On Oct. 9, President Barack Obama nominated Janet Yellen as the newchairperson of the privately owned and controlled Federal Reserve. If confirmed, shewill become on Jan. 31 the firstwoman to ever occupy that position in the Fed’s 100-year history. Her nomination comes as no surprise to anyone since the other frontrunner, Larry Summers, was unceremoniously dumped by theWhite House on Sept. 15.
Since Oct. 4, 2010, Ms. Yellen has been the vice chair of the Board of Governors of the Federal Reserve System, second only to the current chair, Ben Bernanke. She is extremely qualified for the position, as she has also been president and chief executive officer of the Federal Reserve Bank of San Francisco, chair of the White House Council of Economic Advisers under President Bill Clinton and professor emeritus at the University of California, Berkeley’s Haas School of Business, among her many other credentials.
Ms. Yellen is Jewish.Why is this important? Ben Bernanke is also Jewish, as was Alan Greenspan before him, and Paul Volcker before him. In fact, since the cartel’s inception in 1913, a whopping 10 of the 14 Fed chairmen, or 71%, have been Jewish. Jews make up only 2% of the U.S. population.
It might also have something to do with the fact that the Federal Reserve Bank is a consortium of nine Jewish-owned and associated banks with the Rothschilds at the head. By some accounts the Rothschilds of London hold 57% of the Fed’s stock, which is not available for public trading.
The vastmajority of presidents andmanaging directors at the World Bank and the IMF have also been Jewish, and these three entities together have a stranglehold on the planet’s finances and dictate its policies.
In that sense, one has to wonder what difference Ms. Yellen will reallymake since she is a figurehead for the international bankers. Although the Fed appears to be a government entity, in reality it’s a privately owned cartel controlled by the City of London. Greenspan told PBS’s “Newshour” television talkshow on Sept. 18, 2007, “The Federal Reserve is an independent agency, whichmeans basically that there is no other agency of government which can overrule actions that we take.”
Greenspan, a Fed chairman for two full decades, was a master at using doublespeak when communicating with the public, a Fed hallmark.
“I know you think you understand what you thought I said,” Greenspan is quoted as saying in an article by The Independent in London published on April 27, 2003, “but I’m not sure you realize that what you heard is not what I meant.”
The Fed has a public mandate to maintain price stability on the one hand and maximize employment on the other. Conservatives generally support price stability and are known as “hawks,” whereas liberals, more concerned with lowering unemployment, are called “doves.”
Ms. Yellen is considered a dove, with a track record of supporting previous “stimulus” packages. She has a reputation of being energetic and dynamic and for getting things done, but her detractors argue that she would do enormous damage as Fed chair by expansion of easymoney policies that would cause prices to soar.
In response to Ms. Yellen’s nomination by Obama, she said she was committed to both parts of the Fed’s dual mandate. “We can help ensure that everyone has the opportunity towork hard and build a better life,” she said. “We can ensure that inflation remains in check and doesn’t undermine the benefits of a growing economy.”
Although Ms. Yellen likely will face opposition from some Republicans in the Senate, she is expected to be confirmed as the next Fed chair.
Some economists contend that inflationwill have to rise onceMs. Yellen takes office and starts spreading money around. The only question is whether inflation will be kept at bearable levels or if the U.S. will turn into anotherWeimar Republic. ——
Pete Papaherakles is a writer and political cartoonist for AFP. He is also AFP’s outreach director. Pete is interested in getting AFP writers and editors on the podium at patriotic events. Call him at 202-544-5977 if you know of an event you think AFP should attend.
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