US fears secret banking cabal

Last post for the day from across the pond…But if you’re interested in following the mood in the US, it’s all about Bernanke now, and whether he deserves another stint at the head of the Fed. There’s been suspicious Internet chatter under the radar for months about his suitability, but the impact of former Fed chief Paul Volcker getting Obama to push for serious banking reforms is going wider. When Bloomberg runs an opinion piece entitled “Secret banking cabal emerges…”, you know something’s going on. It’s a fascinating account about how unaccountable and powerful the New York Fed is. You know, Timothy Geithner’s former stomping ground. Worth a read, if you’ve got a minute…

The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists who stockpile ammo, bottled water and peanut butter. After this week’s congressional hearing into the bailout of American International Group Inc., you have to wonder if those folks are crazy after all.

Wednesday’s hearing described a secretive group deploying billions of dollars to favored banks, operating with little oversight by the public or elected officials.

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2 responses to “US fears secret banking cabal

  1. Well as an American citizen I am not too keen on regulatory reform. What I demand is my damn money back. It seems to me that when the troops return from Afghanistan they will be in need of some work to do.

  2. Yertl the Turtle

    You DO want your money back, but you DON’T want to know who stole it? Doesn’t seem rational.

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