The Federal Reserve is powerful. Some say too powerful.
It is the mastermind of our monetary policy and chief regulator of our banks. But there’s more than meets the eye when it comes to the central banking system. For one, it has the power to create money out of thin air to cover government programs. It is also the lender of last resort and can buy bonds when no one else will.
In fact, today the Fed the is coming to the rescue for the bond market which nearly collapsed on March 15th of this year. Fed Chairman, Jerome Powell, said that the Fed would, in fact, offer unlimited support, and he’s making good on that promise. The Fed has bought up mortgage-backed securities, Treasuries, corporate bonds, municipal bonds and now even junk bonds. Essentially, this means those who invested in risky deals are now getting bailed out. Does that seem fair? Some corporations, and certainly not all, are getting bailed out after going into debt to pay themselves big bonuses. Does this seem fair?
Our guest today is the legendary G. Edward Griffin who’s been a Federal Reserve critic for years. He has written several best-selling books including a famous exposé on the Fed called The Creature from Jekyll Island. He’s also a filmmaker, the founder of Red Pill University, and to some, a conspiracy theorist. I had the pleasure of hearing him speak a few years ago during the Investor Summit at Sea real estate convention. I’m thrilled to have him on our show today to elaborate on what he calls “a banking cartel.” Welcome, Ed, to the Real Wealth Show.
Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect the official policy or position of RealWealth®.