By Charles Hugh Smith
This is truly Orwellian: the latest and greatest
Executive Branch/Federal Reserve power grab is labeled "consumer
protection." I am
indebted to correspondent Jim S. who seems to be one of the few Americans to
have actually sorted through this monstronsity and gleaned its true nature: an
unprecedented extension of Executive (i.e. Imperial Presidency) and Federal
Reserve power.
Let's start by recalling that the Federal Reserve is a consortium of private banks.Calling a private consortium of banks the "Federal Reserve" is the original Orwellian misdirection, for there is nothing "Federal" about the Federal Reserve. It is not a government agency.
Now guess who will fund and control this vast new bureaucracy of "consumer protection"? Yes, the private consortium known as the Federal Reserve.
Let's start by recalling that the Federal Reserve is a consortium of private banks.Calling a private consortium of banks the "Federal Reserve" is the original Orwellian misdirection, for there is nothing "Federal" about the Federal Reserve. It is not a government agency.
Now guess who will fund and control this vast new bureaucracy of "consumer protection"? Yes, the private consortium known as the Federal Reserve.
"The Consumer Financial Protection Bureau (CFPB) will be an independent unit located inside and funded by the United States Federal Reserve. It will write and enforce bank rules, conduct bank examinations, monitor and report on markets, as well as collect and track consumer complaints."


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