Reprise: Bernanke Admits Fed Caused Great Depression


… Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton [Friedman] and Anna [Schwartz]: Regarding the Great Depression. You’re right, we did it. We’re very sorry. But thanks to you, we won’t do it again.

Just a big misunderstanding that happened to vastly enrich the fed’s shareholders.  And now they’ve done it again but via a different approach: GHW Bush arranged for housing lenders to be immune from the consequences of bad mortage loans by forcing fannie mae and freddy mac to buy sub-prime mortages from the banks (Federal Housing Enterprises Financial Safety and Soundness Act of 1992).  A sub-prime mortgage doesn’t magically become prime because the president wants poor people to have homes.  The laws of arithmetic get in the way.    Meanwhile Moody’s and S&P issued entirely fraudulent credit ratings on mortage derivatives, which lured all kinds of traditionally conservative investment funds such as pensions to buy the crap.  GWBush actively prevented the states from investigating predatory lending practices ( ), delaying the day of reckoning to maximum effect, but the pin that pricked the bubble was the BIS new “mark to market” accounting rule ( see and )

But the biggest factor of all was greenspan’s historically unprecedented bubble which lured poor people into the trap of buying homes they couldn’t afford and existing homeowners to take out second and third mortgages, all while housing prices skyrocketed.  When the bubble burst, the bastards actually blamed evicted homeowners when of course it was the lenders’ job to determine borrowers’ creditworthiness and they no doubt would have if the two bush’s hadn’t relieved them of financial liability and shielded them from prosecution.  Given that college educated adults were in charge, the implication is that the regulatory stage was specifically designed for collapse.  A financial false flag.

Greenspan is supposed to be an economist.  His megabubble was not sane economic policy for the country, but it was a great strategy for the fed’s owners, who positioned their investments to take advantage of the upswing they knew was coming, and are now flush with QE cash to gobble up assets for pennies on the dollar when desperate people sell everything to survive, as they did in the great ripoff of the ’30s.

So all in all it was quite a well-coordinated attack utilizing both democrat and republican assets in the white house and congress, and the bleeding has only just begun. This is the kind of power you can buy when you can create money out of nothing.  There’s hardly a more convincing case for the immediate nationalization of all central banks.  See for an elegant and effective solution to our predicament.

Did it really take a nobel-prize winning economist to figure out that the fed’s policies matter?

Also see:

American autism rates up 30% in 2 years

The percentage of American kids with autism jumped 30 percent in two years, according to new data released by the Centers for Disease Control and Prevention on Thursday which found that 1 in 68 children had autism spectrum disorder in 2010, up from 1 in 88 children in 2008.

That’s based on a survey of medical records in 8-year-olds from 11 communities throughout the U.S. When the CDC started its surveillance of these communities back in 2000, the incidence of autism was 1 in 150 children.

But CDC officials couldn’t explain specific reasons for the rise. “It may be that we’re getting better at identifying autism,” said Coleen Boyle, director of the CDC’s National Center on Birth Defects and Developmental Disabilities during a press briefing. “We do feel like some of this has to do with how children are identified, diagnosed, and served in their communities.”…

Where do they find such heartless bastards.

The single biggest risk factor for late-onset autism is a lack of antioxidants in the blood, and vitamin D is an effective preventative for that condition:

Mercury is STILL in certain flu vaccines, which are given every year:

Last but not least, autism is an autoimmune disease and vaccines contains immune-stimulating adjuvants combined with cellular detritus from the growth medium, which is often derived from HUMAN and simian cells lines.  MMR growth medium is derived from human cells: . Thus the mechanism of action connecting MMR to autism might be analogous to that of the tetanus-hCG anti-pregnancy vaccine that the WHO is pushing in africa (see my earlier post): the mixture of an immune-stimulating ingredient (adjuvant with MMR, tetanus toxoid with antipregnancy vaccine) with human cell proteins or human chorionic gonadotropin causes the body to react to the presence of the latter ingredient.  Is it any wonder that MMR is correlated with autism?  They’re training the child’s immune system to reject human proteins.