Sunday, January 24, 2021

Tag: The New York Fed Is Exercising Powers Never Bestowed on It by any Law

The New York Fed Is Exercising Powers Never Bestowed on It by any Law

by Pam Martens and Russ Martens, Wall St On Parade:

Earlier this month President Trump advanced the view that during a national emergency the President has “total power.” The real power, however, is being exercised by the Federal Reserve Bank of New York (New York Fed) with not so much as one vote by any elected representatives of the citizens of the U.S.

The speed at which the New York Fed, owned by multinational banks, can create trillions of U.S. dollars by pushing an electronic button and bring financial relief to the 1 percent on Wall Street stands in sharp contrast to the millions of mom and pop small businesses across America who are still waiting to see a dime in relief from an elected Congress, forcing a growing number of small businesses to close permanently and thus further consolidating money and power in the United States.