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Sorry, Jerome Powell, the Fed Is and Has Always Been Political

By Andrew Moran

The history of the Federal Reserve is a tale of corruption, manipulation, and central planning. The U.S. central bank is the chief cause of the booms and the busts, the recessions and the depressions. For the last century, every official emanating from the Eccles Building claims that the Fed is and has always been an independent institution, without any interference from the White House and Capitol Hill. If you think that’s true, then we have a $4.5 trillion balance sheet that we want to sell to you.

Fed Chair Jerome Powell recently spoke in Stockholm, where he delivered prepared remarks stressing the importance of Fed independence. He acknowledged that public confidence in public institutions is at an all-time low, and that bodies like the Fed need to avoid taking their independence for granted.

His comments came after Kevin Warsh, a former Fed governor and President Donald Trump’s top candidate to helm the central bank, suggested that the White House does not respect Fed neutrality.

“In some sense the broader notion of an independent agency, that’s probably not an obvious feature to the president,” Warsh told Politico.

But can anyone blame President Trump if he doesn’t view the Fed as a non-partisan body? If Warsh’s assessment is correct, then the president is likely considering its 100-year history of working with Democratic and Republican administrations to steer the economy in a certain direction for political gain.

Trump Slams the Fed in 2016

Throughout the 2016 election campaign, the real estate billionaire mogul was one of the few presidential candidates to slam the Federal Reserve. Although he changed his mind a few times, whether it was low interest rates or his opinion of Janet Yellen, he routinely slammed the Fed. He even took the thunder away from Senator Rand Paul (R-KY), whose father crusaded against the Fed.

Trump’s biggest gripe about the Fed was its political nature. In September 2016, Trump told CNBC that the Fed is beholden to political interests, explaining that it kept rates too low for too long to produce a “false stock market” for then-President Barack Obama.

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In a Cashless World, You'd Better Pray the Power Never Goes Out

Editor's Note: It is sold as a convenience, like every other form of control foisted on humanity but it's NOT A GOOD IDEA. The bankers already have almost total control over us. Let them do this and game over.

By Ryan McMaken

When Hurricane Maria knocked out power in Puerto Rico, residents there realized they were going to need physical cash — and a lot of it.

Bloomberg reported yesterday that the Fed was forced to fly a planeload of cash to the Island to help avert disaster:

    William Dudley, the New York Fed president, put the word out within minutes, and ultimately a jet loaded with an undisclosed amount of cash landed on the stricken island...

    [Business executive in Puerto Rico] described corporate clients’ urgent requests for hundreds of thousands in cash to meet payrolls, and the challenge of finding enough armored cars to satisfy endless demand at ATMs. Such were the days after Maria devastated the U.S. territory last month, killing 39 people, crushing buildings and wiping out the island’s energy grid. As early as the day after the storm, the Fed began working to get money onto the island,

For a time, unless one had a hoard of cash stored up in one's home, it was impossible to get cash at all. 85 percent of Puerto Rico is still without power, as of October 9. Bloomberg continues: "When some generator-powered ATMs finally opened, lines stretched hours long, with people camping out in beach chairs and holding umbrellas against the sun."


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Video: $21 Trillion Missing – U.S. Government A Criminal Enterprise

Catherine Austin Fitts

By Greg Hunter’s

Investment advisor and former Assistant Secretary of Housing Catherine Austin Fitts says you can add $21 trillion of missing federal money on top of the $20 trillion U.S. deficit. It’s all in a new explosive report on  Fitts explains, “This is $65,000 for every man, woman and child resident in America.  In addition, it is now more than the outstanding official debt on the U.S. balance sheet. . . . We know that the U.S. government has been run like a criminal enterprise from a financial standpoint.”

The new report was put together by Dr. Mark Skidmore at Michigan State University, and it is a detailed year-by-year study of DOD and HUD budgets between 1998 and 2015. The missing money is called “undocumentable adjustments,” but that may just be a polite name for theft, fraud and crime against “We the People.”  Fitts contends, “Here’s the critical issue because technology is leading us through tremendous change, and the people who get their hands on this technology and are able to subsidize the cost of capital are the ones that are going to win.  They have done that by basically hijacking the federal credit and using it to help centralize power under them.  So, we have to reverse that, and the Constitution is the tool to hold them accountable.  All their arguments just fall down when you realize they have just stolen an enormous amount of money from the federal government outside the law. . . . The U.S. Federal government doesn’t have information sovereignty, and it doesn’t have financial sovereignty.  So, we have to return it to that, and we have to keep that mechanism open long enough to get this money back.”

