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Anthony Wile

Fed Officials Recognized Upcoming 2007 Crisis But Weren't Worried

Editorial By Anthony Wile

Federal Reserve officials in August 2007 saw the beginnings of the crisis in subprime mortgages and concluded that the U.S. economy would be able to withstand it, even as some Fed members warned that it could trigger a downturn, transcripts from their 2007 meetings show.

"Well-capitalized banks and opportunistic investors will come in and fill the gap, restoring credit flows to nonfinancial businesses and to the vast majority of households that can service their debts," Donald Kohn, then vice chairman of the board, said in Aug. 2007 according to transcripts of the Federal Open Market Committee meetings released today in Washington.

The transcripts show the committee's slow grasp of the enormity of contagion that was to spread throughout global markets as a result of billions of dollars in low-quality housing assets that had been securitized into bonds and sold to banks and investors worldwide. Several FOMC participants such as then-San Francisco Fed President Janet Yellen sounded alarms in the first half of 2007. Still, the FOMC focused on the economy's performance and showed reluctance to alter policy until August.  Bloomberg

Good Lord! Six years later we read that Federal Reserve officials had no idea that they were at the beginning of the worst financial disaster since the Great Depression. Released on Friday – the day that all press releases destined to die are disseminated – the information is obviously meant to slip under the proverbial radar. But it should not.

This is the reason that people are attracted to Austrian economics and "human action." The free-market case can be made forcefully that those who are given high office in order to "plan" for the rest of us are being given a fool's errand.

They are being asked to anticipate what is not yet ascertainable and then react with prescriptions that are not feasible. In common parlance, what central bankers are asked to do every day is fix the volume and rate of money. They are asked to figure out where the economy is headed and then adjust the money supply to avert any potential downturn or disaster.

It is an impossibility, as common sense should tell us. And yet this tattered globe is fully in the grip of these insane mandates ... performed by 150 central banks around the world and coordinated by the secretive Bank for International Settlements. As we can see from the excerpt above, bankers concluded in 2007 that the US economy was strong enough to "withstand" the looming crisis. Withstand it? It was the process of money printing that CREATED it.

The continuous devaluation of the "legalized/monopolized" monetary unit that all savers, pensioners and fixed income dependents are subjected to by the thieves standing behind those who smile for the cameras and run the game of wealth redistribution ... this is the process that is supposed to avert catastrophe?

We are not supposed to notice. The multitudes are supposed to suffer just a bit longer while the ravaging claws of "do-good intention" captures the fantastical imagination of the voters, enabling the power elite to march ever closer towards establishing their one-world-governance edifices?

If only we could keep that darn Internet where it should be – relegated to spying on our subjects and making sure they are malleable and docile, passive non-thinkers! Bloody Internet Reformation!!

Here's more astute reporting from Bloomberg ...

Concern about capital losses from toxic mortgage securities froze interbank lending markets and prompted runs against major investment banks. The Fed and JPMorgan Chase & Co. (JPM) rescued Bear Stearns Cos. in March 2008, and Lehman Brothers Holdings Inc. collapsed into bankruptcy that September. Both Goldman Sachs Group Inc. and Morgan Stanley converted to bank holding companies to access backup funding from the Fed's discount window.

First of all, the word rescue is used where another word would fit more aptly: "cannibalism." As in the Fed and JPMorgan Chase & Co. devoured one of their own. And this bit of prescient "Fed-thought" in 2007 was just the warm-up to a catastrophe that had yet to be played out on the grand stage as the main event...

Atlanta Fed President Dennis Lockhart attended his first FOMC meeting in March 2007. His memory of that gathering was "pretty vivid" because he was a new Fed official, when central bankers struggled to understand the economy, he said yesterday.

"We were having trouble connecting the dots in real time as to what exactly was happening," Lockhart said in a Bloomberg Radio interview. "The general tone in the meeting was that the economy would continue in a very positive direction, very positive momentum, and that turned out by summer not to be the case at all."

Please ... you're kidding! Look, the reason these 'wise men' couldn't see what was materializing, although they have the arrogance to believe that they can do a better job of regulating the price of money than the market itself, is because they were hand selected for their undying commitment to the educational path that was causing the problems.

They are perpetual students of economic fiction that believe their knowledge to be borne in reality. The Internet Reformation has done a great deal of damage to their conventional thought on these matters but it doesn't seem to produce any kind of self-questioning. No. They just consider it a roadblock of sorts that needs to be cleared so that critical thinking and the associated ability for truth-inspired critical thinking can be squelched.

But herein lies the problem. The power elite have used puppet economists and "market experts" to advance their monetary and financial manipulations but have ignored the weakness inherent in their chosen minions. They are, after all, people who actually thought that if they went to the right schools and were educated in the rights "social sciences" that they could become part of the governing class directing the "ungovernable."

Unfortunately, they have been used as pawns to advance a system of global governance on behalf of an intergenerational elite that preyed upon their natures. They are predisposed to ignorance. Inevitably, they will turn a blind eye to the REAL results of monopolized central banking. They see what you and I, dear reader, see ... but it doesn't seem to make any difference. We understand but we don't have the control. Others are steering the ship on which your life depends; you are left with your hands in empty pockets staring into the looming abyss wondering what the heck happened.

Here is hope for a new dawn: Perhaps many millions – billions – of people around the world, including the enablers, will see the error of subservience to an elite-controlled State. Perhaps one day we won't have to read about how these moneymen missed the boat in 2007-2008. Maybe, just maybe, we'll all start to take individual responsibility leading to considered human action to protect against this sort of systemic idiocy and injustice.

In fact, there is no bigger injustice today than that which exists when men and women allow a small group of thieves to run roughshod over humanity – plundering wealth and prosperity from the majority who submissively sacrifice their and their children's lives and fortunes to the benefit of their self-anointed masters.

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