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Not only was Obama’s appointment of Richard Cordray to the misnamed Consumer Financial Protection Bureau (CFPB) unconstitutional, but the newly minted federal leviathan itself is in direct violation of Constitution, specifically the Tenth Amendment.
In January, Obama thumbed his nose at Article 2, Section 2 of the Constitution. It states that the president “shall nominate, and by and with the Advice and Consent of the Senate, shall appoint” officers to the government.
But as Ron Paul notes in the above video, the new agency – founded under the Federal Reserve dominated Dodd-Frank Wall Street Reform and Consumer Protection Act – is itself an unconstitutional monster that will further degrade the financial health of the country.
Cordray will act as a czar answerable not to the American people, but his masters at the Federal Reserve. Like an EU or Soviet era committee, the CFPB will be run by unelected commissars who will exercise extraordinary power.
The agency is part of the Federal Reserve and its budget is not subject to congressional control or oversight.
On January 4, the agency began to regulate nonbank services, including debt collection, consumer reporting, prepaid cards, debt relief services, consumer credit and money transmitting, check cashing, and related activities.
It claims the authority to supervise any nonbank that it decides may pose a “risk” to consumers or engages in “unfair, deceptive, or abusive” practices.
In other words, the CFPB will micromanage a large sector of the economy and punish supposed violators not based on law, but rather supposition of harm and political priorities.
Banks are more dangerous than any standing army. -Misquoted Thomas Jefferson
How about the Federal Reserve has been bankrupting America since 1913..........Quoted by? Who gives a flying frack! It's true. Banks are more dangerous than standing armies. Just about every single problem in the world right now and since the dawn of civilized society can be traced back to the money changers.
I think if people understood the potential for abuse by the Federal Reserve, it would downright scare them.
Look, I'm not a conspiracy theorist when it comes to the Federal Reserve. But, I believe that the whole model of the Federal Reserve is flawed, and is actually harmful to the majority of the people in the world. Even the existence of our Fiat currency actually hurts developing nations, and allows the wealthy to acquire all the wealth for themselves, for very little in return.
The money printed off by the federal reserve is simply artificial. Created out of nothing and loaned out, in any way the Federal Reserve believes appropriate. The government itself actually borrows money almost entirely from the Federal Reserve, at interest, just to operate.
And simply the act of setting interest rates can be the difference between a healthy economy and a recession. The Federal Reserve has the potential to be practically the master of the economy. It can create bubbles, it can create inflation, it can create recessions, depressions, etc. And it is effectively a private institution, under almost zero oversight by our government. And when our politicians want the Federal Reserve to show us their books, they basically tell us no. Or that, they wouldn't be able to function if they were constantly being overseen and regulated by Congress.
I think if people understood the potential for abuse by the Federal Reserve, it would downright scare them.
Look, I'm not a conspiracy theorist when it comes to the Federal Reserve. But, I believe that the whole model of the Federal Reserve is flawed, and is actually harmful to the majority of the people in the world. Even the existence of our Fiat currency actually hurts developing nations, and allows the wealthy to acquire all the wealth for themselves, for very little in return.
The money printed off by the federal reserve is simply artificial. Created out of nothing and loaned out, in any way the Federal Reserve believes appropriate. The government itself actually borrows money almost entirely from the Federal Reserve, at interest, just to operate.
And simply the act of setting interest rates can be the difference between a healthy economy and a recession. The Federal Reserve has the potential to be practically the master of the economy. It can create bubbles, it can create inflation, it can create recessions, depressions, etc. And it is effectively a private institution, under almost zero oversight by our government. And when our politicians want the Federal Reserve to show us their books, they basically tell us no. Or that, they wouldn't be able to function if they were constantly being overseen and regulated by Congress.
Well stated, I agree completely.
Americans need to start questioning the purpose of The Federal Reserve. This is the longest period in American history that the people have let a private Central Bank control the country.
Bank of North America 1782-1785 First Bank of The United States 1791-1811 Second Bank of The United States 1816-1836 The Federal Reserve 1913-When will Americans wake up?
Considering just how much of our economy is controlled by the Banksters of the Federal Reserve System and their World Bank buddies I wonder just how they could amass any MORE power than they already HAVE.
Although I agree with the concept that lenders should get their money back I do not agree the gamblers should have any insurance against failure. We have allowed the lenders to be cheated and the gamblers to be protected. Like that makes any sense? Unless you are one of the gamblers?
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