The criminal Federal Reserve bank of crooks has decided to hand over control of the monetary system to private commercial banks as it prepares to totally implode the dollar in a final grand finale of looting.
To summarize the ZH article below, basically the Fed is asking the commercial banks how much free money they want. The Fed is planning on printing trillions upon trillions of dollars by buying up all sorts of debt through the use of the printing press.
The banks get to hand off their bad bets to the Fed and get real dollars in return. The Fed itself gets the money to buy this bad debt by simply running a printing press. No real productive wealth is created in this process. The Fed is going to keep the commercial banks in business by buying everything on the market.
There is absolutely NO free market left on Wall Street. The entire market is nothing more than people selling private debt to the federal government. This of course means the Wall Street fat cats get rich while the rest of the nation has to pay off the bad debt through the tax system.
This is yet another of the largest wealth transfers to the ruling class in the history of the world. This truly is nothing short of treason. This is tantamount to engaging in financial warfare against the public.
The Fed is literally trying to kill you by making your money so worthless that you will not be able to feed and house yourself.
Zero Hedge reports:
As if there was any doubt before which way the arrow of control, and particularly causality, points in America’s financial system, the following stunner just released from Bloomberg confirms it once and for all. According to Rebecca Christie and Craig Torres, the New York Fed has issued a survey to Primary Dealers, which asks for suggestions on the size of QE2 as well as the time over which it would be completed. It also asks firms how often they anticipate the Fed will re-evaluate the program, and to estimate its ultimate size.
This is nothing short of a stunning indication of three things:
i) that the Fed is most likely completely paralyzed due to the escalating confrontation between the Hawks and the Doves, and that not even Bernanke believes has has sufficient clout to prevent what Time magazine has dubbed a potential opening salvo into a chain of events that could lead to civil war: in effect Bernanke will use the PD’s decision as a trump card to the Hawks and say the market will plunge unless at least this much money is printed,
ii) that the Fed is effectively asking the Primary Dealers to act as underwriters on whatever announcement the Fed will come up with, and thus prop the market, and, most importantly,
iii) that the PDs will most likely demand the highest possible amount, using Goldman’s $2-4 trillion as a benchmark, and not only frontrun the ultimate issuance knowing full well what the syndicate of 18 will decide in advance of what the final amount will be, but will also ramp stocks on November 3 to make the actual QE announcement seem like a surprise.
This also means that the Primary Dealers of America, which include among them such hedge funds as Goldman Sachs, such mortgage frauds as Bank of America, such insolvent foreign banks as Deutsche, RBS, UBS and RBS, and such middle-market excuses for banks as Jefferies, are now in control of US monetary, and as we explain below fiscal, policy.