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Regional Fed Chiefs: Elite Insiders Have “Usurped Authority”
Federal Reserve regional bank presidents describe invocation of ‘war powers’ by Board of Governors in Washington
Steve Watson
Infowars.net
Tuesday, Dec 9, 2008
Regional bank presidents of the Federal Reserve have described the ongoing financial policy making of Washington officials as a complete usurpation of authority and an invocation of emergency powers.
The district chiefs’ authority over borrowing costs has been marginalized in the past two months as Chairman Ben S. Bernanke and the Fed Board of Governors in Washington made their own decisions on emergency measures to flood the economy with cash, reports Bloomberg News.
Several former and current regional bank presidents have intimated that they now have little to no influence over the Federal Reserve’s actions and that the central bank has effectively been completely hijacked by high ranking insiders.
“The Board has usurped authority,” said William Poole, former president of the St. Louis Fed and now a senior fellow at the Cato Institute in Washington. “This dramatic change in policy direction has not been announced or even acknowledged.”
James Bullard, Poole’s successor at the St. Louis Fed, has described the shift as a move toward a “new world” and clearly holds out little hope that the situation will improve. “Whatever our communications problems are now, they are going to be magnified in this new world we are going to be in,” Bullard has said.
“If I am a regional Fed bank president, I have had my power diminished a lot,” said Ethan Harris, co-head of U.S. economic research at Barclays Capital Inc. in New York, who used to work at the New York Fed. “I think of it as war powers for the Board of Governors.”
(ARTICLE CONTINUES BELOW)
The Fed has twelve regional presidents that are supposed to offer a counterbalance to the central board of governors, however, the regional presidents have recently not even been offered the opportunity to vote on initiatives such as a new $600 billion program to buy mortgage-related debt and securities and a $200 billion facility to support consumer debt securities.
This trend is likely to continue at a meeting next week when regional presidents could be told to just go along with a Fed announcement that it is set to lower interest rates again in order to allow increased borrowing at a cheaper rate.
Fed chairman Ben Bernanke hinted last week that the Fed will likely also purchase Treasury or agency securities in “substantial quantities.”
Since the Original bailout bill was passed in early October, the Fed has swallowed up all manner of new regulation powers. As we reported in our September 25th article, the bill set a precedent to allow the government and the Fed carte blanche to do whatever they want to long as it is done in the name of stabilizing financial markets.
The Fed can nationalize any company or industry and use taxpayer money for whatever purpose is deemed necessary, without any oversight. The policy is also unreviewable by any court, it will remain in perpetuity.
This is not just about continued seizure of taxpayers’ money and the continued sacking of the dollar, it’s about the imposition of a giant new infrastructure of control and regulation on behalf of the private, run for profit, Federal Reserve.
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27 Responses to “Regional Fed Chiefs: Elite Insiders Have “Usurped Authority””
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December 9th, 2008 at 10:45 am
Ben Bernanke’s bulbous forehead is like a canvas on which entire sentences could be carved.
December 9th, 2008 at 10:47 am
sounds like a royalty issue to me (bernake the unnamed King) and the constitution forbids royalty in the u.s.
December 9th, 2008 at 10:47 am
Just saying. It does. If you used an exacto knife and wrote in small enough letters you could maybe get an entire Andrew Jackson quote on there.
December 9th, 2008 at 10:51 am
Of course you’d have to employ a toddler to hold him down. I hear he has the strength of ten hamsters. At his bar mitzvah he peeled his own cupcakes. That’s how tough he is.
Good luck, all you tough Amerikans, breaking from the yoke of these powerful men!
December 9th, 2008 at 11:06 am
Not that I am in any way, because I am indeed not, encouraging one to, hahahaha, hold Bernanke down and, hahahaha, carve an Andrew Jackson quote on that gargantuan cranium of his, hahahaha! No sir! Don’t do it. Imagine how markets would tremble were ol’ Shalom to arrive at a speaking arrangement with a Jackson quote scabbing over on that pointy noggin. Hahahah! And the idea isn’t funny at all. No. Ok. I’ll quit.
