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Kurr
1000+ Penny Miser Member
2906 Posts |
 Posted - 03/19/2010 : 13:08:16
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Bernanke footnote: Fed wants end to ‘minimum reserve requirements’
In the footnotes of a speech U.S. Federal Reserve Bank Chairman Ben Bernanke would have given to the House Financial Services Committee on Feb. 10, lies a unique and startling disclosure.
Hosted on the Federal Reserve's own servers, the written testimony of the bank's chairman explains in plain text what expanding the Fed's powers will do.
"The Federal Reserve believes it is possible that, ultimately, its operating framework will allow the elimination of minimum reserve requirements, which impose costs and distortions on the banking system," footnote number nine, at the bottom of the page, explains without additional qualification.
Sen. Chris Dodd (D-CT), who is not running for reelection, is currently pushing a financial reform bill that would grant the Fed unprecedented new powers to regulate financial markets, including insurance companies and small lenders, under the auspice of forcing such firms to lessen their exposure to risky investments.
Wondering how that would have prevented a collapse the likes of which nearly sank the financial system at the end of George W. Bush's presidency, Forbes writer John Carney mocked Dodd's plan as "incredibly stupid."
Should read full story at link
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The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
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Fed wants end to ‘minimum reserve requirements
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