Nobel Prize-Winning Economist: Federal Reserve System is Corrupt and Undermines Democracy

Joseph Stiglitz – former head economist at the World Bank and a nobel-prize winner – said yesterday that the very structure of the Federal Reserve system is so fraught with conflicts that it is “corrupt” and undermines democracy.

Stiglitz said:

If we [i.e. the World Bank] had seen a governance structure that corresponds to our Federal Reserve system, we would have been yelling and screaming and saying that country does not deserve any assistance, this is a corrupt governing structure.

Stiglitz pointed out that – if another country had presented a plan to reform its financial system, and included a regulatory regime that copied the makeup of the Federal Reserve system – “it would have been a big signal that something is wrong.”

Stiglitz stressed that the Fed banks have clear conflicts of interest, since the banks are largely governed by a board of directors that includes officers of the very banks they’re supposed to be overseeing:

So, these are the guys who appointed the guy who bailed them out … Is that a conflict of interest?

They would say, ‘no conflict of interest, we were just doing our job. But you have to look at the conflicts of interest”…

The reason you talk about governance is because in a democracy you want people to have confidence … This is a structure that will undermine confidence in a democracy.

Indeed, by all objective measures, the Fed has performed horribly (and see this).

As 6 congressmen wrote last November, there are at least 4 reasons to demand full transparency of the Federal Reserve, and a change in the Fed’s structure:

First … how effective a regulator can the Federal Reserve be if it is unwilling to strive for good public policy through its regulatory powers?

Second, there is an inherent conflict in the manner in which regional reserve branch presidents are selected – in that representatives of the member banks select the regional president. It seems counterproductive, yet the banking system has provided case after case of regulated entities selecting their own regulator.

Third, the Federal Reserve has continually resisted efforts to engage in discussion on structural and governance reform at the System. Most recently, Bloomberg reported yesterday that the Federal Reserve has rejected a White House request that [the Federal Reserve] conduct a public review of its structure and operations.

Despite a request from the administration that provided ample opportunity for the Federal Reserve to have input into its own reforms, the central bank has simply refused. It is because of this attitude that I argue that real financial regulatory reform cannot occur without an examination into the structure of this entity.

Fourth, and most importantly, the Federal Reserve has shown a repeated unwillingness to accept efforts to improve transparency for the System.

Why The Banking Elite Want Riots in America

Every indication clearly suggests that authorities in the United States are preparing for widespread civil unrest. This trend has not emerged by accident – it is part of a tried and tested method used by the banking elite to seize control of nations, strip them of their assets, and absorb them into the new world order.

There is a crucial economic imperative as to why the elite is seeking to engineer and exploit social unrest.

As respected investigative reporter Greg Palast exposed in 2001, the global banking elite, namely the World Bank and the IMF, have honed a technique that has allowed them to asset-strip numerous other countries in the past – that technique has come to be known at the “IMF riot.”

In April 2001, Palast obtained leaked World Bank documents that outlined a four step process on how to loot nations of their wealth and infrastructure, placing control of resources into the hands of the banking elite.

One of the final steps of the process, the “IMF riot,” detailed how the elite would plan for mass civil unrest ahead of time that would have the effect of scaring off investors and causing government bankruptcies.

“This economic arson has its bright side – for foreigners, who can then pick off remaining assets at fire sale prices,” writes Palast, adding, “A pattern emerges. There are lots of losers but the clear winners seem to be the western banks and US Treasury.”

In other words, the banking elite creates the very economic environment – soaring interest rates, spiraling food prices, poverty, lower standards of living – that precipitates civil unrest – and then like a vulture swoops down to devour what remains of the country’s assets on the cheap.

We have already seen this process unfold in places like Bolivia, Ecuador, Indonesia, Greece and Argentina. Next on the chopping block are Spain, Italy, Britain and France – all of which have seen widespread riots over the last two years.

As Ha-Joon Chang explains in the Guardian, the roots of Europe’s riots were sparked by “governments inflicting an old-IMF-style programme on their own populations,” namely the same programs of “austerity, privatisation and deregulation,” that caused the riots of the 80′s and 90′s in poorer countries.

Although the likes of the IMF and the World Bank have pillaged half of the globe with their economic terrorism, America remains the ultimate prize. The first step of the four step process for bankster seizure of a country – privatization of state-owned assets – is already well under way in America, with infrastructure being sold off to foreign corporations, with the aid of Goldman Sachs, at a frightening pace.

A key component of the banking elite’s insidious agenda to bring about an economic collapse in America by design also centers around the process of de-industrializing the country, eviscerating the nation’s platform for self-sufficiency and replacing it with dependence on banker bailouts. This has already been largely achieved in Europe – with just about every major economy on the continent run by Goldman Sachs-affiliated technocrats.

In the United States, 32 per cent of manufacturing jobs have been lost since 2000, while 56,000 manufacturing facilities have been mothballed since 2001. The Obama administration has also declared war on the coal industry, with Obama himself promising to “bankrupt” anyone who tries to build a new coal plant. Meanwhile, China builds a new coal plant every two weeks.

Given the clear economic motive for stirring unrest in the United States, we’d expect to see preparations for domestic disorder in numerous different guises – and indeed the signs are everywhere….

Also see:

The process of domestic militarization was well underway by the early 90s:!msg/  9/11 was only the public justification for a plan that has been in the works since at least the mid-80’s.

Oncology nurse quits after 17 years to promote nutrition and natural therapies for healing cancer

Chris, the interviewer, cured himself of cancer. Chris and many others have proved that cancer is not a one-way street to a dead-end. What a doctor means when he says “incurable” is “I don’t know how to cure it” or, “I am not allowed to use anything but radiation, surgery and chemotherapy.” Nature, however, is kind and generous; it responds rapidly to our return to a simple, clean, healthy lifestyle – which is quite different than the popular idea of “healthy”. Every malady responds

After 17 years as an oncology nurse, Valerie Warwick took a huge risk and walked away from a lucrative income because she could not be a part of the conventional cancer industry anymore. In our interview, Valerie shares insider information about the industry as well as vital resources and therapies that every cancer patient should consider.

9:26 What cancer patients need to know before agreeing to conventional treatment
13:35 The nutritional advice cancer patients get from doctors
14:47 The critical importance of vitamin C for cancer patients
23:00 How doctors profit off of chemotherapy
24:44 Why doctors are not allowed to offer any other therapies
29:23 Why she finally left oncology
30:11 What she learned after working in several alternative clinics
31:31 The benefits of Oxygen, Ozone Therapy and EWOT
36:00 The impact that stress has on the immune system
38:00 Essential tests every cancer patient should have
40:00 What every newly diagnosed patient needs to know
43:00 Her opinion on cannabis oil

Oncology nurse quits after 17 years to promote nutrition and natural therapies for healing cancer –.