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The former National Security Agency contractor Edward J. Snowden said in a wide-ranging interview ... that the oversight of surveillance programs was so weak that members of the United States military working at the spy agency sometimes shared sexually explicit photos they intercepted. He also said the British government often pioneered the most invasive surveillance programs because its intelligence services operate with fewer restrictions intended to protect individual privacy than its counterparts in the United States and other allies. “In the course of their daily work they stumble across something that is completely unrelated to their work, for example an intimate nude photo of someone in a sexually compromising situation but they’re extremely attractive,” he said. “So what do they do? They turn around in their chair and they show a co-worker. And their co-worker says: ‘Oh, hey, that’s great. Send that to Bill down the way.’ ” Mr. Snowden said that type of sharing ... was “seen as the fringe benefits of surveillance positions.” He said that this was never reported and that the system for auditing surveillance programs was “incredibly weak.” Mr. Snowden had particularly stark criticism for the British government’s surveillance programs, because in Britain the respect for individual privacy, he said, “is not strongly encoded in law or policy.” Because it has fewer restrictions, British intelligence platforms “are used as a testing ground” for programs of all five intelligence partners, a group referred to as “Five Eyes,” which includes Britain, Canada, Australia, New Zealand and the United States.”
Note: For more on this, see concise summaries of deeply revealing privacy news articles from reliable major media sources.
A former Metropolitan Police detective was removed from his post in an investigation into alleged child sex abuse after revealing politicians were suspects, he has claimed. Clive Driscoll, a Detective Chief Inspector who has since retired, [said] he was conducting an inquiry in 1998 into reported paedophile activity at children’s homes in Lambeth, south London, in the 1980s. Mr Driscoll said he had a list of suspects he wanted to look at, including local and national politicians in power during the period. Mr Driscoll said he had disclosed suspects’ names and was afterwards informed it was “inappropriate” and taken off the case. He added: "Whenever people spoke to you and shared their fears and their story about what they had seen, it was almost on the proviso that they wouldn't make a statement and that they would be scared if you released who those people were that were talking for fear of reprisals to both themselves and their families." Investigations are believed to have continued into more than 20 children's homes after Mr Driscoll was moved. Mr Driscoll ... claimed there were discussions within the Met about withholding documents from an independent inquiry into the original investigation. Some of the allegations could be considered in the Government’s inquiry into allegations of an establishment “cover-up” of child abuse allegations. A spokesman at Scotland Yard said the Met’s Directorate of Professional Standards was looking into Mr Driscoll’s claims and they would be fully investigated.
Note: If you are ready to see how investigations into a massive child sex abuse ring have led to the highest levels of government, watch the suppressed Discovery Channel documentary "Conspiracy of Silence," available here. For more on this, see concise summaries of deeply revealing sexual abuse news articles from reliable major media sources.
Pope Francis has been quoted as saying that reliable data indicates that "about 2%" of clergy in the Catholic Church are paedophiles. The Pope said that abuse of children was like "leprosy" infecting the Church, according to the Italian La Repubblica newspaper. He vowed to "confront it with the severity it demands". Until now, the Vatican has declined to quantify the extent of clerical sexual abuse scandals in the worldwide Church. Statistics are usually available only for countries in the developed world. In the developing world, information is usually only sketchy. In the interview, Pope Francis was quoted as saying that the 2% estimate came from advisers. It would represent around 8,000 priests out of a global number of about 414,000. While the incidence of paedophilia as a psychiatric disorder in the general population is not accurately known, some estimates have put it at less than five percent. "Among the 2% who are paedophiles are priests, bishops and cardinals. Others, more numerous, know but keep quiet. They punish without giving the reason," Pope Francis was quoted as saying. "I find this state of affairs intolerable," he went on. Vatican spokesman Father Federico Lombardi denied that Pope Francis had said that there were cardinals who were paedophiles. Asked in the same La Repubblica interview about the celibacy rule for priests, Pope Francis recalled that it was adopted 900 years after the death of Jesus Christ and pointed out that the Eastern Catholic Church allows its priests to marry.
Note: For more on this, see concise summaries of deeply revealing sexual abuse news articles from reliable major media sources.
Most everyone remembers Cyril Smith. The member of Parliament had a personal touch. He sang. He went on pal Jimmy Savile’s BBC show. He also, according to hundreds of allegations since his 2010 death, was a pedophile of historic proportions. That fact was one of many in a dossier prepared 30 years ago by a crusading member of Parliament who warned of a powerful pedophile ring of “big, big names.” The man told his family the allegations were “explosive.” It would, he told his son, “blow the lid off” of the pedophile ring and perhaps take down powerful, famous sex abusers who had infiltrated the highest reaches of British life. The allegations ... weren’t aggressively pursued and no arrests or prosecutions followed. “My father [Geoffrey Dickens] thought that the dossier at the time was the most powerful thing that had ever been produced,” son Barry told the BBC ... after it emerged that the document has since gone missing. As its disappearance ballooned into a national scandal, the Guardian reported [that] an additional 114 documents relevant to allegations involving the ring are also missing — a revelation sparking suspicion that Margaret Thatcher’s government orchestrated a cover-up. Norman Tebbit, a former cabinet minister who served under Thatcher, [said] the inclination at the time may have been to protect “the system” rather than delving “too far” into the claims. Asked if there had been a “big political cover-up,” Tebbit conceded “there may well have been.”
Note: Why have we heard nothing further on this case? For more along these lines, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.
[The] horrors of the Jimmy Savile child abuse scandal that saw the BBC accused of cover up and culture of secrecy to protect itself, ... opened the door on a potentially even more explosive scandal – the claims of a VIP Westminster paedophile ring operating from the heart of the British Establishment from the 1960s onwards. It has led to allegations of a massive cover up across Whitehall spanning decades, pressure on the police and prosecutors not to pursue cases and the apparent disappearance of key dossiers and files detailing claims of child abuse and alleged attackers. The story begins with Cyril Smith, the late Liberal Democrat MP, who was exposed as an alleged paedophile in 2012, two years after his death, aged 82. As early as the 1960s, he allegedly routinely assaulted young boys, especially in children’s homes and special schools in his home town, where he was MP from 1972 to 1992. He was also said to have been a visitor to the notorious Elm Guest house in South-west London, now the focus of a Scotland Yard investigation into an alleged VIP paedophile ring. Smith was only one of a number of alleged high profile child abusers within Westminster said to have been named in a 40-page dossier submitted to the Home Office by the late campaigning Tory MP Geoffrey Dickens in 1983. Mr Dickens told his family at the time that it named leading public figures, including senior politicians, and was going to “blow it all apart”. But the time bomb never exploded.
Note: The truth is slowly coming out. To learn how child sex abuse rings lead to the highest levels of government, watch this highly revealing Discovery Channel documentary. If you want to know more about cults involved in sexual abuse, read a professor's speech and a survivor's account.
Just weeks before Blackwater guards fatally shot 17 civilians at Baghdad’s Nisour Square in 2007, the State Department began investigating the security contractor’s operations in Iraq. But the inquiry was abandoned after Blackwater’s top manager there issued a threat: “that he could kill” the government’s chief investigator and “no one could or would do anything about it as we were in Iraq.” American Embassy officials in Baghdad sided with Blackwater rather than the State Department investigators as a dispute over the probe escalated in August 2007, the previously undisclosed documents show. The officials told the investigators that they had disrupted the embassy’s relationship with the security contractor and ordered them to leave the country. After returning to Washington, the chief investigator wrote a scathing report to State Department officials documenting misconduct by Blackwater employees and warning that lax oversight of the company, which had a contract worth more than $1 billion to protect American diplomats, had created “an environment full of liability and negligence.” “The management structures in place to manage and monitor our contracts in Iraq have become subservient to the contractors themselves,” the investigator, Jean C. Richter, wrote in an Aug. 31, 2007, memo to State Department officials. “Blackwater contractors saw themselves as above the law,” he said, adding that the “hands off” management resulted in a situation in which “the contractors, instead of Department officials, are in command and in control.”
Note: For more on this, see concise summaries of deeply revealing war crimes news articles from reliable major media sources.
