Sunday, July 26, 2009

Marrinel Eccles, on credit

"The United States economy is like a poker game where the chips have become concentrated in fewer and fewer hands, and where the other fellows can stay in the game only by borrowing. When the credit runs out the game will stop."

Marriner Eccles, chairman of the federal reserve 1931-1934

The Fed is the one who provides the credit. The banks are powerless without the fed. So the game is going to stop when? When the fed decides that it's going to end. Blatant admission that the Federal Reserve plays with your futurre like it's a monopoly game. Only in this game they already know who's going to win.

Wikpedia states the following about Eccles, " After a brief stint at the Treasury Department, he was appointed by President Roosevelt as the Chairman of the Federal Reserve between 1934 and 1948. He stayed on the Board of Governors until 1951, when he resigned over acrimony between the Fed and the Treasury Department prior to the 1951 Accord. He also participated in post-World War II Bretton Woods negotiations that created the World Bank and International Monetary Fund. He later retired back to Utah to run his companies and write his memoirs, titled Beckoning Frontiers.
Marriner Eccles is often seen as an early proponent of demand stimulus projects to fend off the ravages of the Great Depression. Later, he became known as a defender of Keynesian ideas, though his ideas predated Keynes' The General Theory of Employment, Interest, and Money. "

Need I say more.

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