patrick.net

1. Powell is the one who decided to disclose the existence of the grand jury subpoena, not the government. The government is generally prohibited from discussing grand jury proceedings.

2. Contrary to Powell’s statement, service of a subpoena on the Fed is not a threat to indict him. Subpoenas are investigative tools. It’s possible that the government separately advised Powell that he was a “target” of the investigation, but he didn’t say that.

3. Nowhere in the statement does Powell say his testimony to Congress about the Fed construction project was truthful and accurate.

The United States Attorney’s Office contacted the Federal Reserve on multiple occasions to discuss cost overruns and the chairman’s congressional testimony, but were ignored, necessitating the use of legal process—which is not a threat.

The word “indictment” has come out of Mr. Powell’s mouth, no one else’s. None of this would have happened if they had just responded to our outreach.

This office makes decisions based on the merits, nothing more and nothing less. We agree with the chairman of the Federal Reserve that no one is above the law, and that is why we expect his full cooperation.

The monetary system is a Marxist communist system. You have this politburo, the Federal Reserve board, a bunch of academics, a bunch of PhDs. That’s exactly what Gosplan was in the Soviet Union, a bunch of really smart people sitting in offices doing calculations about how many toothbrushes needed to be manufactured in the Soviet Union. And of course, you couldn’t get a good toothbrush, because central planning doesn’t work.

And so in the U.S., or in the west, we entrust the number one controller of people making decisions, interest rates. We entrust that to a bunch of academics and other people in a centrally planned situation. And so they are politically influenced, whether you like it or not, whether they say they’re they are or not - they are. They don’t let anybody fail…They constantly intervene, because you have this revolving door between Wall Street and academia and the Federal Reserve. So, of course, they’re going to bail themselves out.

“While the Consumer Price Index has insultingly reported a 0.6% increase for health insurance costs over the last year, we’re personally facing a 32% jump (+50% over 2 years), and millions more are in the same boat. Financial hits of this magnitude can be devastating. The blame for this is shared by many in Washington over many years, beginning with the Federal Reserve, which is restarting Quantitative Easing with asset prices charging to all-time highs in the interest of “reserve management.”

They’ve created a captive financial system reliant on permanent central bank liquidity rather than decentralized market liquidity. Previously, QE was the backup generator. Now it’s required just to keep the lights on. As a result of decades of mismanagement, every policy choice now boils down to accepting inequality or inviting a recession.”

Jayme Wiggins & Eric Cinnamond

Fed refused to cut rates, with two dissents.

End the Fed!

"America is supposedly about free markets, but somehow not that market. Why?"