Wednesday, November 20, 2013

US Fed to get greater powers: Bernanke

As usual, the headlines are misleading.  The Fed is enacting laws--in conjunction with the International Monetary Fund--to prevent a taxpayer-funded bank bailout at the onset of the next financial crisis.  It sounds reasonable and noble enough, given the plundering of tax funds to recapitalize the collapsed banking industry in 2008.

The problem is the solutions they are now proposing, but are not being reported to the masses, include bank bail-ins, which target credit holders and "investors" in the bank.  In other words, they will raid customer deposits.

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