Federal Reserve is the primary tool of the new financial oligarchy – The ultimate banking clearing house with zero oversight from the people still holds over $2 trillion on its balance sheet.

Monday, December 20, 2010
By Paul Martin

by Mybudget360.com

The Federal Reserve system (the Fed for short) is the US central banking system. The Fed was created in 1913 with the enactment of the Federal Reserve Act. In the beginning the Fed had limited powers and its mission was limited. According to the Fed its mission today is to conduct monetary policy, supervise and regulate banking institutions, and maintain stability in the financial system. If this is the mission of the Fed, it has radically failed and the American people should audit the Fed to see what went wrong. The problem with the Fed is that it is independent within the government since it does not need to seek legislation for actions. Yet the authority of the Federal Reserve is derived from the US Congress. Yet we have recently seen when a push to audit the Fed was issued in Congress a major backlash hit from the Fed and we have yet to conduct a full audit of the Federal Reserve. The Fed has conducted and put at risk the US currency to protect the banking interests of its member banks. The unstated mission of the Fed is to protect its banking allies even if it means destroying the economic structure of its host nation so long as wealth is stabilized in the new financial oligarchy.

Even as the Fed gloats that the economy is on a mends, we see that the Fed balance sheet hasn’t really shifted since the financial crisis hit:

The rest…HERE

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