Quote:

In a very real sense, Bernanke is throwing Granny and Grandpa down the stairs - on purpose. He is literally threatening those at the lower end of the economic strata, along with all who are retired, with starvation and death, and in a just nation where the rule of law controlled instead of being abused by the kleptocrats he would be facing charges of Seditious Conspiracy, as his policies will inevitably lead to the destruction of our republic.

That's not ZeroHedge, it's Karl and the paragraph has been altered. Karl is none too pleased.



Read more: http://curiouscapitalist.blogs.time.com/....

The FED certainly ****ed me and just about every retiree I know.

4 years ago, I received over 5% on my money from Emigrant Direct, a local bank, and 28 day T's. (Needed to buy the T's since I was at FDIC limits at the other 2 banks.

In 2007 I received 16K in interest income. With my expenses whittled down to $800 a month, I was effectively retired.

This year I will earn less than $2000 in interest income.

Where I work, there are 5 different former retirees working in various capacities to "supplement" their income. Went to McDonalds several months ago at lunchtime and I did not see anyone behind the counter less than 35 years old!

No wonder the younger crowd can't find work. You have an older workforce that is more than capable that is forced to work to take up the slack in their "nest eggs" that aren't really returning anything.

Karl is correctly quoted (with attribution) on Zerohedge which is then quoted on Curious Capitalist without proper attribution. Either he didn't read the ZH article correctly (or at all) or was just lazy, but the quote is Karl's. I'd be*****ed too.

sandor - we hired two girls to work weekends for us with prep work. they are teenagers next town over and at their local mcdonalds, there is a wait list for applications and interviews

they work cash for us and we pay more than mcdonalds

Another thing he is wrong about:

Quote:

That being said, civil war, probably not. "It is a gross exaggeration," says Allan Meltzer, who is a top Fed historian at Carnegie Mellon. "I cannot recall ever learning about riots or civil war even when the Fed made other mistakes." When I called, David Rosenberg was traveling and couldn't talk, but he did send me a quick e-mail to stress that he has never, ever suggested that any moves the Fed makes will lead to a militia uprising.

Read more: http://curiouscapitalist.blogs.time.com/....

Although the fed was not created until 1913, there were previous monetary crises that led to widespread violence. (1870s & 1890s) In addition, Andrew Jackson campaigned AGAINST the "United States Bank" (a precursor to the FRB) in the 1830s. There were no militias and no civil war, but there were lynchings and mob violence. The bankers would do well to read about what happened to some of their brethren in centuries past.

No uprisings huh. Recent experience seems to say that is not true. Loose monetary policy was loose in the 1920's resulting in the Roaring 20's. Then when they tightened guess what happened, the Great Depression. The Weimar Republic was stabilized until the Depression and then fell apart opening the door for Hitler and Nazis. We all know what followed.

Personally, I believe you can lay 50 million deaths on the door of the Federal Reserve.

Meltzer would likely say these events during the Depression were not directly attributable to the Fed, and so his statement that there has never been violence as a result of Fed actions is true, but the fact is that during the Great Depression riots on bread lines occurred and grocery stores were occasionally overun by mobs.

Anyone here want to work as a security guard at Walmart at midnight at the end of the month when food stamps get cut off???

America has many incidents of small skirmishes with local and state officials when they step over the line too far.
Battle of Athens is an interesting one.

The Battle of Athens (sometimes called the McMinn County War) was a rebellion led by citizens in Athens and Etowah, Tennessee, United States, against the local government in August 1946. The citizens, including some World War II veterans, accused the local officials of political corruption and voter intimidation. The event is sometimes cited by firearms ownership advocates as an example of the value of the Second Amendment in combating tyranny.

http://en.wikipedia.org/wiki/Battle_of_A....

Lilvern -- Don't believe me that the Fed caused the Depression. How about words right out of the Chairman of the Federal Reserve's mouth.

Bernanke: Federal Reserve
caused Great Depression
Fed chief says, 'We did it. …
very sorry, won't do it again'
________________________________________
Posted: March 19, 2008
9:02 pm Eastern
By David Kupelian
© 2010 WorldNetDaily

Despite the varied theories espoused by many establishment economists, it was none other than the Federal Reserve that caused the Great Depression and the horrific suffering, deprivation and dislocation America and the world experienced in its wake. At least, that's the clearly stated view of current Fed Chairman Ben Bernanke.

The worldwide economic downturn called the Great Depression, which persisted from 1929 until about 1939, was the longest and worst depression ever experienced by the industrialized Western world. While originating in the U.S., it ended up causing drastic declines in output, severe unemployment, and acute deflation in virtually every country on earth. According to the Encyclopedia Britannica, "the Great Depression ranks second only to the Civil War as the gravest crisis in American history."

What exactly caused this economic tsunami that devastated the U.S. and much of the world?

In "A Monetary History of the United States," Nobel Prize-winning economist Milton Friedman along with coauthor Anna J. Schwartz lay the mega-catastrophe of the Great Depression squarely at the feet of the Federal Reserve

Full story here -- http://www.wnd.com/index.php?fa=PAGE.vie....