Kevin Warsh: Fed policy is 'reverse Robin Hood' - MarketWatch - END THE FED!!

It's a well-known fact that I hate to say I told you so, but we came to the same conclusion about the Fed in October of 2010.

from MarketWatch:
Kevin Warsh: Fed policy is 'reverse Robin Hood' - MarketWatch:

NEW YORK (MarketWatch) -- The Federal Reserve's easy-money policies are benefiting the rich at the expense of the poor in a "reverse Robin Hood" scenario, said Kevin Warsh, a former member of the Federal Reserve System Board of Governors. In an interview on CNBC Thursday, Warsh, who is currently a fellow at Stanford University's Hoover Institution, criticized the central bank's current low-rate policies, which he said are nearly as strong as they were during the depths of the crisis. He suggested that normalizing interest rates would help jump-start business investment and speed up economic growth. Warsh said that "We need to get a normal-looking interest-rate curve," adding that the Fed needs to overcome the sense that it's stuck in a zero-rate environment.

'via Blog this'


from The Slav's Blog ( dated 10/8/10 ):
http://slavieboy.blogspot.com/2010/10/end-fed-now.html

HAVE THEY BEEN GOOD AT EFFECTIVELY PROMOTING MAXIMUM EMPLOYMENT? NO.


HOW ABOUT STABLE PRICES? NO AGAIN.


Could you stay in your job if you were as incompetent as these guys are? I don't think so.


These guys need to be replaced. Fired. And if they don't like it, take them off in handcuffs or chains. And bring back prisoner torture until they are tried and convicted for their thievery and economic mischief.


Because QE1 was such a rousing success, this week the Fed has let on that they are now considering a round of QE2. The hair of the dog that bit you to cure a hangover. Works every time. Fixes the hangover, does nothing for the underlying alcoholism.


Their twisted economic theory that says we should rob wealth from the poor, the elderly on fixed income, the savers to protect the bankers, Wall Street and the rich via the hidden stealth tax increase that is inflation. They are openly destroying the dollar to prop up asset prices.


But not the assets that the middle class owns, like their homes.


This is like a reversal of the Robin Hood economic theory of robbing from the rich to give to the poor. Bernanke believes the poor and the middle class should pay to protect the financial system. Just like his scum-bag acolytes like Charlie Munger and Warren Buffet.


The guys should all hang together. Literally.


Here is what the Fed has done to the value of the dollar in their 97 years at the helm. A 97% depreciation rate. At that rate, the dollar will not only be WORTH LESS (two words) in three more years, it may become WORTHLESS (one word).

So why does it take a former Fed official four additional years to come to the same patently obvious conclusion? Emphasis on the term "former" I would imagine. Maybe a certain "honor among thieves" type of credo.

The Fed's failure is akin to my major beef with the public school system in that they don't even have a very good track record at doing the things they are supposed to do ( the dual mandate ) and yet they want to expand their reach to screw up other things ( like the stock market, the bond market, commodities, etc.).

Note: The school system's initial mandate is to teach ( primarily the three R's ) and they want to expand the doctrine of In loco parentis way beyond recognition.

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END THE FED!!!

 "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of  credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most  completely controlled and dominated Governments in the civilized world no longer a  Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men."

Woodrow  Wilson

"The few who understand the system will either be so interested in its profits or be so dependent upon its favours that there will be no opposition from that class, while on the other hand, the great body of people, mentally incapable of comprehending the tremendous advantage that capital derives from the system, will bear its burdens without complaint, and perhaps without even suspecting that the system is inimical to their interests."

The Rothschild brothers of London writing to associates in New York, 1863.

"I am afraid the ordinary citizen will not like to be told that the banks can and do create money. And they who control the credit of the nation direct the policy of Governments and hold in the hollow of their hand the destiny of the people."

Reginald McKenna, as Chairman of the Midland Bank, addressing stockholders in 1924.

"It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning."

Henry Ford, founder of the Ford Motor Company.

"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes… Money has no motherland; financiers are without patriotism and without decency; their sole object is gain."

Napoleon Bonaparte, Emperor of France, 1815

"If the American people ever allow private banks to control the issue of their  currency, first by inflation, then by deflation, the banks…will deprive the people of  all property until their children wake-up homeless on the continent their fathers conquered…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

Thomas Jefferson in the debate over the Re-charter of the Bank Bill (1809)

"I believe that banking institutions are more dangerous to our liberties than standing armies."

Thomas Jefferson

Henry Ford tried to tell us...

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. The one aim of these financiers is world control by the creation of inextinguishable debt."
~Henry Ford

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SOME CHARTS THAT DOCUMENT THE FAILURE OF THE FED TO ACHIEVE THEIR CONTROL OVER INFLATION AND EMPLOYMENT: