Reposted from: Ascension with Mother Earth
‘Audit the Fed’ Passes House with a margin of 333 to 92 votes! Take note who voted against it!
By JC Collins
“Today’s passage of the Audit the Fed bill brings us one step closer towards bringing much-needed transparency to our nation’s monetary policy. For the past 100 years, the Federal Reserve, a quasi-government agency, has acted under a veil of secrecy – controlling our monetary policy and thus, our economy. While in recent years, the Fed has been granted a greater role in overseeing the regulation of our financial system, current law specifically prohibits audits of the Federal Reserve’s deliberations, decisions, or actions on monetary policy. This lack of accountability and transparency has led to grievous consequences – and it must end.
“I applaud my colleagues, Republicans and Democrats alike, for their support of this vital bill, and I commend my good friend and former colleague Dr. Ron Paul for his leadership on this important issue. I strongly encourage Senate Majority Leader Harry Reid to recall his past support for this legislation – which he stated as recently as 2010 – and to bring this bill before the Senate for a vote, so we may deliver the transparency and government accountability the American people need and deserve.”
The full bill can be read here.
Now that we are on the verge of the economic transition to the multilateral system it is only prudent for the US Government and Treasury to begin distancing itself from the Federal Reserve and start implementing the blame game.
Those who have been following my site since January will recognize the obvious pattern at play here. Congress has held up the passage of the legislation required to enact the 2010 IMF Code of Reforms which will restructure the Executive Board of the International Monetary Fund, allowing for the US Fed dollar to be removed as the primary reserve currency of the world and the SDR super-sovereign currency to be implemented in the role.
Another aspect of the 2010 Reforms will be to allow for the addition of the Chinese renminbi to the SDR basket value. The renminbi is quickly internationalizing and the Shanghai Gold Exchange is a major component of that process.
We are witnessing dramatic changes taking place this year and the hits keep coming. We can hardly go half a day now without another big economic or geopolitical story breaking. – JC
Read the following story, also from today:
The IMF and the Mainstream Media are following the “Blame the Fed” Script
Reposted from: Redefining God | by Ken
It didn’t take long for my take on things to get some validation. The day after I released theMainstream globalist propaganda reveals East/West conflict is a farce article, I saw this on Drudge…
…It shows the scapegoat, Janet Yellen, along with two articles. The first article talks about the markets booming because she kept interest rates low, and the second offers a warning from the “wise” IMF that excessive risk-taking is happening because of the low interest rates. It is no coincidence that the IMF story hit the media on the same day Yellen announced she would leave the interest rate outlook unchanged.
Here are some telling quotes from the first article, Dow Closes at a Record as Fed Reassures on Rates, with my comments added in brackets…
>>> The five-year bull market in U.S. stocks got a new lease on life, as investors embrace the steady-as-she-goes message the Federal Reserve is delivering on the economy and interest rates.
The Dow Jones Industrial Average rose to a record and the dollar jumped to a six-year high against the yen, after the Fed took tentative steps toward unwinding its historic easy-money policies while reassuring investors that rates will remain low even as the economy expands…
Wednesday’s action underscores the investor belief that the Fed will raise interest rates next year, while the European Central Bank and Bank of Japan will continue pushing rates down in a bid to spur struggling economies.
“In the big picture, the Fed is decreasing its balance sheet and looking to tighten policy, while the ECB and Bank of Japan are on the opposite path,” said Kiran Ganesh, a strategist at UBS Wealth Management…
[The last two passages set a contrast between what Yellen is doing and what the central bankers of the other developed economies are doing. She is zigging while the others are zagging.]
Investors said the Fed meeting reinforced demand for the U.S. dollar and riskier investmentssuch as stocks…
Fed policy has been credited with fueling the five-year-long bull market in stocks….
[In these two passages, Fed policy is established as the cause for the market’s appetite for “riskier investments.” So who will be blamed when those risky investments blow up?]
In the second article, IMF warns of risks from ‘excessive’ financial market bets, the IMF is established as the voice of reason, speaking truth to the risk-taking madness…
>>> The global economy faces a growing risk from big financial market bets that could quickly unravel if investors get spooked by geopolitical tensions or a shift in U.S. interest rate policy, the International Monetary Fund said on Wednesday…
[So here they are confirming that a geopolitical black swan and/or a shift in US interest rate policy will make the markets blow up.]
The IMF, an institution based in Washington that is the world’s premier watchdog for financial and economic stability…
[Ha! The “world’s world’s premier watchdog for financial and economic stability”? How is that for adulatory propaganda? Such paragons of virtue these sage globalist organizations are! I wonder if they also put such language about the IMF/World Bank/BIS in children’s textbooks: “the IMF, which provides the world with magical gumdrops and pretty, prissy ponies…”]
…it also warned that financial market indicators suggested investor bets funded with borrowed money looked “excessive” and that markets could quickly deflate if there were surprises in U.S. monetary policy or the conflicts in Ukraine and the Middle East…
[Again they are reinforcing the idea that the Fed’s overly low for overly long interest rate policy fueled excessive bets, and that these “could quickly deflate” if the market gets hit by any surprises. And speak of the devil…]
…some Fed officials have stated publicly that the central bank should be ready to move rates upsooner and faster than financial markets expect given the spate of mostly good news on the U.S. economy.
[Bingo! Here we are shown how the Fed will blow things up: they will move rates up “sooner and faster than financial markets expect.”] <<<
Of course, this IMF story came out in a number of papers, and in some versions, they set out the expectation for when rates should rise. Here is a passage from the Guardian’s version of the story…
>>> “Current plans to end tapering later this year and increase policy rates from the middle of next year appear appropriate, given the sizable slack,” the [IMF] report said. <<<
So the financial markets expect an interest rate increase next summer. If it comes earlier (such as in March) and/or it’s a larger increase than expected, it will spook the markets and trigger a crash. From a scan I did of financial articles, Yellen plans to raise the rate if the official unemployment figures are less that 6.5% and the official inflation rate is above 2%. Once those criteria are met and appear stable, she will do the deed.
So if we see the inflation statistics showing an uptick for a few of months in a row, we could get the early rate hike.
Should they pull the interest rate trigger this year or next and start the slow-motion train wreck, expect to also hear leaks emerging from the Fed audit that will likely commence next year. Worsening economic conditions and damning leaked information will provide quite a buildup to the Congress versus the Fed showdown in 2016.
By the way, don’t cry for Janet Yellen. She knows the role she must play, and she agreed to it. You can be sure she has a golden parachute waiting on the other side of what’s coming.
Till later, much love…