The country would be much better off if the Third Bank of the United States (Federal Reserve) had never been chartered. From George F. Smith at lewrockwell.com:
“The $16 trillion in secret bailout loans made by the Fed that the GAO had located in 2011 was only the tip of the iceberg. When the Levy Economics Institute added in other Fed bailout programs that the GAO had not included, the actual tally came to $29 trillion.
“While the Fed was secretly conducting the most unprecedented bailout of Wall Street banks in history from December 2007 through at least the middle of 2010, millions of Americans were struggling to make the mortgage payment on their home as a result of losing their job to an economic crisis caused by these very banks. Then those same banks moved in to foreclose on millions of homeowners, while secretly receiving these windfall bailouts from the Fed.” — Pam Martens and Russ Martens: July 21, 2020
The unfathomable amount of money the Fed handed out might become Exhibit A when the Trump-Musk cleansing machine arrives at the Fed’s door, but really, what would you expect of an institution created for the purpose of keeping the big boys flush with ”elastic currency” while insisting it is really an inflation fighter?
Should Trump-Musk scold the Fed for its embarrassing “mathematically-impossible” episodes — the Great Depression, the stagflation of the 1970s, the Great Recession (see above) — or try something else?
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