Regardless of how you feel about the Federal Reserve Board, I think we would all agree the construct of an autonomous central bank is outside the boundaries of our constitutional framework.  Factually, the Sea Island financial group set up the Federal Reserve as a system of control over the U.S. economy that was completely unnecessary.

That same ultra-constitutional mindset of omnipotent power permeates the recent statements by FED Chair Jerome Powell, who now attempts to evade a Dept of Justice investigation by hiding behind the ruse of his non-elected office.

Last year, facing ridiculous cost overruns, Congress questioned Powell over the insane spending proposal by Powell for a new office building.  Chairman Powell characterized the construction changes, that escalated the cost of the project from $1.9 billion to $2.5 billion, as ‘minor modifications.’  That’s $2.5 billions of taxpayer money.

A referral to the Dept of Justice was made [SEE HERE] following Powell’s testimony.  Things got ugly quickly when President Trump, a builder and renovator himself, took exception with the scale and scope of the ridiculous spending plan.

In an effort to both use his office as a defense, and simultaneously weaponize the power of his position, Jerome Powell waits until Sunday evening to announce he is being investigated by the DOJ [SEE HERE], and then he claims it is political targeting.

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[Transcript] – “Good evening.

On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.

I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.

This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.

I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.

Thank you.”

Most Americans do not understand what the Federal Reserve Bank does, let alone grasp the concept of how the Federal Reserve construct has been weaponized against their economic interests.

Ultimately, at the core of the issues with the FED is the need for power and control by those who exist in the strata of high finance and banking; essentially, the originating assembly we call the Sea Island group.  This group, in synergy with the Federal Reserve, operates to control the U.S. government through monetary policy.  There is no other reason for the group to exist.

There’s no reason why banking (interest) rates cannot be localized, determined by each financial institution according to their specific area of focus, and the control of capital outflows determined at a level closest to the Main Street enterprise.

For decades a growing number of voices have been against the FED control over U.S. monetary policy.  However, the independent fiat of the FED is defended by all the beneficiaries of the controlled financial system.

Jerome Powell has consistently been politicizing his office through the use of policy. Now, he is claiming to be the victim of politicization, because he is being subjected to the same investigative rules that would apply to any other financial institution head who was guilty of fraud and/or mismanagement.

Posted in Bailouts, Banking and Finance, Big Government, Big Stupid Government, Deep State, Dept Of Justice, Donald Trump, Economy, President Trump, US Treasury, USA
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