Where Is The Occupy Wall Street Demand To End The Fed?

Steve Watson

Oct 3, 2011

Occupy Wall Street

In spite of a large number of protesters who are clearly aware of the fact that the greatest threat to the global financial system comes not directly from Wall Street but from the privately owned Federal Reserve cartel, the official “list of specific demands” of the Occupy Wall Street movement makes absolutely no mention of the Fed whatsoever.

By way of reminder lets take a brief look at the Fed’s contribution to the financial black hole the U.S. and the world is now faced with.

While most Americans still believe that the Fed is a government agency, in reality it is a completely privately run entity that has since 1913 had total control over the U.S. monetary system.

The Fed has never been audited and is accountable to no one, not even the Congress.

Essentially, an unaccountable private monopoly creates the money, sets the interest rates, regulates the banking system and makes secret loans to whoever they want.

The Federal Reserve has more power over the U.S. economy than any other institution and nobody can overrule any decisions that they make.

Forget Wall Street for a second, It was the Fed that created unlimited amounts of money and credit out of thin air, fundamentally destroying the possibility of any real sustainable economic growth and ultimately delivering the current financial crisis to the world.

Since that time the Fed has pursued the exact same policy of excessive spending, debt expansion and monetary inflation, thus compounding the problems that caused the crisis in the first instance.

Instead of instituting programs to pay off or liquidate debt, the Fed has twice opted to vastly increase the money supply and continue the devaluation of the U.S. dollar.

The Fed chairman and other officials act as if their unfettered power is a god given right, and they express loathing and contempt when they are simply asked to describe and explain their actions to Congress and the American people.

The Fed has refused to comply with congressional demands for transparency and withheld internal memos, in spite of freedom of information act requests.

Despite court rulings ordering disclosure, the Fed consistently refused to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank accepted as collateral and dumped on the American people.

The amount of US taxpayer money committed to bailouts by the Fed since 2007 is estimated to be well over $25 trillion. The figures by far exceed the combined cost of major historical events, accounting for inflation, dating back over 200 years.

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