This editorial appears in the November 27, 2020 issue of Executive Intelligence Review.
The Fed Would Rather Reign in Hell, Than Serve the President
by Paul Gallagher
Nov. 19—The Federal Reserve has effectively announced that it is going to help pull the United States into the twin economic disasters called the Paris Climate Accord and the “Green New Deal,” after four years when fear of the chastisements of President Trump have held the Fed in neutral on this life-or-death matter.
The President pulled the United States out of that fatal Paris Accord, which was an agreement to sacrifice economies and human lives to “save the planet.” The Fed Board of Governors held back from considering “climate change” as a policy objective, while the British, European, and Japanese central banks combined to force “green investment only” on their companies and governments. The Fed avoided this because Trump consistently and forcefully put its actions before Congress and the American people, to whom the Federal Reserve should answer.
Now, rather than continue to respect the President—from whom a second term is being stolen by a “diseased” election—the Fed has decided it wants to join the other central banks in their global coup as it enters the “central bank digital currencies” phase. The Fed wants to reign in the Hell of a green financial dictatorship and a ruined economy, rather than serve the American republic.
This game was given away in a November 11 webinar sponsored by the European Central Bank (ECB), in which Federal Reserve chair Jerome Powell spoke along with ECB President Christine Lagarde and Deputy Governor Cunliffe of the Bank of England. Powell said, “Incorporating climate change into our thinking about financial regulation is relatively new. And we are very actively in the early stages of this, getting up to speed, working with our central bank colleagues.” On cue, two other Fed governors and a New York Fed official announced the same thing. And Powell announced the Fed was joining the Network for Greening the Financial System, the global central banks’ cabal aimed at suppressing all “carbon-based” industry investment. It was inspired by British royal fanatic Prince Charles, and formed in 2015 for big-bank enforcement of the Paris Climate Accord, by British central banker Mark Carney and Wall Street-London billionaire Mike Bloomberg.
Donald Trump’s constant healthy pressure has kept the Fed out of this green finance cabal until now. But note: This “Network” requires that its central bank members’ countries be in the Paris Climate Accord—so the Fed is signing up with Biden’s Wall Street backers who want to reverse President Trump’s industry-saving decision to get the United States out of it.
The Federal Reserve has printed $3.5 trillion in the past year exclusively to supply the speculations of the biggest Wall Street and London banks, helping balloon their already huge deposits and assets by another 15%, and at the same time watching happily as they withdraw credit from the economy. These monsters aren’t lending more than half their total deposits, let alone their capital and the reserves the Fed is pouring into them. They stiffed the Payroll Protection Program, leaving those loans to the 5,000 smaller regional and community banks which have only a third of the banking system’s assets.
This is criminal activity, and the Federal Reserve governors now want to cap it off by directing what investment there is, away from coal, oil, natural gas, petro-chemicals, the power industry, livestock ranchers, etc. and force it into stocks and bonds of “green” companies instead. This is what the European and British banks are already doing—dictating investments in a “green financial bubble,” putting “carbon penalties” on everything else.
And how much money do they want to print for this bubble? Prince Charles and British central banker Mark Carney say $100 trillion! ECB chief Lagarde is much more modest: She says $5 trillion over a decade will do it for Europe. Remember, Bernie Sanders said $16-25 trillion for his Green New Deal, and the Fed would print it.
They should be stopped: First, by mobilizing for President Trump to overturn the fraud against him; and, by demanding nationalization of the Federal Reserve, so it can be made to function as a “Hamiltonian” national bank and provide plentiful credit for new infrastructure and productive employment.