[fed power play] here we go, here we go

The Creature from Jeckyl Island is making it's latest power grab:

The plan would beef up the powers of the Federal Reserve, which earlier this month engineered the purchase of troubled investment bank Bear Stearns by JP Morgan. It would give it greater oversight of all kinds of financial institutions from hedge funds to insurance companies.

"Our current regulatory structure was not built to address the modern financial system,"
said US Treasury Secretary Henry Paulson. "Government has a responsibility to make sure our financial system is regulated effectively. And in this area, we can do a better job."

The government says the proposals are an effort help US firms become more competitive in the global economy. The 218-page report was commissioned before credit markets began to seize up in August last year.

The reactions to this tightening will clearly range from "right, so here we go" to "the Fed's a government body, isn't it?" Capitalist bloggers fall somewhere in between, knowing full well that the Fed is a privately run concern, not only influencing the regulation of markets but also playing in them and yet not willing to accept this thing for what it is.

The long and the short is that the Fed is Morgan and associates, who have a habit of bailing favoured firms out of crises and panics. They control the economy by ostensibly playing the government watchdog whilst at the same time creating the ability to openly play the markets through the FOMC and working closely with Europe.

The reason this is evil is because of all the human misery which has historically attended it, including housing crashes, depressions and war. Either Google the Federal Reserve or search this site and there is considerable material in support of this contention if you look.

They can be stopped if everyone is awake to what's going down but no one sector of society, e.g. the economists, can see the others sides, e.g. depopulation and Eisenhower's military-industrial complex.

There's no one authoritative ombudsman body which can draw all the threads together and see where this is going and why it is.