Time to Rain Money on Main Street by Ellen Brown

[Crewleader]

September 2, 2014

Even the Council on Foreign Relations Is Saying It

Time to Rain Money on Main Street

by ELLEN BROWN

You can always count on Americans to do the right thing, after they’ve tried everything else.

—Winston Churchill

When an article appears in Foreign Affairs, the mouthpiece of the policy-setting Council on Foreign Relations, recommending that the Federal Reserve do a money drop directly on the 99%, you know the central bank must be down to its last bullet.

The September/October issue of Foreign Affairs features an article by Mark Blyth and Eric Lonergan titled “Print Less But Transfer More: Why Central Banks Should Give Money Directly To The People.” It’s the sort of thing normally heard only from money reformers and Social Credit enthusiasts far from the mainstream. What’s going on?

The Fed, it seems, has finally run out of other ammo. It has to taper its quantitative easing program, which is eating up the Treasuries and mortgage-backed securities needed as collateral for the repo market that is the engine of the bankers’ shell game. The Fed’s Zero Interest Rate Policy (ZIRP) has also done serious collateral damage. The banks that get the money just put it in interest-bearing Federal Reserve accounts or buy foreign debt or speculate with it; and the profits go back to the 1%, who park it offshore to avoid taxes. Worse, any increase in the money supply from increased borrowing increases the overall debt burden and compounding finance costs, which are already a major constraint on economic growth.

http://www.counterpunch.org/2014/09/02/time-to-rain-money-on-main-street/

[littlemissmartypants]

1. Fasten your seat belts fellas, it's gonna be a bumpy ride. nt

[truedelphi]

2. People like Neal Barofsky have known this for years.

Also William Black.

But the Federal Reserve was ruled by the friend of the Big Banks, one Ben Bernanke.

Some people say that various machinations performed by The Bernanke happened to double the price of oil and gas within just a few short months. This increase really hit lower incomed people tremendously - if all you can get is a part time job, and you need to spend half of what you make on gasoline, then what?

Yet despite the great harm he did to Main Street, he was re-appointed by Obama.

If money is to be released via loans to the middle class, right now, it may be hard to do. Many people who would have qualified for a loan a few years back no longer have good credit. And although my small business has good credit, the only loan anyone wants to make to me is a student loan.

Moral of the lesson - give the damn economic CPR to the victims before they have one foot in the grave!