Fitts contends the Deep State swamp creatures do not want to give the money back and want to tear up the U.S. Constitution in order to keep all those trillions of stolen dollars. Fitts explains, “You want to preserve the Constitution because you want to have individual sovereignty, and you want your taxes to only go into things that have financial and national sovereignty.  So, that has to be restored.  The reason they want to tear up the Constitution is they don’t want to give the money back.  That’s a legal mechanism that requires us and gives us the power to reverse this. . . . They say we have $20 trillion in debt, and there is no money.  It’s a very different policy discussion if I can say, wait a minute, there’s $20 trillion in debt, but you stole $21 trillion . . . and we’re putting that back on the table for purposes of this policy discussion.”

In other words, “We the People” could pay off the entire federal deficit with the money that was stolen and still have $1 trillion left over.

Fitts also says, “Here’s the magic trick. You don’t need everybody to change this.  It only takes 5% to 10% of the population to completely turn this around.  It doesn’t take everybody, and that is one of the things that has got them so scared. . . . We don’t need to implode the federal government.  We need to take it back, clean it up and get it to run according to the law.”

Join Greg Hunter as he goes One-on-One with the President of, Catherine Austin Fitts, Publisher of “The Solari Report.”


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Wells Fargo Reveals Up To 1.4 Million More Fake Accounts

Editor's Note: Wells Fargo has admitting massive amounts of fraud but it suffers ZERO CONSEQUENCES, as is the same for all the so-called "too big to fail banks."  It's time we stopped waiting for the gubermint to do something about it because they will not.  They are bought and paid for by the banks.  The solution is very simple.  We don't need anyone else to help us.  Simply take all your money out of these banks and put it into your local community bank or credit union.  Then the big banks will crash and burn as they should have a long time ago.

By Matthew Rocco

Wells Fargo on Thursday disclosed that its fake accounts scandal affected up to 3.5 million customers in total, far more than the 2.1 million accounts it previously said were possibly opened without customers’ knowledge.

The San Francisco-based bank first acknowledged in September 2016 that employees opened scores of unauthorized accounts since 2011. It subsequently revamped its pay structure and eliminated sales goals, moving away from policies that encouraged branch employees to open multiple accounts for customers. After news reports indicated that the problem dated back to 2009, Wells Fargo launched a new review of account data.

Wells Fargo said the third-party review revealed up to 1.4 million additional fake accounts, and the total number of accounts that incurred fees and charges grew to 190,000. The bank will provide another $2.8 million in refunds and credits on top of the $3.3 million it already refunded to affected customers.

Also, Wells Fargo said 528,000 customers were enrolled in its online bill pay service without signing up for it. Those customers will receive a combined $910,000 in refunds.

“We apologize to everyone who was harmed by unacceptable sales practices that occurred in our retail bank,” Wells Fargo CEO Tim Sloan said in a statement.

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Standard And Customery Fraudulent Banking Practices

Editor's Note: Wells Fargo has admitting massive amounts of fraud but it suffers ZERO CONSEQUENCES, as is the same for all the so-called "too big to fail banks."  It's time we stopped waiting for the gubermint to do something about it because they will not.  They are bought and paid for by the banks.  The solution is very simple.  We don't need anyone else to help us.  Simply take all your money out of these banks and put it into your local community bank or credit union.  Then the big banks will crash and burn as they should have a long time ago.

By Neil Garfield
LivingLies Weblog

The creation of fake accounts and fake services comes as no surprise to anyone who has been involved in foreclosure defense. As usual the response from Wells Fargo was a blatant lie. It wasn't 2.1 MILLION fake accounts that were opened, it is now 3.5 MILLION fake accounts and there is more to come. Oh, and another 528,000 customers of Wells Fargo also got signed up for BillPay when they didn't ask for it.

The point of all this is that Wells Fargo figured correctly that the penalty was worth the gain. By fraudulently expanding its reported portfolio of accounts and services, Wells Fargo had falsely represented a key indicator of its growth and health, causing its stock price to rise. The end result is a few million dollars in "refunds" while the increase in the stock price was worth billions.

Most people, whether they are Judges, lawyers or consumers, want to believe that the banks run on trust. But in fact, while the smaller and mid-sized banks run on trust, the large banks have made fraud a customary industry-standard practice. Let me put it this way --- it is industry standard practice to violate banking and lending laws.

Hence my admonition to avoid "admitting" anything the banks say in litigation --- even the representation that the lawyer has a client or that the plaintiff is the plaintiff. The banks correctly anticipated that judges would come to the conclusion that foreclosure defense was a scam. In order to "move their

The banks correctly anticipated that judges would come to the conclusion that foreclosure defense was a scam. In order to "move their docket" they ruled in ways that would virtually guarantee that the bank or servicer would get the foreclosure sale. Swamped by millions of foreclosures (which despite popular belief have not stopped or even slowed down) this was considered the best way to clear out the millions of foreclosures that "had to happen."

