This article is, in a way, almost too good to be true, and it's symptomatic of what's been going wrong for quite some time, ever since, let's say, the founding of the Federal Reserve in the middle of the night during a pending Congressional shut-down with barely a quorum in sight. It was perhaps the first "Pelosi Moment" in American history, when we "have to vote and pass it to find out what's in it." But this article, shared by N.S., is a real corker, not only for what it's reporting, but how it's reporting it.
What am I getting at?
Well, brace yourself. It seems that America's private central bank, the Federal Reserve, is "going woke":
The upshot here is that three regional Fed banks, those of Atlanta, Boston, and Minneapolis are (surprise surprise) spearheading a movement to get the central bank to wake up and realize the following:
Federal Reserve banks in Atlanta, Boston and Minneapolis recently dedicated resources to social policy, reflecting the political leaning of officials who are neither elected nor confirmed by the Senate.
The three banks recently spearheaded a series that was participated in by all 12 regional banks, which centered on the belief that "racism forms the foundation of inequality in our society."
The "Racism and Economy" series highlighted a number of topics, including structural racism in housing, education and labor markets.
Atlanta Fed President Raphael Bostic, who is the first Black Fed president, on Monday told Axios that should he become Fed chairman, he would steer the central bank toward economic inclusivity and equity.
Earlier this year he said there are "definitely merits" to reparations and called the changes to Georgia voting laws "troubling." That came after last year he published a letter titled "A Moral and Economic Imperative to End Racism."
The Minneapolis Fed, meanwhile, in its 2020 Annual Report renewed its commitment to dismantling systemic racism. Additionally, a report published by the Boston Fed in December 2020 said the deaths of George Floyd, Breonna Taylor and others were the result of the "racist roots of this country."
And then there's this quotation from the Atlanta branch in response to US Senator Pat Toomey, (R-PA), which accuses the Fed of "becoming political" and basically exceeding its mandate:
"We have received the inquiry from Sen. Toomey’s office, and we look forward to discussing with him how better understanding racial inequality helps the Federal Reserve reach its mandate of maximum employment and ensure economic gains are widely experienced across the population, regardless of race," a spokesperson for the Atlanta Fed told FOX Business.
The mind boggles.
It boggles, first, because the idea that the Fed ensures that economic gains are "widely experienced across the population, regardless of race," is laughable. It could reasonably be argued that the Fed's actions have either created, caused, or exacerbated several financial and economic crises since its founding. Central banks are designed, first and foremost, to benefit the wealthy financial class and anyone willing to work with them and play by their rules. The rest of us are "deplorables" and useless eaters. And it's telling that Senator Toomey appears to be playing the game in reverse, by legitimizing the existence of the institution, questioning only its current policy. The problem, Senator Toomey, is that every central bank always exceeds its mandate, and manipulates policy, usually from behind the scenes. And that view of things is not even taking into consideration my own speculations about hidden systems of finance, hidden bond markets, and the Fed's implied roll therein. Nor is it even taking into consideration that little episode recounted by former Reichsbank president Hjalmar Schacht, who recounted the little episode of the NY Fed not being able to find Germany's gold during his visit in the 1920s.
I could go on and on, but I think you get the point: Swampington DC is irredeemably corrupt, and in business for itself, not the people, and at the beating heart of that corruption is the Fed.
So what, really, are they up to?
I suspect the first is to cloak their own role in that economic disparity and the decline of the middle class by deflecting it to race, or more specifically, to "systemic racism". Their policies have gutted the American middle class, black, white, or purple-polka-dotted. Best then, to create another tempest in the tea-pot by misdirecting attention (and responsibility) to race, rather than to a rapacious and irresponsible financial class. The deflection to "systemic racism" means, in this context then, only this: (1) the process of eradicating it will never end, and thus (2) their own power is perpetually insured, a new nomenclatura hiding within, and behind, the Narodnabank (The People's Bank), driving in their limosines and living in their (confiscated) dachas. In this context it's worth remembering that the American financial class has always been enamored of socialisms of one sort or another. Recall only its role in the financing of the three great socialisms of the early 20th century: Lenin, Roosevelt, and Hitler.
And there's something else hinted at in this article, did you notice it? It's this:
Atlanta Fed President Raphael Bostic, who is the first Black Fed president, on Monday told Axios that should he become Fed chairman, he would steer the central bank toward economic inclusivity and equity. (Boldface emphasis added)
Not equality, but equity. Now, bankers, when they're not fudging the cooked books and ledgers with things like FASAB56, can be extraordinarily precise; words like "equity" have a specific meaning to them, and they're even prone to use such words in contexts that will make most ordinary people think of something completely different, in this case, of equality. But Mr. Bostic, if the article is to be believed, and if it's not putting the word "equity" in his mouth when he actually said "equality" (and given the state of American quackademia and edgykayshun, that's entirely possible), said equity.
Ownership of tangible assets.
One could disguise all sorts of confiscation schemes behind the blending of wokeism, and equity.
And that's the real danger here.
See you on the flip side.