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The Federal Reserve Is Playing Defense

October 1, 2011
Gary North,

You probably missed any media coverage of the September 26 speech by Federal Reserve Board of Governors member Sarah Raskin. The media ignored it. You would be wise not to ignore it.

There were a few brief news reports about it. There was no detailed analysis. The media usually ignore speeches by any FED Board member other than Bernanke.

Raskin’s speech reveals what is slowly dawning on the public. The economy is getting worse, and the FED is powerless to stop it.

Her speech was an attempt to reassure her listeners that the FED really does know what it’s doing, contrary to the evidence. The Federal Reserve has spent 45 months trying to deal with the sagging U.S. economy. Nothing is working. It looks as though nothing will work. But she wants us to believe that it’s not the FED’s fault. She did not say whose fault it is.

I have offered a line-by-line analysis of her speech. If you have money in a retirement fund, you would be wise to read it. I have posted it here.

And now… the rest of the story. …..

2 Comments leave one →
  1. October 1, 2011 11:44 pm

    “Playing Defense” that covers it and I agree that is what Geithner was doing. Obama said he had no choice to rely on insiders they knew what was going on. The mess is such can never figure it out…..well now we have to get rid of Geithner befoe the second bout comes in, Citibank already sending letter about how much we need to have debit card. I have enough but pulling every thing out any way, matter of principle. Cheching Credit Unions. Don’t need debit card except for my helper to do the shopping and I don’t like too much cash around, not safe. What a mess, ask Republicans what they would do if any thing.

  2. October 1, 2011 11:01 pm

    WHY is the fed still around ??? It MUST be dismantled at once !!! These thugs are ruining the StatesSide economy, for pete’s sake.

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