The continued corruption of the Federal Reserve Bank by Goldman Sachs shows why Hillary Clinton’s restructuring plan needs to take place NOW.
Thomas Jefferson predicted the financial collapse of 2008 when he said "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.” He went on to say banking institution are more dangerous to liberty than standing armies.
In 2008 congress claimed no one could have predicted the global financial collapse, they were lying. Congress refuses to reign in the Central Bank and provide oversight. Congressman like Ron Paul have had limited success in auditing the Fed, while others like Bernie Sanders want to dismantling the Fed. Hillary Clinton has proposed the only viable plan.
Restructure the Fed
According to Matt Taibbi, Hillary’s bottom-up plan is to rebuild the Fed from its fundamentals at the regional level. The Fed is a bankers’ institution run for banks and by banks. The Fed is run by a seven-member board located in Washington, along with a dozen regional Fed bank presidents located throughout the country. The members in Washington are selected by the president and vetted by congress.
However, the regional presidents are chosen by the financial industry and are either bankers or career Fed employees. Taibbi writes, “New York's regional president is Willian C. Dudley, previously a Goldman Sachs managing director. Robert S. Kaplan of Dallas was a former vice chairman at Goldman. Neel Kashkari… is a former employee of PIMCO, one of the world's largest asset managers and a subsidiary of German financial behemoth Allianz. Dennis P. Lockhart, president of the Federal Reserve Bank of Atlanta is a former Citigroup executive.”
What Clinton has proposed is removing bankers from the regional boards. It’s a big deal because if those regional Fed presidents were comprised of business people the risky activity that brought down the global banking system in 2008 would never have happened.
Banks fight Hillary
In the 2008 Wall Street Banks laundered three-quarters of a billion dollars into the Obama campaign after super delegates, led by Chuck Schumer, Joe Biden and Ted Kennedy gifted the nomination to Obama; he lost the popular vote to Hillary Clinton. What did the banks get for their money? A massive bailout.
Today it was reported that the Fed has fined Goldman Sachs a tawdry $36 million for the theft of confidential information. In 2014 a junior Goldman banker, who was previously New York Fed employee, took confidential information from the Federal Reserve Bank of New York. The information included “confidential reports prepared by banking regulators,” which Goldman used in presentations to current and prospective clients “in an effort to solicit business.”
Hillary’s plan would put an end to that criminal behavior and that is why FBI Director Comey has made statements that contrasted the findings of career investigators who exonerated Hillary. Comey failed to reveal that prior to becoming FBI Director, he was legal counsel for HSBC, the London bank that laundered money for terrorists and drug cartels in the US.
Alan Grayson who is running for the Senate Seat in Florida has been the victim of a smear campaign run out of the White House. Obama, Biden and Schumer are backing Patrick Murphy. This country can’t wait for Hillary, the Fed must be restructured NOW.
By Patricia Baeten