But if we start with the correct supposition that most of the documents used in collection and foreclosures are fake, then judges would return to the old style of scrutinizing the documents proffered by the banks and send the bank's lawyer packing because the chain of title did NOT match up. THAT would have cleared the dockets much faster as banks realized they would not be able to get their "get out of jail" ticket that came in the form of an official court judgment and an official forced sale of the property. The implication is that everything that preceded the foreclosure judgment and sale was indeed legal. But as we have seen, neither the judgments nor the sales should have been allowed.

It is understandable that judges would lean toward the banks. The logic of the existence of a loan and therefore the existence of a creditor certainly is more appealing than the logic of fake transactions starting with origination and continuing right up to the time of the foreclosure sale. So judges went with the easier, more logical inference that the banks could be trusted even if some of their paperwork was dubious. It may have seemed like the right thing to do, but they got it wrong.

Had judges exercised their inherent right and duty to scrutinize the documents submitted in a foreclosure action, even if the foreclosure was unopposed, there would never have been a foreclosure crisis, even if there might have been a crisis in the bond market where the nominal value of "derivatives" far exceeded their actual value. But if we ever want to truly get over this and not just think it is over because the banks pay for articles announcing the end of the foreclosure crisis, then we must start with fundamentals.

The fundamentals are that in virtually all cases where there are transfers and originations of loans, there was no actual event in the real world. The documents represent a fictional story --- and the people who paid for it are all the investors in such derivatives (worthless) and all the millions of homeowners who were trapped by fraudulent lending practices, fake representations, and appraisals.  Secondarily the rest of society paid for it with entire neighborhoods crashing and in many tens of thousands of cases demolished after the alleged "bank" or "servicer" told the homeowner that they didn't qualify for a settlement (modification) or that the "investor" had rejected the modification.

The truth is that the investor never heard of the homeowner and the homeowner never heard of the investor. It was all in the province of intermediaries acting as though there was a person behind the curtain when the space was void. The Trusts are empty and no amount of "re-securitizing" into new trusts (whose existence is only suggested on paper with no property entrusted to the "Trustee") will change the fact that, as between the homeowner and the party named on the note and mortgage, nothing ever actually happened.

Thus the Wells Fargo practice of creating false accounts for their own reasons was merely the outgrowth of the creation of fake loan accounts, fake servicing, and fake foreclosures.


Also See: Wells Fargo Reveals Up To 1.4 Million More Fake Accounts

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Give Wells Fargo the Corporate Death Penalty

Editor's Note: All the aleged to-big-to-fail banks need to be shut down, assets distributed to the thousands of local community banks and credit unions!


The bank is a serial corporate criminal that has screwed over millions of Americans. Here's what the government should do about it.

Wells Fargo continues to tangle itself in scandal. Last week, the bank admitted it forced redundant car insurance on more than 800,000 car-loan borrowers, earning the company $73 million in ill-gotten gains while causing a quarter-million delinquencies and 25,000 wrongful auto repossessions. This comes as Wells tries to manage the fallout of its 2016 fake account scandal, where it generated 3.5 million unauthorized accounts to meet high sales goals. In the past month, Wells has also been accused of secretly changing the loan terms of mortgage borrowers in bankruptcy, falsifying records to charge mortgage applicants for its own delays in application processing, and stealing from mortgage bond investors to pay legal fees in lawsuits filed by those very same investors.

If Wells Fargo wanted to rehabilitate its image, it failed miserably. Senator Elizabeth Warren wants the board of directors removed. Congresswoman Maxine Waters says she’s writing a bill to break up big banks that abuse consumers. And there have been some real consequences for Wells over the past year, beyond threats: They lost tens of millions of dollars when cities and states curtailed business with them after the fake account scandal. Senior managers have been sacked, and even the CEO stepped down, a rarity in an age of fleeting corporate accountability.

None of this is good enough. We habitually allow giant corporations to harm customers, employees, and the economy with relative impunity. That’s despite the fact that we, the public, give corporations the ability to exist. Every legal corporation must obtain a corporate charter, a written contract detailing the company’s structure and objectives. And the same government that grants charters can take them away, and should, if the corporation repeatedly violates the law.

Though politicians of all stripes claim to support corporate accountability, and those on the left frequently campaign on the issue, calls for a corporate death penalty are extremely rare. But the modern enforcement regime makes a mockery of the law, as governments feign powerlessness against an entity they themselves created by granting it a charter. Simply put, if Wells Fargo keeps using its power as a bank to rip off customers, it shouldn’t be a bank anymore.

