Financial Meltdown Incoming? Fed Chairman Goes on 60 Minutes to Deflect Responsibility for Obscene Asset Bubble

Source: Russia Insider

by Michael Krieger (Liberty Blitzkrieg) | April 4, 2019

March 11-- Last night, the current high priest of money printing, asset bubbles and inequality, Jerome Powell, appeared on 60 Minutes. Interviewer Scott Pelley mentioned the fact that such discussions are rare and noted the last time a Fed head appeared for such a chat was Ben Bernanke back in 2010.

As such, what I find most interesting about this event wasn't Powell's boilerplate, bureaucratic propaganda about how the economy's doing fine and how much central bankers love average Americans, but why he and the institution he heads felt a need to do this now.

There’s no doubt something has the Fed spooked otherwise Powell never would have done this. One factor is they know the economic ground's starting to shift beneath them, and they need to push a particular narrative ahead of time so central bankers can once again do as they please when "the time to act" arrives.

This is why Powell pushed the blame on the current economic slowdown on China and Europe. The Fed is no different than your average politician. It takes full credit when things go well, but endlessly deflects and blames outside forces when things fall apart.

Rule number 1 of the Federal Reserve: It's never the Fed's fault.
Rule number 2 of the Federal Reserve: It's never the Fed's fault.
Rule number 3 of the Federal Reserve…

You get the point. If central bankers accept blame, or admit they got anything over the past decade terribly wrong, then they can't justify doing more of the same and worse in the future. And that’s exactly what they plan to do, by the way.

Which brings me to the purpose of this piece. The reason I've started writing about such topics again after a multi-year hiatus is because the chickens are finally coming home to roost. The recent global slowdown and concurrent central banker panic is proof we've arrived at a very important inflection point. The central bankers hope they can prolong this already historic and obscene financial asset bubble a little longer via manipulation and propaganda, but they also understand it may be the end of the road for this cycle.

As such, every person in the world needs to understand what the Fed and other central banks did during the last crisis, and what they plan on doing the next time around (more of the same and worse). If you judge an economy based on stock market performance and aggregate GDP, you might think the Fed did a great job over the past decade, but if you judge it based how we’ve turned an entire generation of young people into debt slaves, arrived at levels of inequality unseen since just before the Great Depression and catalyzed an explosion of populist politics throughout the western world, you might be ready to grab a pitchfork.

What central banks have achieved over the past decade is a surreptitious transfer of risk and cost away from elites and onto the general public. They sent benchmark interest rates down to zero, but only the corporate and financial class really benefits from such distortions. They're the ones who bought up all the foreclosed upon real estate (hello Blackstone) only to rent it right back to those who were evicted. They're the ones who can issue debt on the cheap to buyback shares in order to dump their personal holdings to their own corporations. At the same time, credit card interest rates for the average person are at record highs of 17.64%. So who really benefits from the Fed's record low rates?

Please go to Russia Insider to read the entire article.
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Two very important discussions with Michael Hudson on debt and how America is becoming a neofeudal economy. The people (1%) who control the economy not necessarily militarily speaking, but everybody in the economy in order to break even has to pay almost all of their income to the people who own property. There is currently no better example of this then what is happening in San Francisco with the extremely wealthy elite running the Silicon mafia.This is feudalism and not only the landlords, it's the bankers and the oligarchs.

The financial oligarchs are now just waiting it out while they wage asymmetric warfare. It is alleged the Saudis bought water or perhaps part of the Oroville dam in California but cannot be absolutely confirmed. When someone questioned this they were told it is related to the 1990 G7 Summit in Houston, Texas. The  Paris Terms. Debt-for-nature. Nature is America's national resources. That's what all the debt creation has been about in America. Create massive debt. The debt is sold to foreign countries (China and others). They then take America's national resources in lieu of debt repayment. The objective is to collapse the US national government. The new organization will be economic zones and economic regions around the world networking with China's Belt & Road Initiative. The second video is included in the Russia Insider post by Michael Krieger:

Michael Hudson: The History of Neoliberal Economics 

How Wall Street Gave Us Trump w/Michael Hudson 

This is what happens when you interfere with the big American oil cartels:

Burnt body of British missionary and activist against oil companies in the Amazon found in Peru


Related:

Don the Real Estate Guy Is Not Your Savior – Juxtaposition: Don's Campaign Speech In Michigan and Conditions in Seattle


After reading and contemplating the presentation above, readers are encouraged to look at what Russia is transforming into in comparison to America with its crushing debt:

Russian sovereign bonds selling like hotcakes as demand breaks all-time record

Russia Has Disrupted US Plans to Dominate Eurasia. That's What's Causing the Hysteria

Putin Opens New, Cutting-Edge Mercedes-Benz Auto Assembly Plant In Russia

Russia Bought 31 Tonnes Of Gold And What This Means - World Gold Council 

U.S RECEIVES MAJOR WARNING: More Russian Forces Will Arrive in Venezuela


This is why nobody trusts the Americans (the oligarch class) anymore. The oligarch class in America have no credibility with their constant bullshit and compounding lies and arrogance:

Germans say Russia is more reliable than the United States

Donald Trump wrongly states his father was born in Germany – video


Here is what the banking and finance oligarchs have in mind for the non-producers in their neofeudal economy:

Breakthrough Energy Ventures: Our Malevolent Benefactors and Their Master Plan for Humanity


Finally, this is what Ivan the Terrible (don't allow the liberal university "professors" in the west distort your understanding of Ivan the Terrible) did to oligarchs. Ivan the Terrible "broke the back of the aristocracy and liberated the Russian people from the domination of the money power of the oligarchs."

#6: Ivan "the Terrible"