Posted on May 28, 2014
by Jerry Alatalo
“A power has risen up in the government greater than the people themselves, consisting of many, and various, and powerful interests, combined into one mass, and held together by the cohesive power of the vast surpluses in the banks.”
– JOHN C. CALHOUN (1782-1850) American statesman
When a mainstream media news host reveals secrets of the United States Federal Reserve, you know there are moments of television history being created. Dylan Ratigan spent nearly a decade employed in New York corporate news groups before leaving MSNBC in 2012. Thanks to Stuart for pointing me in the direction of this (now former) television journalist by sharing an explosive clip from one of his 2012 broadcasts when Mr. Ratigan, perhaps out of frustration that many in the internet/alternative news can surely relate to, simply “blew a gasket” on air in telling the American people how trillions of dollars were being “extracted” by the Federal Reserve and its clients on Wall Street – while elected politicians in Washington, D.C. did absolutely nothing to stop it.
When Bernie Sanders appeared on Dylan Ratigan’s program in 2012 to discuss the Federal Reserve it was a genuine historic moment because, correct me if I’m mistaken, it is so very – very – rare to find any discussion of the Fed broadcast over American television screens, and this one may have been the only broadcast on the Fed that exposed the pertinent details it did.
In 2014 solutions still exist – nationalization of the Federal Reserve/transforming the Fed from a private banking cartel to a public utility being step one – and much has been done to raise public awareness while working on the grassroots level to force much-needed, necessary monetary reform.
Dylan Ratigan: “Either you’re a big business special interest who can buy your way to ‘Platinum Citizenship’ or you’re the other 99% of America. The (audit) report cites rampant and widespread conflict of interest inside of the Federal Reserve, undermining its credibility as a custodian of America’s currency and America’s capital. This is the first audit ever of the controversial and unorthodox tools that the Fed used during the financial crisis to cover up the banks’ problems and perpetuate a too-big-to-fail system, with a dark, casino-based swaps market.”
“Why should we care?”
“Because the group of people doing this are appointed, unelected, elite platinum citizens, who are exploiting our nation’s economy and our nation’s currency to preserve their own interests – mind you unchecked. When it comes to power, they’re not a part of our three branches of government. If you need an example of their abuse of power, here’s one.”
“The audit report exposed today the following. Eighteen current and former Fed Board members held top spots at the same banks and companies that were given emergency loans from the Fed. So, the same people that were saying, “you’d better do what we say, or else” – those same platinum citizens threatening America in 2008 – continue to do that at the expense of students, retirees, the unemployed and every other “non-platinum” citizen. And, because of how the Fed works, there’s no transparency as to how they do this. Obviously, the more of this we see the harder it will be to perpetuate the Tim Geithner-led “Platinum Citizenship Plan.”
“So, those trillions in bad assets that the Fed – you and me, we’re the Fed – bought during the bailout of the banks who would bonus themselves creating it, is still largely secret. The only thing we do know is that the American taxpayer now owns them. Remember the final barrier to ending this culture of platinum citizenship that really began at the outset of America, and we’ve watched it through the original rejection of slavery, the rejection of women as property, into the rejection of the youth as having no voice even though we’re willing to send them to war and have them get killed, with an amendment that dropped the voting age to 18.”
“Well, we’re seeing the final division in America is not race, it is not age, it is not gender. It is economic status relative to the platinum citizenship plan that is being run on behalf of bankers at the Federal Reserve.”
“It was your amendment Senator Sanders that even yielded this ‘sliver of information’ about the eighteen Fed members bailing themselves out at the same time that they were at the Federal Reserve. Are you satisfied with the information, or would you like to see more?”
Bernie Sanders: “The Fed is the institution, maybe the most powerful agency in the United States government, and their job among other things is to regulate Wall Street. Well, the truth of the matter is people from the huge financial institutions, who sit on the Fed Boards, are regulating themselves. That may make sense to somebody, but it doesn’t make sense to me. And what the report documents – that in a number of instances people who sit on the Fed Boards and also are high-ranking officials at financial institutions, have been able to get programs and financial assistance from the Fed to their own financial institutions.”
“That is to my mind a real conflict of interest.”
Dylan Ratigan: “How is it that we’ve come to accept the level of conflict of interest that the entire western world would reject on its face?”
Bernie Sanders: “Well Dylan, I think that’s a great question.”
“I think what we have to say now is enough is enough. Now, from my perspective having authored this provision that got us this information, this is just the beginning. What I intend to be doing is working with economists and the general public; to begin sitting down and asking what kind of structure should we have on the Fed so that it reflects the needs of ordinary Americans and not just Wall Street and the big financial institutions.”
Dylan Ratigan: “The Federal Reserve Chairman Ben Bernanke referred specifically to this technique. The Federal Reserve will secretly purchase whatever a bank is selling in order to bail them out. He said, ‘Listen these (tools) can be valuable even when the zero lower bound (interest rates) is not relevant and I expect to see increasing use of such tools in the future.’ Before we go any further, one of the proudest things I’ve done is a segment explaining how this works. We have been giving money to banks in exchange for garbage bags full of empty receipts, and Eliot Spitzer, myself, Bill Black and countless others in this country want to know whether we have been giving banks our money in exchange for worthless garbage.”
Bernie Sanders: “Well, I think that’s an absolutely fair question.”
“The other issue we have to focus on is the structure of the Fed itself. It doesn’t make any sense for the people who are regulating the banks to be the bankers themselves. I don’t think so. During the financial crisis 16 trillion dollars in very, very low interest loans went out to every financial institution in this country, and central banks all over the world, as well as corporations in America and wealthy individuals.”
“Absolutely, we’re going to need a real grassroots movement. And you’re beginning to see it. This is what this Occupy Wall Street is about. They’re saying enough is enough – these guys on Wall Street have enormous power, they’ve done terrible destruction to our country, they’ve got to be held accountable. I think you have to add the Fed to institutions that have got to be accountable.”
“You know that every day there are articles being written about the amount of money Wall Street is contributing to this candidate or that candidate, the incredible power of their lobbyists, the fact that they spent 5 billion dollars over a ten-year period to get deregulated – to lead us to where we are right now. So, these guys are very, very powerful and it will take a very significant grassroots movement to take them on effectively.”
Dylan Ratigan: “I suspect Senator, that that’s precisely what is developing. It’s bigger than the Occupy movement; the American people understand this, it doesn’t matter whether it’s ‘get money out’ or the Occupation or anything else. There’s 50 organizations that are all seeing the same thing and as long as we all go to the same place when this is all said and done, I think it’ll get fixed.”
“Thank you for your leadership, Senator.”
Bernie Sanders: “Thank you very much.”
That was in 2012, and since then the Federal Reserve has continued using its “tools” of quantitative easing to this day. Dylan Ratigan would eventually leave MSNBC disillusioned, knowing real solutions were available but not implemented – thus explaining his “I think it’ll get fixed” comment, while Bernie Sanders has been unable to gather enough political will from colleagues to bring about necessary change.
Ratigan, like most Americans, held the view that there are honest actors in the system who would “fix this thing.” But the fix hasn’t happened and, as there is no incentive for politicians to do it, America pretends the situation doesn’t exist for that is the easiest way to deal with it. He has since described his eventual disillusionment as his “end of the rainbow” moment – where he found out that no honest, genuine actors exist.
Add to this America’s pretension that the world’s huge, multi-trillion dollar, decades-old tax haven/tax evasion industry doesn’t exist, then men and women become quickly aware that there remains much work to do.
(Thank you to ProtectAmericasDream @ YouTube)