Do not, prisonplanet.com readers, make plans to hold down Bernanke and carve a Jackson quote on his forehead with an exacto knife. Understand? Now a Jefferson quote …
December 9th, 2008 at 11:30 am
so what’s Poole and others going to do about it ??????????????? what’s anybody going to do about it ?????? what can be done about it ???????? good article watson !
youtube.com/goldieshome
goldieshouse.piczo.com
December 9th, 2008 at 1:13 pm
Correct me if I’m wrong, but aren’t the 12 Regional Banks part of the Federal Reserve? The 12 Regional Bank President’s are crying because they are not being consulted. Give me a break. They are all part of the same beast including Paulson and Bernanke. Just one big happy family and our government has been in bed with them forever. The future is sure going to be interesting and maybe even frightening. God help us.
December 9th, 2008 at 1:50 pm
Ben has earned the right to jerk the sheeple around. Its has been their little game for along
time. They even have a song “Rates go up and rates go down watch the Sheeple get
jerked around.” It isn’t called a Temple for Nothing. Plus many Brave and Honorable
War Heros have Ruled from there.
December 9th, 2008 at 1:51 pm
great article watson!
http://infowarschat.com
December 9th, 2008 at 3:07 pm
Ben’s forehead is like a wide screen tv
December 9th, 2008 at 4:55 pm
Lets just make this clear so when the masses deny it we will at least know what they are denying. The IDIOT George Bush is responsible for the planned destruction of the US and the Republican party is EVIL. That does not mean we are Democratic, just truthful. The US mainstream monkey will NEVER agree or accept this and that is known and it is irrelevant to the fact that at this very moment this event is ongoing. The success of this event is based on the FATAL FLAW of humankind “GREED”. This event will speed up and slow down in order to manipulate and to keep the ape confused. Bush and his party are by no means the masters of this plan they are the feeble perpetrators of it. Believe, disbelieve, entirely up to you.
L E V I A T H A N
December 9th, 2008 at 5:59 pm
Well VJ, you’re right about the 12 but understand that their powers have been stripped and given to one. Just like what’s gonna happen with world government. It’s scarey and exciting at the same time. Just remember this: Focus on the return of Christ, not the arrival of Satan. Nobody likes to get kicked around or lose but these things must happen. These wicked men know exactly what they’re doing. They have made a life of serving Lucifer and have been duped into believing the system they build will actually work. Prepare for eternal happiness where the only thing that matters is the love of God.
December 9th, 2008 at 8:47 pm
IT’S ALL UNRAVELING.
THE TRUTH IS POKEING IT’S UGLY HEAD FROM THE DEPTHS OF HADIES.
IT WONT BE LONG NOW ..
December 9th, 2008 at 9:14 pm
“Most Americans believe that “dictatorship” means the arrival on the political scene of a
little man with a mustache, wearing a khaki suit, shouting Marxist slogans or ‘Seig Heil’
and….This is extremely convenient for those clean shaven gentlemen in business suits
…who are seeking dictatorial powers over the American people in the name of the
‘public interest.’ It has enabled them to lay the groundwork for an economic dictatorship
which is expanding geometrically year after year.”
Former Secretary of the Treasury William E. Simon, in his book, A TIME FOR TRUTH,
1978.
“Whoever controls the volume of money in any country is absolute master of industry and commerce.”
President James A. Garfield
December 10th, 2008 at 2:05 am
i think the fed protests at the regional branches have caused the regional branch chiefs to fear for their own lives and admit it is the federal reserve governors, not the regional banks themselves.
December 10th, 2008 at 5:17 am
Thanks for this illuminating article. We are mad as hell and are not going to take it anymore.
December 10th, 2008 at 6:28 am
Don’t worry, AIG is busy as we are here, asking for more money from “us”:
AIG owes Wall Street firms $10 bln from bad bets
http://www.marketwatch.com/new.....aspx?guid={169AE45C-06A3-4069-84DD-ABA0F14B4738}&dist=hplatest
December 10th, 2008 at 7:27 am
It is time for a real change! A remarkable change will soon present itself to all mankind. There remains less than three years until our savior, the King of Kings, Jesus Christ sets up God’s perfect government here on Earth.
Glory be to God Yahweh Elohim the one true God!
December 10th, 2008 at 8:26 am
I wonder how the other 11 reserve banks are under any illusion that they ever did have power? They were purposefully set up to dupe the American people into thinking what we had was something other than a central bank. The New York Fed is the central bank of the United States, with all of the real power, the rest of them are and always were just window dressing.
December 10th, 2008 at 11:05 am
NWO PROCEEDS ON TRACT
WHAT DID YOU EXPECT? SEE THE DOCUMENTARY ENDGAME BY ALEX JONES. IT IS RIGHT ON THE MONEY, PUNN INTENDED. “GIVE ME CONTROL OF A COUNTRY’S MONEY SUPPLY AND I CARE NOT WHO MAKES THE LAWS” ROTHCHILD SAYS. A KEY FOUNDER OF THE BILDERBERG GANG. JUST HOW LONG WILL IT TAKE FOR THE SHEEPLE TO WAKE UP?
END GAME ALSO STATES THAT THE BILDERBERG GROUP WANTS GLOBAL ENSLAVEMENT AND THAT THEY WILL USE OUR OWN MONEY TO ACCOMPLISH THIS.
ANY QUESTIONS?? CASE CLOSED.
December 10th, 2008 at 11:17 am
BERNANKE’S HEAD CARVING? WHY GEORGE WHAT A CREATIVE AND AMUSING IDEA.
B GROUP MAY HAVE SOMETHING FAR WORSE PLANNED FOR HIM IF HE CONTINUES TO TREMBLE LIKE A LITTLE GIRL WHILE READING THE TELEPROMPTER OR GOD FORBID EVEN WORSE BODILY VIBRATIONS WHEN IS MUST SPEAK ON HIS OWN ACCORD. GUESS HE IS AFRAID OF SAYING SOMETHING B GROUP MIGHT NOT APPROVE OF. BERNAKE IS A WIMP, DOUBLE WIMP, AND SUPER WIMP. IF HE HAD ANY SELF REPSECT HE WOULD BANISH HIMSELF TO A DESERTED ISLAND. B GROUP HAS MAN SIMILIAR MONKEYS EMPLOYED UNFORTUANTELY.
THANK GOD FOR ALEX JONES AND MICHAEL SAVAGE, PHD OR WE WOULD HAVE NO TRUTH WHATSOEVER.
December 10th, 2008 at 2:38 pm
The FED is in the process of nationalization of manufacturing and agriculture. The FED is consolidating realestate, nationalizing in effect mortgages, by buying up banks and mortgage lenders, placing the bulk of private property your homes and lands into the hands of privately owned banks (the FED), so the FED Reserve owns your home. If you cant pay the note on demand. After the inauguration, I expect the end of Feb 2009 the derivatives market will collapse, which will cause the final collapse of the economy. Riots in the streets. The FEDERAL REVSERVE private bankers will basically then own everything. Hold title to the whole nation. Then sometime soon afterwards, the collections agencies will be sent to foreclose on their property. Who are the collection agencies?? Probably most will be contractors supported by LEO’s and troops. Some will be IRS, FBI, Treasury, the usual suspects. That is why the troops are here. That is why they built the FEMA camps so they have a place to move you to when they move you from your home. When you are gone your home will be looted your valuables stolen. Your gold, silver guns, gone. The very wealthy will be given immunity from seizure. Biden was right we not going to like some of the things he will do.
#23; Of coarse he’s shaken. He knows he’s committing treason. He’s afraid. Be afraid, be very afraid.
December 10th, 2008 at 10:52 pm
The big story is “the big 3″ lately. And the corporate medias of every state are making a big deal out of American automakers daring to beg a loan, having the sheer audacity to fly into DC on private jets for which right they earned, so that the American worker might benefit at least a small iota of the so called “bail out”, which will of course be paid back with interest by the stupid tax payers to the scum printing it illegally out of thin air.
Of course, this was mostly a ploy for union concessions, to make the rich richer, and lower the overall standard of living of the American sheeple, making them easier to dominate.
Didn’t spend alot of time on the 8.4 Trillion dollar robbery, even though they admitted it all went to foreign banks and CEO bonuses. Let’s do the math together.
Million= 1,000 thousands.
Billion= 1,000 millions
Trillion= 1,000 Billions
Now, I tried to divide 8.4 trillion by 15 billion using a calculator, but it went off the screen at trillions.
I think what the bankers robbed is about 560 times that of the auto industry’s negotiated 15 billion dollar measly loan.
Keep in mind, what the bankers stole will NEVER be paid back, but will trickle down to the poor and working stiffs, just like everything else.
And some idiots still think the corporate media isn’t controlled?
Sorry. Now back to our regularly scheduled programming- Britney, Lindsey, Paris, Desparate housewhores, crime dramas, dirty sexy money, dancing with the stars, American idolatry, reality shows, Jerry Springer………
December 12th, 2008 at 10:48 am
Even though I believe that we should let the car companies fail to make way for younger better run companies (this is the 2nd time Chrystlet has been bailed our remember), it amazes me that we hand hundreds of billions of dollars to investments banks that dont make anything and drive prices out of control making it hard for us all to live. But over less than 5 percent of that money everyone hims and haws and finds every excuse for the common man to die in the street. We must have a tax revolt, a mortgage revolt, a credit card revolt. Bring the userers to their knees. Everyone claims this is a christian nation, and has always been. So why is it that the bible speaks against it many times. And people ignore it.
Just like Christ and forgiveness, but we kill a million Iraqis and hundreds of thousands of Afghans. Stop paying for the deaths of so many innocents. Stop the tax demon.
December 12th, 2008 at 11:30 pm
Response to #25 Take Back the US
The original design of this nation was for a Christian nation to exist. It was based from the Bible & Christian behavior. But you are right….it is no longer working from the original design but from the hardened hearts & the greedy minds of unbelieving men & women. Well then again even the devil believes right? So maybe they do but do not care.
Perilous Times and Perilous Men
1 But know this, that in the last days perilous times will come: 2 For men will be lovers of themselves, lovers of money, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy, 3 unloving, unforgiving, slanderers, without self-control, brutal, despisers of good, 4 traitors, headstrong, haughty, lovers of pleasure rather than lovers of God, 5 having a form of godliness but denying its power. And from such people turn away! 6 For of this sort are those who creep into households and make captives of gullible women loaded down with sins, led away by various lusts, 7 always learning and never able to come to the knowledge of the truth. 8 Now as Jannes and Jambres resisted Moses, so do these also resist the truth: men of corrupt minds, disapproved concerning the faith; 9 but they will progress no further, for their folly will be manifest to all, as theirs also was.
Look at this link…explains how it shoudl really be working. You will see it more clearly.
ROMANS 13 verse 1 [short version]
http://www.hisholychurch.net/s.....s13sh.html
December 24th, 2008 at 6:22 pm
….lovers of pleasure rather than lovers of Yahweh, 5 having a form of righteousness, but denying the authority of Yahweh….
By the way the word Elohim is a plural/singular word, it means “all the host of heaven except Yahweh” meaning to worship the creation rather than the creator and it has no buisness being used next to Yahweh’s name, just like the pagan idol God which the authoritative books tells us is not a divine title and should have never been used to replace Yahweh’s name!
El means God, elohim means God’s as one just like in spanish they use dios when the word dio means god, so why do they use the word dios??? Because it comes from the canaanite word Elohim again meaning the whole creation minus the creator Yahweh.
Just wanted to share, not taking away from the fact that some obviously are learning and not just following the blind sheep to the slaughter!
HalleluYahweh (praise Yahweh)!
It kinda seems like the plants are taking a break no? I think they’re getting a little time off for Nimrod’s birthday, they always do, if you guys would watch the sattellite pix you’ll notice they’re off duty (probably) they were for the superbowl and I got all them unedited chemtrail pix!!
to check for yourself go here http://www.cira.colostate.edu/...../main.html
and click the fog/ref, ir4 and ir2 buttons the rest don’t show much but I’ll tell you one thing these storms they are making are the biggest I’ve ever seen and it just goes to show they know exactly what they’re doing and to think they planned on learning until 2025? Damn I guess their plans were to completely control every facet of the atmosphere cuz if you watch them they’re pretty smart right now! Hey gotta give props where props are deserved, I just wish they’d leave the damn atmostphere alone. But I guess that isn’t part of their plans huh?
Peace, love and hope that all pagan man-made holy-days will be abolished soon!