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Friday, November 5, 2010

Celebrating 100 Years of Federal Reserve Power and Dollar Devaluation

Items of Interest:

The 100 year anniversary of the founding of the Federal Reserve is being celebrated at Jekyll Island, Georgia this weekend. The first Fed meeting in 1910 was a secret gathering of bankster conspirators and Washington insiders. They formulated a conspiracy to grab the financial cojones of the United States. Their evil conspiracy came to fruition in 1913, when Congress passed the Federal Reserve Act. It's been downhill for the dollar ever since then.

The dollar has dropped in value so it is now worth 4 cents and dropping in 2010, compared to 1913. In other words, the 1913 dollar was worth more than $25 in current dollars. Thank you very much.

old grocery prices, 1940s, Lincoln Nebraska
Grand Grocery Company. Lincoln, Nebraska, 1942.
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International Business Times:
Fed returns to Jekyll Island -- Federal Reserve officials, including chairman Ben Bernanke, are going to Jekyll Island in Georgia this weekend to commemorate the 100th birthday of the Federal Reserve. This event, called "A Return to Jekyll Island: The Origins, History, and Future of the Federal Reserve," is hosted by the Federal Reserve of Atlanta...

Contrastingly, the November 1910 Jekyll Island meeting that gave birth to the Federal Reserve was shrouded in secrecy. According to author Edward Griffin, Forbes founder Bertie Charles Forbes said the event was so secret that the full names of the attendees were not mentioned once. Attendees of this "most secret expedition in the history of American finance" reportedly included the powerful Senator Nelson Aldrich and several leading bankers of the time...
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Not just crackpot bloggers are calling the Fed names. The German finance minister calls Bernanke's QE 2 policy "clueless".

Irish Times:
US Federal Reserve's $600bn stimulus doomed to failure, says German minister -- The US Federal Reserve’s $600 billion injection is “dismal”, “clueless” and doomed to failure, according to German finance minister Wolfgang Schäuble.

In unusually sharp language, Mr Schäuble said Washington was mistaken to pump further billions into the US economy in the hope that it would encourage growth.

“With all due respect, my impression is that the US is at a loss as to what to do,” said Mr Schäuble.

“This isn’t about a liquidity shortage, so to say ‘we’ll throw $600 billion at it’, won’t solve the problem.” He found sharp words, too, over the ongoing currency unrest between the US and China.

Washington has accused Beijing of keeping the value of its yuan artificially low to help exports, but Mr Schäuble accused Washington of “pursuing the same goal with different instruments”...
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NY Times:
Fed Chief Defends Action in Face of Criticism -- The Federal Reserve chairman, Ben S. Bernanke, on Friday defended the central bank’s decision to inject $600 billion into the American economy, in the face of objections from European and Asian officials about the weakening of the dollar that is likely to result from the action...
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more discussion:
Robert Kuttner / Boston Globe:
Cheap Money Will Not Save the Economy

ZeroHedge:
How Ben Bernanke Sentenced The Poorest 20% Of The Population To A Cold, Hungry Winter

Jeremy Warner / Daily Telegraph:
The Age of the Dollar Drawing to a Close

Campbell Harvey /  TheStreet:
Why the Fed's QE2 Won't - and Can't - Work

Colin Barr, Fortune:
Bernanke Is Soft-Pedaling Quantitative Easing Risks

Editorial / Los Angeles Times:
Don't Blame Ben Bernanke, Blame Congress 

Sewell Chan / New York Time:
Bernanke Fearing Fate of Japan, Not Greece
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