Just months after U.S. Congressman Bill Posey compared the Center for Disease Control (CDC)'s vaccine safety studies to the SEC's Bernie Madoff scandal, malfeasance in the CDC's studies of thimerosal-containing vaccines has, for the first time, been documented in peer-reviewed scientific literature. The journal BioMed Research International now provides direct evidence that the CDC's safety assurances about the mercury-containing preservative are not fact-based, according to the article's lead author, Brian Hooker. The paper [cites] over 165 studies that have found thimerosal to be harmful, including 16 studies that had reported [serious detrimental] outcomes in human infants and children. "Substantial scientific evidence exists and has existed for many years that the vaccine ingredient thimerosal is a developmental neurotoxin" says George Lucier, former Associate Director of the National Toxicology Program. Studies showing harm from thimerosal sharply contradict published outcomes of six CDC coauthored and sponsored papers – the very studies that CDC relies upon to declare that thimerosal is "safe" for use in infant and maternal vaccines. Dr. Hooker ... said of the six CDC studies, "Each of these papers is fatally flawed from a statistics standpoint and several of the papers represent issues of scientific malfeasance. For example, important data showing a relationship between thimerosal exposure and autism are withheld from three of the publications. This type of cherry-picking of data by the CDC in order to change the results of important research studies to support flawed and dangerous vaccination policies should not be tolerated."
Note: A Reuters article reports that the former head of the US's CDC was later named president of Merck's vaccine division with accompanying high salary. Could this be payoff for her support in suppressing studies that cast doubt on vaccines? For more on this, see concise summaries of deeply revealing vaccines news articles from reliable major media sources.
As many as 300 people who were sentenced to death in the United States over a three-decade period were likely innocent. Dozens of defendants sentenced to death in recent years have been exonerated before their sentences could be carried out, but many more were probably falsely convicted, said University of Michigan professor Samuel Gross, the study's lead author. "Our research adds the disturbing news that most innocent defendants who have been sentenced to death have not been exonerated," Gross wrote in the study, published in the Proceedings of the National Academy of Sciences. In their research, Gross and his colleagues examined the 7,482 U.S. death sentence convictions between 1973 and 2004. Of those, 117 had been exonerated in recent years, thanks to the efforts of numerous groups and a tide of public attention to issues surrounding the death penalty. Gross and his co-authors ... estimated that about 4 percent of those sentenced to death were actually innocent, nearly three times the number exonerated during that period. Once inmates' sentences are commuted to life, they are far less likely to be exonerated, mostly because there are fewer legal resources given to their cases, Gross said. "If you were never sentenced to death, you never had the benefit - if you call it a benefit - of that process," he said. Although the study focuses on a period ending 10 years ago, the percentage of false death sentence convictions likely holds true today, Gross said.
Note: For more on the terrible injustices within the corrupt prison-industrial complex, see the deeply revealing reports from reliable major media sources available here.
Corporate profits are at their highest level in at least 85 years. Employee compensation is at the lowest level in 65 years. The Commerce Department last week estimated that corporations earned $2.1 trillion during 2013, and paid $419 billion in corporate taxes. The after-tax profit of $1.7 trillion amounted to 10 percent of gross domestic product during the year, the first full year it has been that high. In 2012, it was 9.7 percent, itself a record. Until 2010, the highest level of after-tax profits ever recorded was 9.1 percent, in 1929, the first year that the government began calculating the number. Before taxes, corporate profits accounted for 12.5 percent of the total economy, tying the previous record that was set in 1942, when World War II pushed up profits for many companies. But in 1942, most of those profits were taxed away. The effective corporate tax rate was nearly 55 percent, in sharp contrast to last year’s figure of under 20 percent. The trend of higher profits and lower effective taxes has been gaining strength for years, but really picked up after the Great Recession temporarily depressed profits in 2009. The effective rate has been below 20 percent in three of the last five years. Before 2009, the rate had not been that low since 1931. The Commerce Department also said total wages and salaries last year amounted to $7.1 trillion, or 42.5 percent of the entire economy. That was down from 42.6 percent in 2012 and was lower than in any year previously measured.
Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.
Nearly half of American adults believe the federal government, corporations or both are involved in at least one conspiracy to cover up health information, a new survey finds. Conspiracy theories on everything from cancer cures to cellphones to vaccines are well known and accepted by sizable segments of the population, according to a research letter published this week in JAMA Internal Medicine. The findings reflect "a very low level of trust" in government and business, especially in pharmaceutical companies, says study co-author Eric Oliver, a professor of political science at the University of Chicago. The online survey of 1,351 adults found: • 37% agree the Food and Drug Administration is keeping "natural cures for cancer and other diseases" away from the public because of "pressure from drug companies." • 20% believe health officials are hiding evidence that cellphones cause cancer. • 20% believe doctors and health officials push child vaccines even though they "know these vaccines cause autism and other psychological disorders." • Smaller numbers endorse theories involving fluoride, genetically modified foods and the deliberate infection of African Americans with HIV. • 49% believe at least one of the theories and 18% believe at least three. The beliefs also go along with certain health behaviors, the survey found. Those who believe at least three health conspiracy theories are less likely to use sunscreen, get flu shots or get check-ups and are more likely to use herbal remedies and eat organic foods.
