See, http://www.youtube.com/watch?v=aWlDnv5oYdg&feature=player_embedded

The US Govt now gives reponsibility to a private group of banks to regulate and control private enterprise.Who voted for board members of the US Federal Reserve? How would businesses here like it,if the CBA,Westpac,ANZ etc had total regulatory powers over all business activity? Do you think there could be a bit of self interested bias here?

Perhaps Obama inadvertantly has created a new concept,ie "Corporate Communism".This will not end well.

yeah its a worry[..because the fed bankers,..used to control only the credit..[and all money can buy],...but now can become iside traders, knowing all that inside info..that businesss now must disclose to the banking cartel...we live in interesting times..[who is watching the watcher]

last night we saw what oversights govt agencies..didnt have..over madoff,..who turned a great scam of fake trading..into a cash accumulating pyramid/ponzie sceme..

one can only imagine how good the fed can do it...seeing as it has never allowed even an audit,it dont need to account to govt [and now not ever to any regulator]...as well as having full oversight over all other business,indeed the power of money and now the power of cutting off investigation

[bankers must have been able to know...by the non-flow of cash madoff was lying...yet remained mute

[it simply didnt expose the ponzie sceme it must have known was NOT
going on...simply by following the cash flows...to and from madoff]

guess
we wont ever see an audit of the fed
[shultz..i see nothing]
ziehheil the bolchovics ruling the world

This is fascinating, Arjay.

Do you actually spend your days trawling YouTube for the latest conspiracy theories? Although I have to admit, Fox News is a rich lode to mine for these... and as for the comments that followed the clip you pointed us to - what a hoot!

But back to the matter in hand - the Fed.

The best way to understand the Fed is not to look at it as a conspiracy of rich people, determined to oppress and rip off the rest of humanity. Instead, take a look at how the US Government ran fiscal policy before the Fed existed.

What has been achieved is a level of separation between raw politics and the management of the economy - or to be specific, money supply. The idea of a "private group of Banks" managing this might fill you with dread - as it most clearly does - but a far less palatable idea would be to place this power in the hands of faceless bureaucrats.

Or worse - and here's a topical allusion for you - bureaucrats who have secret political leanings of their own, and actively undermine the government of the day.

That's a recipe for real chaos.

The part of this whole deal that you invariably miss is that by far the greater part of the Fed's role is actually self-regulating, and is the direct result of the inability, within the accounting systems that all these people use, for an asset to exist without a corresponding liability.

This means of course that they have to bring to account every dollar that they produce, alongside the loan documentation that created it.

As to the Fed's role in determining the level of fat permissible in a hamburger, as shown in the video, this is simply too ridiculous for words.

I'm now pretending to be surprised that you didn't notice this for yourself.

from
http://www.globalresearch.ca/index.php?context=va&aid=14057

...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..to keep all their gains from the past decade’s worth of fraudulent lending,..scot-free….

(He]..achieved what no Republican could have:..rescuing the Bush administration’s pro-creditor policies that fostered the Bubble Economy in the first place.”

The plan is laden with a..“false diagnosis”..and.“fatal flaws,”..so clearly what’s proposed are..“wrong-headed cures..(but hardly)..by accident.”

If it’s largely accepted as is,..Wall Street will get precisely what it wants..a veneer of regulatory cover..to keep wrecking the economy and stealing the public blind.

Simon Johnson is also critical...expressed great skepticism...Even though large banks..and other financial institutions/caused the global crisis,..no wrongdoing..on their part is cited..nor are punitive measures proposed.

He states:..“There appears to be no mention/that corporate governance within these large banks failed totally...How on earth can you expect these banks to operate in a responsible manner..unless and until..you address the reckless manner in which they..(a)compensate themselves,(b)..destroy shareholder value,..and..(c)treat boards of directors as toothless wonders?

The profound silence on this point..from the administration - including some of our finest economic,financial,and legal thinkers..

“..The reform process..appears to have been captured at any early stage..by design the lobbyists were let into the executive branch’s (planning process),..so we don’t even get to have a transparent debate..or to hear specious arguments..about why we really need big banks.”

Johnson like Hudson..added that financial giants are pleased with Obama’s plan,..and why not...They wrote it.

On June 16,..even The New York Times suggested it in Stephen Labaton’s article headlined:..“Obama Sought a Range of Views on Finance Rules.”..Over several weeks,“executives from an array of industries caught up in the financial crisis..came to Washington….to make their case..for how the new regulatory landscape should look.

“Now lobbyists….will head to Congress..to try to influence the final product”..with no doubt..they will so once again consumer interests will be shortchanged..perhaps globally..given events reported earlier this year/discussed below.

Steps Toward Global Money and Banking Control

In her April 18,2009 article titled“The Tower of Basel:..Do We Really Want the Bank for International Settlements Issuing Our Global Currency:..continued at link

http://www.infowars.com/obamas-financial-reform-proposal-a-stealth-scheme-for-global-monetary-control/

Obama has given absolute power to the very people who caused the collapse.Either he does not have a clue or is just a puppet of the power brokers.The Fed is creating all this debt money ,but it is not reaching the real economy.That is why we have interest rates beginning to rise here.The Fed did this during the Great Depression.The Depression of 1932 would not have happened if the Fed had not inflated the money supply then restricted the money supply.What are they doing with it?

4th of July 09 could herald serious demonstrations and perhaps violence.They must not give Obama any excuse to declare martial law.Even of Ron Paul gets the magic 290 Congress support for HR 1207,I think they will ignore it.

Don't worry folks;all is well the vacuum that Pericles lives in.Just deny reality and label anything that remotely disconcerting as conspiracy theory.

Arjay, despite the occasional difference of outlook, I find Pericles lucid, realistic, and rational, and he has shown me aspects of things that I had missed, that’s always welcome.
Simplistic, you-tube eccentric driven conspiracies make good reading, but bear little resemblance to reality, IMO.
I am an opponent of the capitalist system as it now operates, but accept that it will take a lot to change it, time, effort, and people of good heart. That process will happen, over time, and historical type events, wars, revolutions, social unrest, depressions etc are inevitable catalysts, along with many other indefinable influences, but bleating about conspiracies and seeing devils behind every move contributes nothing to the future. I see the wealthy oligarchs co-operating at times, to benefit themselves, but they are as likely to attack each other, that’s the nature of the beast.
Conspiracies only work on a small level, it’s too difficult to keep secrets in this 21st century for them to hope to succeed, especially if they involve powerful, greedy, self-interested control-freaks, which is as good a definition of those at the top as I have run across