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Thursday, July 26, 2018

Trumping the Fed -- What will it Mean?

TRUMPING THE FED

What Will It Mean?


July 26, 2018

Source: Classical Capital | By Wayne Jett ©

The Board of Governors of the Federal Reserve System presently has three members. The chairman and vice-chairman of the Board are appointees of President Trump. The third sitting governor was appointed in 2014. Four vacancies exist on the seven-member board, which President Trump plans to fill soon. The president’s appointees already have control of the Fed board. But POTUS will add board members to assist in the work to be done, which includes a currency reset and ending the Fed.

Private Central Banks Create Illusory Money

These are not small matters. Financial sins of the Federal Reserve have been horrendous since its creation in 1913. The Fed is a private organization with power to create paper currency deemed the only “legal tender” for all debts public and private in the U. S. Yet the Fed insists upon total “independence” and privacy in its actions, releases information only as it sees fit, and has never permitted a complete, independent audit of its financial condition. We must trust; we cannot verify.

President Woodrow Wilson pledged in his election campaign of 1912 to oppose creation of any central bank. In 1913 Congress and Wilson enacted the law authorizing the Fed. But even that highly duplicitous beginning does not match the Fed’s 21st Century actions, which have stripped value from production and labor in exchange for the Fed’s entirely ambiguous paper-and-ink “notes.”

The Fed’s Financial Condition

In August, 2008, the monetary base created by the Fed was about $845 billion. Now, a mere 10 years later, the Fed reports the monetary base to be five-fold higher: about $4.4 trillion. Where did this enormous amount of “new” currency go? The Fed reports owning $2.4 trillion in U. S. government debt and $1.8 trillion in mortgage-backed securities. Very safe, right? What could go wrong?

The Fed also reports owing liabilities of $4.35 trillion, but net capital of only $39 billion as of February 28, 2018. The Fed discloses only selected liabilities, including “notes in circulation” of $1.58 trillion. Remember, those Fed paper “notes” in your wallet or bank account are Fed promises to pay you actual value equal to the face amount. But what is the actual value of one dollar? It is only what a second party believes he can persuade a third party to exchange for it. In other words, the Fed dollar “note” is entirely a confidence game.

The Fed’s working capital stated above is less than 2.5% of “notes in circulation,” it is less than 1% of total liabilities, and it is only about 2.1% of the stated value of its investments in mortgage-backed securities. An ordinary financial institution with such thin capitalization could be wiped out by a mere breeze in markets, much less a storm. But the Fed is extraordinary because federal law allows it to create more paper currency – i.e., more debt on its financial statement – without limit.

The Mess Left For Clean-up

As every additional dollar is created, every other dollar is worth less, except to the extent total production of goods and services has increased. Fed creation of new “notes” (dollars) has far outpaced GDP growth, so the dollar’s purchasing value has a very significant inflation overhang. Many dollars already created are held in reserve by banks because the Fed has required it (so far) to postpone rampant inflation.

By having control of the Fed’s board of governors, President Trump gains a beneficial advantage in steering the Fed’s fiat currency fiasco towards a currency reset, while minimizing damage to the economy and all those using the dollar. This is no small challenge, since it has never been achieved by any fiat currency in history. But the president’s control of the Fed’s board – if he gains cooperation of his Secretary of the Treasury and the Federal Reserve Bank of New York – will provide better prospects than a board of political opponents.

New Monetary System Ahead

The practical fact is that the world – led by the BRICS alliance of nations (Brazil, Russia, India, China and South Africa) – is already well along the road towards abandoning the U. S. dollar as acceptable payment for products sold in international trade. They are tired of being cheated by the sham currency scheme perpetrated through the Rothschild-Rockefeller central bank called the Federal Reserve. The world will have a system of money with stable value – almost assuredly measured in and exchangeable for gold. Gold is the most reliable measuring stick for money because its substance and utility are the most stable available.

One of President Trump’s challenges is to put America into a new, stable money system that will be acceptable – even admired – by the rest of the world. Doing that will require first doing two things. First, moving the U. S. foreign trade current account towards balance (exports value equals imports value), on which he is progressing very well.

Secondly, he must recover as much of the stolen assets of the U. S. government as possible, including gold taken from Ft. Knox, trillions of dollars embezzled through government accounts, and trillions more in graft taken by government officials. These last-mentioned items are targets of the presidential executive order effective December 21, 2017, which declared a national emergency arising from human trafficking and corruption (freezing all assets of parties involved in such activities).

Bottom Line

These very considerable challenges are better confronted with a Federal Reserve Board of Governors appointed by President Trump. Financial events with both historic importance and immediate risk are ahead in the near future. The Plan to master our challenges appears to be on course, but be prepared for bumps in the road. Those to be dethroned from positions of power will try to make the process as painful for us as possible. But most of the pain from this time forward is to run in their direction.

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