FEDERAL RESERVE COVERS UP FINANCIAL CRISIS...

ONCE AGAIN MORE PROOF THAT THE FEDERAL RESERVE IS THE ENEMY OF THE AMERICAN PEOPLE .... and it seems more and more are finally realizing this EVEN MAINSTREAM SOURCES SUCH AS BLOOMBERG NEWS .....

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Our “adversary” media have been extremely deferential toward those promoting the looting of the American taxpayers during the ongoing economic and financial crisis. However, Bloomberg News should be congratulated for filing suit against the Federal Reserve in an effort to disclose the securities the central bank is accepting on behalf of American taxpayers as collateral for $1.5 trillion of loans to banks such as Goldman Sachs.

.......“The American taxpayer is entitled to know the risks, costs and methodology associated with the unprecedented government bailout of the U.S. financial industry,” said Matthew Winkler, the editor-in-chief of Bloomberg News. .....

.....The China connection to Goldman Sachs figures prominently in the current crisis. Because China owned $376 billion of Freddie Mac and Fannie Mae paper, it played a big role in the financial crisis, and Treasury Secretary Henry Paulson, with his own personal and financial ties to China, admittedly tried to reassure the Chinese through this process that their investments would be protected. They are being “protected” in the sense that the American taxpayers are now on the hook for these government mortgage companies, which have been nationalized.

On top of this, Paulson, a former CEO of Goldman Sachs, made sure, as part of the bailout legislation, that he could bail out Chinese banks holding other troubled U.S. assets.

Schiff, who blows the whistle on these schemes, is not very popular in the media, which have been telling us consistently that things would get better after Wall Street was bailed out. But Schiff was on Bloomberg on October 28 talking about how the problems will get worse if we continue to follow the current tax, spend and bailout policies. His basic message is that the U.S. is broke and that the situation will get worse under an Obama Administration because of its commitment to more federal interference and involvement in the economy.

Check out the whole article. Great look on the truth from an independent news source (not US based :-)

http://canadafreepress.com/index.php/article/6213