Note: For an intriguing list of 10 major health cover-ups with evidence to back it up, click here.
In the 1930s, Henry Ford is supposed to have remarked that it was a good thing that most Americans didn't know how banking really works, because if they did, "there'd be a revolution before tomorrow morning". Last week, something remarkable happened. The Bank of England let the cat out of the bag. In a paper called "Money Creation in the Modern Economy", co-authored by three economists from the Bank's Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong, and that the kind of populist, heterodox positions more ordinarily associated with groups such as Occupy Wall Street are correct. It's [an incorrect] understanding that allows us to continue to talk about money as if it were a limited resource like bauxite or petroleum, to say "there's just not enough money" to fund social programmes, to speak of the immorality of government debt or of public spending "crowding out" the private sector. To quote from its own initial summary: "Rather than banks receiving deposits when households save and then lending them out, bank lending creates deposits" When banks make loans, they create money. This is because money is really just an IOU. The role of the central bank is to preside over a legal order that effectively grants banks the exclusive right to create IOUs of a certain kind, ones that the government will recognise as legal tender by its willingness to accept them in payment of taxes. There's really no limit on how much banks could create. The Bank's job is to actually run the system, and of late, the system has not been running especially well.
Note: For more along these lines, see the excellent, reliable resources provided in our Banking Corruption Information Center.
American science, long a source of national power and pride, is increasingly becoming a private enterprise. In Washington, budget cuts have left the nation’s research complex reeling. Labs are closing. Scientists are being laid off. Projects are being put on the shelf, especially in the risky, freewheeling realm of basic research. Yet from Silicon Valley to Wall Street, science philanthropy is hot, as many of the richest Americans seek to reinvent themselves as patrons of social progress through science research. The result is a new calculus of influence and priorities that the scientific community views with a mix of gratitude and trepidation. “For better or worse,” said Steven A. Edwards, a policy analyst at the American Association for the Advancement of Science, “the practice of science in the 21st century is becoming shaped less by national priorities or by peer-review groups and more by the particular preferences of individuals with huge amounts of money.” This is philanthropy in the age of the new economy — financed with its outsize riches, practiced according to its individualistic, entrepreneurial creed. Yet that personal setting of priorities is precisely what troubles some in the science establishment. Many of the patrons, they say, are ignoring basic research — the kind that investigates the riddles of nature and has produced centuries of breakthroughs, even whole industries — for a jumble of popular, feel-good fields.
Note: For more on corruption in science, see the deeply revealing reports from reliable major media sources available here.
In a new study, researchers found that breast-cancer patients who had high levels of vitamin D were twice as likely to survive [as] women with low levels. They reviewed five studies that observed more than 4,440 women. "The study has implications for including vitamin D as an adjuvant to conventional breast cancer therapy," study co-author Dr. Heather Hofflich, an associate professor of medicine at the University of California San Diego, said in a press release. The researchers recommend that vitamin D should be added to the various treatments given to women fighting breast cancer. The body naturally produces vitamin D when exposed to sunlight, but milk, fatty fish and other foods can also boost production. Patients could also take vitamin D supplements.
Note: This is huge news! Why isn't this exciting development getting more press coverage? Read numerous major media articles revealing potential cancer cures which have received little attention. And see an informative article with more on the Vitamin D connection.
The FBI has launched an investigation of the Corrections Corporation of America over the company's running of an Idaho prison with a reputation so violent that inmates dubbed it "Gladiator School." CCA has operated Idaho's largest prison for more than a decade, but last year, CCA officials acknowledged it had understaffed the Idaho Correctional Center by thousands of hours in violation of the state contract. CCA also said employees falsified reports to cover up the vacancies. The announcement came after an Associated Press investigation showed CCA sometimes listed guards as working 48 hours straight to meet minimum staffing requirements. The understaffing has been the subject of federal lawsuits and a contempt of court action against CCA. The ACLU sued on behalf of inmates at the Idaho Correctional Center in 2010, saying the facility was so violent that inmates called it "Gladiator School" and that understaffing contributed to the high levels of violence there. In 2012, a Boise law firm sued on behalf of inmates contending that CCA had ceded control to prison gangs so that they could understaff the prison and save money on employee wages, and that the understaffing led to an attack by one prison gang on another group of inmates that left some of them badly injured.
