Five financial policies eating your lunch – and our economy

1. Dr. Thomas thoroughly supported my beliefs and assertions regarding repeal of the Glass-Steagall Act and how that allowed commercial and investment banks to collude and lead to the failed premise of “too big to fail.”

2. Dr. Thomas and I share a big concern about the residual effects of Dodd-Frank and one of its horrific creations, the Consumer Financial Protection Bureau, headed up by Richard Cordray. When I sat on the House Small Business Committee, we had a hearing where Mr. Cordray testified, and it was quite disturbing the power granted to this group of unelected bureaucrats and its ability to implement rules without any Congressional consideration or approval.

3. We discussed the Federal Reserve Bank, known simply as the Fed. If you go to the Fed Board of Governors website it states this about the mission of the Fed: “The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded.”

Now, of course, the concept of a central bank in America goes back to Alexander Hamilton but it was promoted in a book by Marx and Engels called the “Communist Manifesto as the fifth plank — “Centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.”

4. We are both concerned about the expanded role the Fed is playing in American fiscal policy by way of its monetary policy — namely quantitative easing. Now folks, that is a high-speed term that relates to the artificial lowering of interest rates and the incessant printing of money. We agreed that everyone cheering for the historic Dow Jones Industrial average highs isn’t aware that this is an artificial result of artificial monetary practices — in essence the Fed is propping up our economy. As I’ve stated before, we don’t have a free market economy, we have a false economy driven by printing of money and government spending — and Dr. Thomas who is no fan of the Fed, is concerned about the real bubble that will burst.

5. What if the Fed has become a political tool for manipulating our economy? Will current Fed Chairman Janet Yellin maintain these dangerous practices in order to mask the true state of the U.S. economy until the November 2016 elections? What will happen when this bubble bursts, but more importantly, under whose watch will it occur? Yes, I voted to audit the Fed because I have grave concerns about the use of American taxpayer dollars and the manipulation of our economy.


Read more at http://allenbwest.com/2014/09/five-financial-policies-eating-lunch-economy/#isDykxrBc07t16b1.99