If you have had your credit lines revoked, or your credit cards cancelled, or the interest rates on your cards or loans raised to loan shark levels, you will be pleased to know that YOU subsidised billions of dollars that was lent by our dear Federal Reserve to FOREIGN BANKS WHO DID NOT NEED THE MONEY. So, while you are scratching together whatever credit you could muster to keep your home or your business going, the Fed was lending banks such as Rabobank of the Netherlands and Tononto-Dominion Bank of Canada $20 Billion at an interest rate of 2-2.5% through its EMERGENCY CREDIT FACILITY. This “Facility” was supposed to be used to give US banks that were in trouble liquidity so they could loan money to their customers, YOU. Keep in mind that these two banks have AAA Credit Ratings and did not need to borrow the money from YOU as they did not have any liquidity problems. BUT, they turned around and loaned it out at 7% and made a handy $20M a month using YOUR MONEY. This, at a time when you received a notice from Chase or Citibank (who also received billions in bailout funds) telling you that your credit card interest was being raised from 5% to 32% or your credit line was eliminated altogether.
It is time to get behind Ron Paul and put an end to the nonsense that is going on at the Federal Reserve. It has become open spigot for international and US bankers to rip us off while our own banks have their heel on our necks and are squeezing us for all we have. Bernanke should be fired immediately and take Geithner with him. If the 112th Congress does not call for a full investigation and audit of the Fed in the first quarter of 2011, we will regret it until the Fed finally drives the United States into total insolvency.
We need to stop this madness now and take of the United States first and foremost. The European Union, China, Russia, OPEC and other countries and groups take care of themselves first and we should do the same. It is one thing to be the world’s babysitter when we are doing well at home. When we have 10-20% unemployment and an anemic economy at best, it is time to reassess our global priorities and take care of the home front first.