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Hillary Emails Reveal NATO Killed Gaddafi to Stop Libyan Creation of Gold-Backed Currency

Editors Note:
Every war is a banker war. 


Hillary’s emails truly are the gifts that keep on giving. While France led the proponents of the UN Security Council Resolution that would create a no-fly zone in Libya, it claimed that its primary concern was the protection of Libyan civilians (considering the current state of affairs alone, one must rethink the authenticity of this concern). As many “conspiracy theorists” will claim, one of the real reasons to go to Libya was Gaddafi’s planned gold dinar.

One of the 3,000 Hillary Clinton emails released by the State Department on New Year’s Eve (where real news is sent to die quietly) has revealed evidence that NATO’s plot to overthrow Gaddafi was fueled by first their desire to quash the gold-backed African currency, and second the Libyan oil reserves.

The email in question was sent to Secretary of State Hillary Clinton by her unofficial adviser Sydney Blumenthal titled “France’s client and Qaddafi’s gold”.

From Foreign Policy Journal:

The email identifies French President Nicholas Sarkozy as leading the attack on Libya with five specific purposes in mind: to obtain Libyan oil, ensure French influence in the region, increase Sarkozy’s reputation domestically, assert French military power, and to prevent Gaddafi’s influence in what is considered “Francophone Africa.”

Most astounding is the lengthy section delineating the huge threat that Gaddafi’s gold and silver reserves, estimated at “143 tons of gold, and a similar amount in silver,” posed to the French franc (CFA) circulating as a prime African currency.

And here is the section of the email proving that NATO had ulterior motives for destroying Libya (UPDATE: The link has since been killed, but here is the web cache):

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FREE Video Library: Banking and Currency

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Iceland Recovering Fastest in Europe After Jailing Bankers

By Soren Dreier
June 13, 2015

After Iceland suffered a heavy hit in the 2008-2009 financial crisis, which famously resulted in convictions and jail terms for a number of top banking executives, the IMF now says the country has managed to achieve economic recovery—“without compromising its welfare model,” which includes universal healthcare and education.

In fact, Iceland is on track to become the first European country that suffered in the financial meltdown to “surpass its pre-crisis peak of economic output”—essentially proving to the U.S. that bailing out “too big to fail” banks wasn’t the way to go.

Iceland is beautifully, yet unfortunately, unique in how it chose to handle the disaster. It simply let the banks fail, which resulted in defaults totaling $85 billion—lending ample justification for the prosecution and conviction of bank executives for various fraud-related charges.

The decision seemed shocking at the time, but the gamble has obviously paid off. Choosing a different route, the U.S. bailed out the banks and let executives off the hook by levying fines that ultimately ended up being paid by the corporations—meaning the executives ostensibly responsible for the mess got off scot-free.

“Why should we have a part of our society that is not being policed or without responsibility?” special prosecutor Olafur Hauksson said after Iceland’s Supreme Court upheld the convictions for three bankers—and sentenced them to between four and five and a half years each. “It is dangerous that someone is too big to investigate—it gives a sense there is a safe haven.”

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Central Banks Have Become A Corrupting Force

Editors note:  Central banks haven't just become a corrupting force.  By their very nature . . . central banks are a TOTALLY corrupting force.  Always has been and always will be.  They must be prohibited world-wide.



Paul Craig Roberts and Dave Kranzler
August 24, 2015

Are we observing the money-creating powers of central banks being used to drive up prices in the stock market for the benefit of the mega-rich?

These questions came to mind when we learned that the central bank of Switzerland, the Swiss National Bank, purchased 3,300,000 shares of Apple stock in the first quarter of this year, adding 500,000 shares in the second quarter. Smart money would have been selling, not buying.

It turns out that the Swiss central bank, in addition to its Apple stock, holds very large equity positions, ranging from $250,000,000 to $637,000,000, in numerous US corporations — Exxon Mobil, Microsoft, Google, Johnson & Johnson, General Electric, Procter & Gamble, Verizon, AT&T, Pfizer, Chevron, Merck, Facebook, Pepsico, Coca Cola, Disney, Valeant, IBM, Gilead, Amazon.

Among this list of the Swiss central bank’s holdings are stocks which are responsible for more than 100% of the year-to-date rise in the S&P 500 prior to the latest sell-off.

What is going on here?

The purpose of central banks was to serve as a “lender of last resort” to commercial banks faced with a run on the bank by depositors demanding cash withdrawals of their deposits.

Banks would call in loans in an effort to raise cash to pay off depositors. Businesses would fail, and the banks would fail from their inability to pay depositors their money on demand.

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