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Obama Regulatory Reform Plan Officially Establishes Banking Dictatorship
by Paul Joseph Watson and Steve Watson
http://www.globalresearch.ca/index.p...t=va&aid=14063
Instead of Real Financial Reform, Obama’s Plan capitulates to Wall Street
by Prof. Michael Hudson
http://www.globalresearch.ca/index.php?context=va&aid=14048
by Paul Joseph Watson and Steve Watson
http://www.globalresearch.ca/index.p...t=va&aid=14063
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.
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.
by Prof. Michael Hudson
http://www.globalresearch.ca/index.php?context=va&aid=14048
The story is worse than just “Pres. Obama labored, and brought forth a mouse.” He is morphing into Joe Lieberman in reaching across the aisle for Republican support – and no doubt future campaign contributions from the financial sector. There also is a touch of Boris Yeltsin in sponsoring a financial “reform” disturbingly similar to what advisor Larry Summers backed in Russia – relinquishing government power to a banking elite (the notorious “Seven Bankers” in post-Soviet Russia). The Financial Regulatory Reform proposal promotes Wall Street’s “product,” debt creation, at the expense of the economy at large, and lets financial chieftains continue to self-regulate the debt industry – and by the way, to keep all their gains from the past decade’s worth of fraudulent lending, scot-free.
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