Note: If the above link fails, use this one for the same Associated Press article covering prisons corruption on the website of the UK's Guardian. For more on corruption in the prison-industrial complex, see the deeply revealing reports from reliable major media sources available here.
British spies have developed "dirty tricks" ... that include releasing computer viruses, spying on journalists and diplomats, jamming phones and computers, and using sex to lure targets into "honey traps." Documents taken from the National Security Agency by Edward Snowden ... describe techniques developed by a secret British spy unit called the Joint Threat Research and Intelligence Group (JTRIG). According to the documents ... the agency's goal was to "destroy, deny, degrade [and] disrupt" enemies by "discrediting" them, planting misinformation and shutting down their communications. The propaganda campaigns use deception, mass messaging and "pushing stories" via Twitter, Flickr, Facebook and YouTube. JTRIG also uses "false flag" operations, in which British agents carry out online actions that are designed to look like they were performed by one of Britain's adversaries. Other documents ... show that JTRIG ... used a DDOS attack to shut down Internet chat rooms used by members of the hacktivist group known as Anonymous. A computer virus called Ambassadors Reception was "used in a variety of different areas" and was "very effective." When sent to adversaries ... the virus will "encrypt itself, delete all emails ... and block the computer user from logging on. Spies have long used sexual "honey traps" to snare, blackmail and influence targets. Most often, a male target is led to believe he has an opportunity for a romantic relationship or a sexual liaison with a woman, only to find that the woman is actually an intelligence operative.
Note: You can read the documents released by Snowden at this link and this one. For more along these lines, see concise summaries of deeply revealing news articles on intelligence agency corruption from reliable major media sources.
Consumers are being sold food including mozzarella that is less than half real cheese, ham on pizzas that is either poultry or "meat emulsion", and frozen prawns that are 50% water, according to tests by a public laboratory. The checks on hundreds of food samples, which were taken in West Yorkshire, revealed that more than a third were not what they claimed to be, or were mislabelled in some way. Testers also discovered beef mince adulterated with pork or poultry, and even a herbal slimming tea that was neither herb nor tea but glucose powder laced with a withdrawn prescription drug for obesity at 13 times the normal dose. A third of fruit juices sampled were not what they claimed or had labelling errors. Two contained additives that are not permitted in the EU, including brominated vegetable oil, which is designed for use in flame retardants and linked to behavioural problems in rats at high doses. Experts said they fear the alarming findings from 38% of 900 sample tests by West Yorkshire councils were representative of the picture nationally, with the public at increasing risk as budgets to detect fake or mislabelled foods plummet. In one case, tests revealed that the "vodka" had been made not from alcohol derived from agricultural produce, as required, but from isopropanol, used in antifreeze and as an industrial solvent. Many of the samples were collected from fast-food restaurants, independent retailers and wholesalers; some were from larger stores and manufacturers.
Note: For more on corporate corruption, see the deeply revealing reports from reliable major media sources available here.
The British government can tap into the cables carrying the world’s web traffic at will and spy on what people are doing on some of the world’s most popular social media sites ... without the knowledge or consent of the companies. Documents taken from the National Security Agency by Edward Snowden and obtained by NBC News detail how British cyber spies demonstrated a pilot program to their U.S. partners in 2012 in which they were able to monitor YouTube in real time and collect addresses from the billions of videos watched daily, as well as some user information, for analysis. At the time the documents were printed, they were also able to spy on Facebook and Twitter. Called “Psychology A New Kind of SIGDEV" (Signals Development), the presentation includes a section that spells out “Broad real-time monitoring of online activity” of YouTube videos, URLs “liked” on Facebook, and Blogspot/Blogger visits. The monitoring program is called “Squeaky Dolphin.” Experts told NBC News the documents show the British had to have been either physically able to tap the cables carrying the world’s web traffic or able to use a third party to gain physical access to the massive stream of data. Representatives of Facebook and Google, which owns YouTube, said they ... were unaware the collection had occurred. The NSA does analysis of social media similar to that in the GCHQ demonstration. In 2010 ... GCHQ exploited unencrypted data from Twitter to identify specific users around the world and target them with propaganda.
Note: Read an article diving deeper and showing how online reputations are ruthlessly destroyed by powerful groups. For more along these lines, see concise summaries of deeply revealing news articles about questionable intelligence agency practices and the erosion of privacy.
Papers documenting allegation of sexual abuse by priests in the Chicago Archdiocese were released to the public today by victims' attorneys. The documents cover only 30 of at least 65 priests for whom the Chicago church says it has substantiated claims of child abuse. The papers, put online, were made available through settlements between Church and victims' lawyers. Church officials said most of the abuse occurred before 1988, none after 1996. The documents tell one heartbreaking story after another - 6,000 pages detailing not just how children and adult victims were abused by trusted priests, but also how church officials often bungled their responses, failing to turn sexual predators over to criminal authorities and often shuttling the offending priests from parish to parish, where they abused again. That deception ... came from the cardinal on down. Not only were the victims and their families deceived, but so too were parishioners where offending priests were transferred, as well as the police and the public at large. In one case in 1979, a priest raped a 13-year old boy and later warned him at gunpoint not to tell anyone. The documents show the boy's parents were assured that the priest would get treatment and would be kept away from minors, but he wasn't. Within a year, that priest was returned to ministry in another parish where he abused again. In another case, the late Cardinal John Cody tells a priest accused of sexually abusing a girl that the allegations, quote, "should just be forgotten." That priest later abused again.
Note: For more on sexual abuse of children, see the deeply revealing reports from reliable major media sources available here.
On a night nearly 43 years ago, while Muhammad Ali and Joe Frazier bludgeoned each other over 15 rounds in a televised title bout viewed by millions around the world, burglars took a lock pick and a crowbar and broke into a Federal Bureau of Investigation office in a suburb of Philadelphia, making off with nearly every document inside. They were never caught, and the stolen documents that they mailed anonymously to newspaper reporters ... would become a flood of revelations about extensive spying and dirty-tricks operations by the F.B.I. against dissident groups. Perhaps the most damning document from the cache [was] a 1970 memorandum that ... urged agents to step up their interviews of antiwar activists and members of dissident student groups. “It will enhance the paranoia endemic in these circles and will further serve to get the point across there is an F.B.I. agent behind every mailbox.” Another document, signed by Hoover himself, revealed widespread F.B.I. surveillance of black student groups on college campuses. But the document that would have the biggest impact on reining in the F.B.I.’s domestic spying activities [included] a mysterious word: Cointelpro ... shorthand for Counterintelligence Program. Since 1956, the F.B.I. had carried out an expansive campaign to spy on civil rights leaders, political organizers and suspected Communists, and had tried to sow distrust among protest groups. Among the grim litany of revelations was a blackmail letter F.B.I. agents had sent anonymously to the Rev. Dr. Martin Luther King Jr., threatening to expose his extramarital affairs if he did not commit suicide. The intent of Cointelpro was to destroy lives and ruin reputations.
Note: To learn about the brave citizen burglars who have now revealed themselves and watch the engaging video covering this story, click on the link given above. For more on the realities of intelligence agency activities, see the deeply revealing reports from reliable major media sources available here.
On Dec. 23, 1913, President Woodrow Wilson signed the Owen Glass Act, creating the Federal Reserve. As we note its centennial, what has the Fed accomplished during the last 100 years? The stated original purposes were to protect the soundness of the dollar and banks and also to lessen the jarring ups and downs of the business cycle. Oops. Under the Fed’s supervision, boom and bust cycles have continued. Three of them have been severe: the Great Depression, the stagflationary period of 1974-82, and the current “Great Recession.” Bank failures have occurred in alarmingly high numbers. Depending on what measurements are used, the dollar has lost between 95 and 98 percent of its purchasing power. (Amazingly, the Fed’s official position today is that inflation is not high enough, so the erosion of the dollar continues as a matter of policy.) Having failed to achieve its original goals, the Fed also has had a miserable record in accomplishing later goals. The 1970 amendments to the Federal Reserve Act stipulated that the Fed should “promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.” In baseball parlance, the Fed has been “0-for-three.” So, what has the Fed accomplished during its century of existence? Well, it has become adept at bailing out mismanaged banks. In the aftermath of the 2008 financial crisis, the Fed orchestrated the big bailout of Wall Street. Politically, the Fed is repugnant. Its chairman is commonly referred to as the second most powerful person in the country. In a democratic republic, should the second most powerful policymaker be unelected?
Note: How remarkable for Forbes to publish an article chastising the Fed! The times are a changin'! For an essay by noted financial researcher Ellen Brown on this occasion, click here. For more on the collusion between government and the biggest banks, see the deeply revealing reports from reliable major media sources available here.
Important Note: Explore our full index to revealing excerpts of key major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.