MY SHORT BUT THOROUGH AND WHOLLY ACCURATE HISTORY OF THE BAD DEEDS OF THE LAST FOUR FEDERAL RESERVE CHAIRMEN AND FEDERAL RESERVE SYSTEM DURING EACH OF THEIR TENURES. — Dick Eastman February 19,2017
Let’s take them one by one — and on the way you will learn all the tricks of Central Bank theft from the real domestic economy of nations with all-borrowed money supplies and monetary authorities who serve the moneyed interests at the expenses of everyone else.
I. Janet Yellen (Fed Chair 2014-present) In the midst of the present real economy’s deflationary depression, she is increasing the Fed’s discount rate for lending to banks making it more expensive and risky to lend near the limit the reserve requirement permits — final effects fewer loans outstanding (less money in consumers’ hands) and a bigger “outflow” of interest payments to banks which is pure deflation since during deflation, those collecting interest gain from not spending or lending the interest because just sitting idle their bonds and idle money deposits in deflation gain in purchasing power, giving them a windfall as the prices of things they buy (homes put on the market for rental properties, bankrupt businesses, privatized public lands and utilities going on the market.) Yellen and her colleagues are determined to prevent a new president from “making American great again” by further restricting consumer purchasing power through deflation, through tight bank lending of national money supply.
II. Ben Bernanke (Fed Chair 2006 – 2014): This Fed Chairman also served the bond holders and cash balance holders of the world by creating deflation — to the point of letting the M1 money supply (our checking deposits and dollar bills in the public’s hands) actually shrink in quarters prior to the 2008 default crisis which was caused by that shrinkage of buying power, hiring power, tax paying power and, especially, mortgage-paying power of households, businesses and government. He did all of this deflationary damage — but he talked a good talk — about helicopter money being needed — but his strategy and Fed Policy to remedy the deflation crisis