The founder of the Trends Research Institute, Gerald Celente, shares his views on Pres. Obama’s new banking regulations and the politicization of the Federal Reserve.
Celente points out during his RT interview that the Federal Reserve is behind the reasons why the financial crisis occurred in the first place. Celente goes on to say:
“In March of 2000 when the dotcom crash happened, rather than letting Wall Street take its losses and the speculators leak their $5 trillion worth of wounds, what the Federal Reserve did is they lowered interest rates to 46 year-lows and they created the speculative bubble that was the real estate bubble, the leverage buyout bubble and the m&a bubble. So, what’s happening is, and by the way the Federal Reserve, is no more federal than Federal Express, it’s a private company. What they are doing, is these are the people that caused the problem are now being asked to fix it. It’s an illusion”
Let’s hope the Fed doesn’t get politicised and remains instead only a temple of monetary matters.
Update: came across this equally interesting Michael Lewis clip:
