activity is exactly what some leading representatives have warned of in recent weeks.

A fortnight ago, the Democratic Chairman of the Agriculture Committee, Collin Peterson, announced to the press that “The banks run the place,” in reference to the US Congress.

While Peterson is also pushing for legislation to regulate derivatives trading, his proposed bill would limit derivatives trading to public exchanges, rather than private clearinghouses, which are managed by banks.

Peterson’s warning mirrors that of Democratic Senator Dick Durbin, who just a few weeks before uttered the same rarely acknowledged truth.

“And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place,” Durbin said.

How simultaneously dangerous and ridiculous it is that the Federal Reserve is given more authority to oversee the economy. This is the same privately run entity that refused to comply with congressional demands for transparency and disclose the destination of trillions dollars in bailout funds. It is the same privately owned entity that has withheld internal memos, in spite of freedom of information act requests. It is the same private entity, run for the most part by European banking elites, that has arrogantly refused to tell Senators and Congressmen which banks were in receipt of government loans.

The government is ready to hand over everything to a monolithic private corporation and a gaggle of bastard banker offspring, that have gobbled up an amount close to the entire GDP of the country in taxpayers’ money and figuratively stuck the middle finger up regarding questions over where that money has gone.

It can be no more apparent than at this time that legislation to audit, repeal and eventually end the Federal Reserve, must be supported by Americans if they want to see their children and their grandchildren grow up without indentured debt and entrenched servitude to a fascistic marriage of private banks and hugely inflated government.

http://www.infowars.com/obama-regul...g-dictatorship/


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Old Post Jun 18th, 2009 05:29 PM
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Heres the report from the associated press that states that neither the Democrats OR the Republicans will stand in the way of the banksters plans to take over:

http://apnews.myway.com/article/20090618/D98T16I80.html

Here is the report from the Washington Times that describes just how far reaching the power of this privately owned banking institution - the Federal Reserve - will be after the changes are enforced:

http://www.washingtontimes.com/news...=home_headlines

Here is a report from the LA times basicly stating that the Federal Reserve will now have the power to take over any company it chooses to:

http://www.latimes.com/business/la-...0,4262249.story

The Democratic Chairman of the Agriculture Committee, Collin Peterson, announced to the press that “The banks run the place,” in reference to the US Congress:

http://infowars.net/articles/june2009/020609Bankers.htm

Dick Durban said the same thing:

http://www.huffingtonpost.com/2009/...y_n_193010.html


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Old Post Jun 18th, 2009 06:17 PM
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Ron Paul on the Presidents expansion of the FED:

http://www.youtube.com/watch?v=Md_8...player_embedded


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Old Post Jun 19th, 2009 06:49 AM
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Responding to the Obama administration’s new regulatory reform plan, which will officially hand the Federal Reserve complete dictatorial control over the U.S. economy, Congressman Ron Paul told MSNBC that the Fed was now more powerful than Congress.

Paul emphasized that no amount of regulation could compensate for a financial system created and controlled by the Federal Reserve that was completely unstable to begin with.

“The regulations should be on the Federal Reserve. We should have transparency of the Federal Reserve. They can create trillions of dollars to bail out their friends, and we don’t even have any transparency of this. They’re more powerful than the Congress,” said Paul.

As was reported yesterday, the new rules would see the Fed given the authority to “regulate” any company whose activity it believes could threaten the economy and the markets.

Obama’s regulatory “reform” plan is nothing less than a green light for the complete and total takeover of the United States by a private banking cartel that will usurp the power of existing regulatory bodies, who are now being blamed for the financial crisis in order that their status can be abolished and their roles handed over to the all-powerful Fed.

“They’re giving a tremendous amount of more power to the Federal Reserve - the very institution that created our problem. That’s about the way Washington works,” said the Congressman

“Too much regulations to begin with, so they give it more. The Federal Reserve creates the problem, so we give them more power. It’s fiat money that’s the problem, so we allow them to double the money supply - you can’t solve the problems that way. That’s like saying you can take care of a drug addict by just giving them more drugs,” concluded Paul, adding that the lack of understanding about how the Federal Reserve created the problem and how the free market ought to work was the root of the crisis.

Watch the clip below.

http://www.youtube.com/watch?v=dZSZ...player_embedded


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Old Post Jun 19th, 2009 05:09 PM
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Gerald Celente on President Obama's Regulatory Reform Plan:

http://www.youtube.com/watch?v=Fl6N...player_embedded


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Old Post Jun 19th, 2009 05:26 PM
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Old Post Jun 19th, 2009 10:02 PM
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So has the Fed taken over the US yet?


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Old Post Jun 24th, 2009 11:34 PM
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quote: (post)
Originally posted by Symmetric Chaos
So has the Fed taken over the US yet?


Does anybody care?

Find out...next time...on Family Guy.


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Old Post Jun 25th, 2009 05:43 PM
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They are working on it. I find it funny how Obama says he has all this trouble getting people to support his healthcare plan, but when it comes to the FED he intends to just pass all the power over to them without a single person's objection. Hmmm...could that be because it's all truly bullshit? And that the healthcare problem is just a sham because Obama attempts to pass whatever he really wants to whenever he really wants to? I do believe so.

Of course he needs people to believe it's all a struggle for him. I would think handing the reigns of the economy over to the FED would stir up alot more anger than healthcare. But hey..I don't trust any of these guys. So it doesn't matter to me.


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Old Post Jun 25th, 2009 07:02 PM
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erm im sorry, i was under the impression that the country was ALREADY under banking dictatorship certainly for the last 20 years. started actualising with reagen.

Old Post Jan 1st, 2010 01:37 PM
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