Imagine what would happen to you if you lent out money you don’t have and charged interest on it. You would be buried beneath a prison and that would be it. But your bank can do it because it is owned by your betters, your masters, and your owners. Do try to remember that.
But if all of that doesn’t sound bad enough to you, consider that the Federal Reserve, like the Army, the CIA, and the FBI, is now embracing “woke” flavor of identity politics. Recently, these three agencies released recruiting ads meant to appeal to Leftist recruits and made our country a laughing stock in China and Russia, who mocked us openly.
Well, now Ron Paul has alerted us to the fact that the Fed is going woke as well. This change comes on the heft of demands from the Biden Administration that the Fed submit to the Financial Stability Oversight Council to prepare a report on how the financial system can mitigate risks related to climate change.
If that doesn’t seem absurd on its face, consider the fact that if climate alarmism was true, all the seafront property in California and Florida would be underwater in 10 years. And, if this was the case, financial institutions would not be giving out multi-decade loans for these properties.
According to Paul’s Zero Hedge article, “The council is composed of the heads of the major federal financial regulatory agencies, including the Federal Reserve.”
In short, the Fed is going to be spending its expensive time and expertise trying to mitigate the harms of a problem that does not exist. Just imagine all the wonderful debt this will generate.
Welcome to the current year.
There are a lot of misconceptions about the de facto central bank known as the Federal Reserve. The Fed is not your friend. It is not even federal. Well, it is equally federal as is Fed Ex, which is to say — it isn’t federal at all. It is a regulatory banking body that sets policies that financial institutions are expected to respect, follow, and obey. It does what it does by printing money, which it leaves to the banks to do, and by dictating how much interest financial service providers are allowed to charge for lent money.
Now for the part you’re not allowed to know. The way money is “printed” in this country is when a bank gives out a loan, they type numbers on a screen that are not represented by any physical objects whatsoever. In short, the banks print money. They do so in the way and at a rate that the Fed dictates.
The banks are laboring under the false pretense that the Fed is a government body, so they do what they are told.
This has been the way it’s worked for some time now. The only difference is the fact that most money these days is digital makes it easier than ever for banks to “print” money. When they give out loans, they are lending money that does not exist. Then the borrower spends the imaginary money, thereby creating the actual debt.
This debt is laid on the back of the recipient of the loan- rather than the bank that is lending out money it doesn’t have – and that is a crime.