Newspaper logo  
 
 
Local Stories, Events

Ref. : Civic Events

Ref. : Arts & Education Events

Ref. : Public Service Notices

Books, Films, Arts & Education

12.15 The Rape of Recy Taylor: behind one of the year's most vital documentaries

Letters

Ref. : Letters to the editor

Health Care & Environment

12.17 World Bank will stop financing oil and gas exploration and production

12.17 Brazilian police foil million-dollar fraud to export precious wood to China [clear-cutting forests harshly impacts all life above and below ground-level for decades; it decreases oxygen production and seguestration of CO2 and increases area, frequency and duration of drought]

12.16 How investing in solar energy can create a brighter future for Africa

12.14 Global warming made Hurricane Harvey deadly rains three times more likely, research reveals

12.14 The long read: A different dimension of loss’: inside the great insect die-off

12.14 After years of toxic oil spills, indigenous Peruvians use tech to fight back

12.13 The US is penny wise and pound foolish on the climate

12.13 Arctic permafrost thawing faster than ever, US climate study finds

12.13 Drugs Don't Kill People, Neoliberalism Kills People

12.13 English rivers polluted by powerful insecticides, first tests reveal [Are similar tests of U.S. waters conducted by the EPA anymore? We think not...]

News Media Matters

12.18 How Syria's White Helmets became victims of an online propaganda machine [profiles how America elected its most immoral president]

12.17 A Report to Our Readers

12.15 Net Neutrality Fight 'Not Over': Groups Launch Internet-Wide Campaign Pushing Congress to Overrule FCC Vote

Daily: FAIR Blog
The Daily Howler

US Politics, Policy & 'Culture'

12.18 THE DEMOCRATS’ DANGER OF OUTRAGE OVERLOAD

12.18 Elizabeth Warren: Congress needs to fund community health centers right away

12.18 Warren and Sanders: Who Is Congress Really Serving?

12.18 Paranoia grips Capitol Hill as harassment scandal spreads [Surely Republicans implicated won't resign—like Al Franken was forced to—before passing super tax-cuts for the super rich]

12.18 Trump's tax bill has nothing to do with economics. It's brute-force politics

12.18 Ta-Nehisi Coates is the neoliberal face of the black freedom struggle

12.18 This man sums up all that is wrong about Trump's takeover of the courts [2:04 video of another incompetent district court judge nominee]

12.18 Trump will drop climate change from US National Security Strategy [“Stupid is as stupid does.” –Forrest Gump]

12.17 'Making America Stupid Again': Outrage Over Forbidden 7 Words You Can't Say at Trump's CDC [“Stupid is as stupid does.” –Forrest Gump]

12.16 Poverty in US set to increase due to Donald Trump's policies, says UN official [oligarchy-controlled countries are wonderful for the very rich]

12.16 The crisis ahead: The U.S. is no country for older men and women

12.16 Republicans Despise the Working Class [oligarchy-controlled countries are wonderful for the very rich]

12.16 Rep. Adam Schiff Warns Republicans Are Moving to Shut Down House Russia Probe, Target Mueller

Justice Matters

12.17 Venue of last resort: the climate lawsuits threatening the future of big oil [something else Republicans are packing the courts for...]

12.15 Who Pays for Judicial Races? The Politics of Judicial Elections 2015-16 [desperately packing the courts at all levels to protect white power & unregulated capitalism]

12.13 US Concern Over 'Pervasive' High-Level Corruption Surging Under Trump: Poll [anyone surprised?]

High Crimes?

12.17 Trump’s Misuse of Intelligence on Iran [immoral behavior that could lead to War]

Economics, Crony Capitalism

12.17 How a Philadelphia nun became the unlikely face of conscientious capitalism [Why don't we teach morality in Law & Business schools?]

12.16 The Republican Tax Bill Provides Huge Benefits to People Who Don’t Work. But Only if They’re Rich. [oligarchy-controlled countries are wonderful for the very rich]

12.16 The United States Is Now as Unequal as Russia. And That’s Before the Tax Bill. [oligarchy-controlled countries are wonderful for the very rich]

12.16 EU to force firms to reveal true owners in wake of Panama Papers [what are the chances oligarchy-controlled countries (esp. America and Russia) ever agree to fight tax evasion and money landering? International agencies must all mandate common regulations as a condition for UN membership, trade agreements, world bank loans, etc.]

International & Futurism

12.18 'The future is very dark': Central African Republic's relentless cycle of suffering

12.17 Africa’s new elite force: women gunning for poachers and fighting for a better life [a good model that converts victims of abuse and cruelty into positive activists with good jobs...]

12.14 Mexico: murders of women rise sharply as drug war intensifies

We are a non-profit Internet-only newspaper publication founded in 1973. Your donation is essential to our survival.

You can also mail a check to:
Baltimore News Network, Inc.
P.O. Box 42581
Baltimore, MD 21284-2581
Google
This site Web
  Print view: Thinking About Jekyll Island
ECONOMIC COMMENTARY:

Thinking About Jekyll Island

What has the FED accomplished for the people of Main Street?

by Fred Cederholm
QE2 will work no better than QE1. It will endanger the last 5% of the value left from the pre-1913 dollar. It all began on Jekyll Island!

