The Fed Ponzi Scheme for Dummies
This video of a CNBC segment hosted by Dylan Ratigan on 7/24, with Elliot Spitzer as a guest, is truly remarkable both for the simplicity with which the monetary dilemma is exposed, and the unbridled honesty with which Spitzer and Ratigan lay down the blunt reality of the situation.
First, for clarification, it's important to note that they may be incorrect in referring to a $13.9 trillion bag of garbage ... the actualy sum of assets acquired we're told is closer to $3 trillion at the moment according to the Barofsky report. Regardless, anything >$1 is still a ridiculusly enormous sum, and should not be confused as somehow "small" because it's less than some of the other figures touted. For that matter, I don't consider Spitzer to be one to toss around numbers without some precision, so maybe he's looking at the figures from an alternate methodology. Second, please keep Spitzer's personal life out of this ... it's utterly irrelevant to the discussion and his expertise on the subject of fiduciary malfeasance is unquestionable.
Here are a few of the juicier tidbits:
Spitzer after 6:24: "This begs and cries out for tough examination. The FED was quasi-autonomous from the public, but it was run by the banks. If you look at the governing structure of the New York FED, it was run by the very banks that got the money. This is a ponzi scheme, an inside job. It is outrageous. It is time for the Congress to say "enough of this!", and to give them more power now is even crazier."
At the 7:05 mark, Ratigan proclaims: "I feel as though America has suffered the biggest theft and cover-up ever".
And at 8:15: "Remember, the banks send lobbying money to politicians to change the laws so they can create garbage like this, and then stick it with Americans."