I’ve been thinking about Jekyll Island. Actually I’ve been thinking about the Federal Reserve Bank(ing) system, the US Constitution, questions, secrets, the money supply, more questions, the coming Quantitative Easing 2, and still more questions. A group of the highest notables in economics and finance (from Wall Street) recently came together for “a conference” at Jekyll Island, Georgia. There has been minimal press coverage on this gathering despite the potential implications for ALL of the US population, the US dollar, and our future well being. We know that Greenspan was one of the current speakers and that the gathering was to commemorate a meeting held there some 100 years ago.

You see in the panic of 1907, the most illustrious of the major banks in New York City were almost brought to their knees and forced into liquidation. There was NO FDIC to insure deposits, there was NO American Central Bank to facilitate a bailout, and the Congressional hands were tied because the public would not stand for any overt bailout of the big boys of Wall Street. Something HAD to be done, so Congress authorized “a committee” to look into the financial mess in 1908 in the hopes of preventing any future reoccurrence. A group of the “best and the brightest” financial minds from the US and Europe began discussions in private.

The “informal” and highly secret meetings were getting nowhere slowly. “It” was decided that a meeting must be held and would continue until an agreement could be hammered out. Secrecy was of the essence. In November of 1910 the crème de la crème of financiers boarded “private and sealed” rail cars in Hoboken, New Jersey. They headed South. Jekyll Island was a private hunting club off the Georgia Coast. It was secluded, secure, and was the most exclusive “club” in America. One sixth of the world’s total wealth at the time was owned/ controlled by its members. Nelson, Abraham, Frank, Henry, Charles, Benjamin, and Paul were among those on the train. First names only were used to maintain the secrecy, and besides, they all knew each other anyway. At this gathering, the plan for the Federal Reserve Banking System was hammered out. It would take THREE more years to get this central “bank”, and “revisions” to the US money supply approved by Congress and signed by President Woodrow Wilson. Was such a fictitious entity legal? The US Constitution authorizes only the Federal Government to coin (and print) money. Nowhere was such an entity envisioned by the Constitution.

Ninety-seven years later a public debate on the FED continues. Those of the Tea Bag Party who surged in last week’s interim elections see the FED as the problem, and NOT the solution. They will seek blood. We the people... know very little about the FED. We know it may be national, but it is NOT Federal. We know it has NO ”reserves” to back up anything it does. And, we know it is a clearly NOT a bank! We know it is a privately held corporation, but we have never been told who are the shareholders?

We know it charges fees for its services, but we are NOT told how much those are. We do NOT know how much it makes, how those incomes are distributed to the unknown shareholders, or what if any constraints are placed upon its monetary and fiscal policy? And, by the way, it is exempt from all Federal and State tax liabilities! It holds no potential liability for its actions. The “full faith and credit” of the United States of American (meaning the future US ability to tax its citizenry) is the only backing behind the currency. It also controls (and sets) all the interest rates. Since 1913 under its direction, the US Dollar has lost 95% of its purchasing power. Panics, recessions, and the Great Depression continued under its reining of the US Dollar --- I mean the Federal Reserve Note. So, just what has it accomplished by presiding over all those bailouts?

In the past three years the FED has NOT been able stave off (much less solve) our current recession/ depression problems. Prior policies of creating any new and larger economic bubble to fix the problems of the most recent past bubble have accomplished NOTHING! OK, they have once again served to bailout the major Wall Street financial interests. This has been their only accomplishment on going in the past ninety-seven years. What has the FED accomplished for the people of Main Street?

For decades Uncle $ugar has spent more than he takes in. We are borrowing an ADDITIONAL $4 BILLION a day to meet the costs of our wars, our entitlements, or pork projects, our earmarks, and our trade deficits. Problem is the rest of the world is no longer willing to lend US/ us back our money to underwrite our profligate spending and consumption. The FED’s solution is for them to print still more money (out of thin air) and buy up the new Treasury securities “auctioned” every Tuesday. Uncle’s right hand is now buying $600 BILLION (for now) from his left hand. The FED calls this Quantitative Easing 2 (QE2). Remember QE1? That was when the FED (printed money and) bought back $800 BILLION in worth less, and worthless investment paper from the banks which they will hold until the troubled banks decide to buy them back. QE2 will work no better than QE1. It will endanger the last 5% of the value left from the pre-1913 dollar. It all began on Jekyll Island!

I’m Fred Cederholm and I’ve been thinking. You should be thinking, too.


Copyright 2010 Questions, Inc. All rights reserved. Fred Cederholm is a CPA/CFE, a forensic accountant, and writer. He is a graduate of the University of Illinois (B.A., M.A. and M.A.S.). He can be reached at asklet@rochelle.net.



Copyright © 2010 The Baltimore News Network. All rights reserved.

Republication or redistribution of Baltimore Chronicle content is expressly prohibited without their prior written consent.

Baltimore News Network, Inc., sponsor of this web site, is a nonprofit organization and does not make political endorsements. The opinions expressed in stories posted on this web site are the authors' own.

This story was published on November 8, 2010.

 

Public Service Ads: