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Can the Fed End Racism?
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House Financial Services Chair Maxine Waters and Senator Elizabeth Warren have introduced the Federal Reserve Racial and Economic Equity Act. This legislation directs the Federal Reserve to eliminate racial disparities in income, employment, wealth, and access to credit.

Eliminating racial disparities in access to credit is code for forcing banks and other financial institutions to approve loans based on the applicants’ race, instead of based on their income and credit history. Overlooking poor credit history or income below what would normally be required to qualify for a loan results in individuals ending up with ruinous debt. These individuals will end up losing their homes, cars, or businesses because banks disregarded sound lending practices in an effort to show they are meeting race-based requirements.

Forcing banks to make loans based on political considerations damages the economy by misallocating resources. This reduces economic growth and inflicts more pain on lower-income Americans.

The Carter-era Community Reinvestment Act has already shown what happens when the government forces banks to give loans to unqualified borrowers. This law played a significant role in the housing boom and subsequent economic meltdown. The Federal Reserve Racial and Economic Equity Act will be the Community Reinvestment Act on steroids.

This legislation also requires the Fed to shape monetary policy with an eye toward eliminating racial disparities. This adds a third mandate to the Fed’s current “dual mandate” of promoting a stable dollar and full employment.

Federal Reserve Chair Jerome Powell has already publicly committed to using racial disparities as an excuse to continue the Fed’s current policy of perpetual money creation. Since inflation occurs whenever the Fed creates new money, Powell and his supporters want a policy of never-ending inflation.

Supporters of this scheme say that inflation raises wages and creates new job opportunities for those at the bottom of the economic ladder. However, these wage gains are illusory, as wages rarely, if ever, increase as much as prices. So, workers’ real standard of living declines even as their nominal income increases. By contrast, those at the top of the income ladder tend to benefit from inflation as they receive the new money — and thus an increase in purchasing power — before the Fed’s actions cause a general rise in the price level. The damage done by inflation is hidden and regressive, which is part of why the inflation tax is the most insidious of all taxes.

When the Fed creates new money, it distorts the market signals sent by interest rates, which are the price of money. This leads to a bubble. Many people who find well-paying jobs in bubble industries will lose those jobs when the bubble inevitably bursts. Many of these workers, and others, will struggle because of debt they incurred because they listened to “experts” who said the boom would never end.

The Federal Reserve’s manipulation of the money supply lowers the dollar’s value, creates a boom-and-bust business cycle, facilitates the rise of the welfare-warfare state, and enriches the elites, while impoverishing people in the middle and lower classes. Progressives who want to advance the wellbeing of people in the middle and lower classes should stop attacking free markets and join libertarians in seeking to restore a sound monetary policy, The first step is to let the people know the full truth about the central bank by passing the Audit the Fed bill. Once the truth about the Fed is exposed, a critical mass of people will join the liberty movement and force Congress to end the Fed’s money monopoly.

(Republished from The Ron Paul Institute by permission of author or representative)
 
• Category: Economics, Ideology • Tags: Discrimination, Federal Reserve, Racism 
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  1. Rich says:

    This insanity is going to destroy America. I can’t understand how “equal opportunity” was allowed to become “equality of outcome” in any area that it hurts Whites and Asians. Looks like those old, Southern segregationists were right after all.

    • Agree: Kolya Krassotkin
  2. Wyatt says:

    One of the most interesting things to note about racism is that it happens to mostly occur against the race with the lowest threshold for intelligence and the highest degree of aggression. The browns, the yellows, the other browns, the other other browns and quasi-whites don’t seem to encounter “systemic racism,” but the darkest of people do.

    The Fed can’t end racism, but Ways and Means can. Cut all welfare payouts to blacks, the most ‘tarded among them won’t figure out how to get food, Nat Guard comes in to clean up the mess. Over the course of six months, racism will mostly disappear.

    • Agree: Achmed E. Newman
  3. This is a continuation of Zionist socialist engineering in order to further damage the economy and race relations while imposing more financial regulations affecting businesses. This socialist fraud is minor compared to the damage done and the trillions stollen under the fake virus fraud but the Zionists never miss an opportunity for the syndicate to gain profit and power.

    Rand must be a big disappointment for you. He should gain some dignity instead of just a lust for power as he promotes the ADL -aIPAC agenda for Greater Israel. The Zionist Jews are never going to dump money on him like a Trump or Biden anyway. He could at least be a real American instead of just another shabbos goy politician.

  4. @Wyatt

    Welfare should be ended for everyone. This started in then 60’s with LBJ’s Great Society programs. so far ap. 15 Trillion dollars has been thrown away on this transfer scheme while we have more poverty than when it started, despite huge increases in productivity in the Amer. economy. How could it work when money is robbed from producers and given to non producers as an incentive to do even less while half of the money is soaked up by the bureaucracy.

    As far as the negroes this problem has been cultivated for a long time. In 1907 big Jew founder (and big funder of the Bolsheviks) of the NAACP, Jacob Schiff began the process of radicalizing the negroes into proxy warriors for the Jews. This was followed up by a long string of agitators including Obamas probable real father Frank Marshall Davis and others on into the so called civil rights mov. in order to pave the way for move gov. power and to lay the foundation for the “hate crime” and anti-semite laws along with the general anti-white culture.

    If we look back at history at the beginning of the 1900’s, the American negroes (blacks are a revolutionary term) family structure was almost as good as the whites (which was very good) and most held stable jobs. A stable society of independent people doesn’t do anything for the Zionist syndicate. There has to be war, hatred and conflict everywhere in order to get the goyim to relinquish there natural God given rights. This is the reason for the fake shootings, fake Floyds, and staged riots. Both the Zionists on the left and the right are using these contrived events to eliminate what is left of the 10th amendment protections retained by the states and people.

    War has always been the fastest (and most profitable) method for moving the livestock down the totalitarian road to perdition but they have had amazing success with the medical fraud using the fake virus, fake test and fake numbers with the coming fake vaccine. This has been in the works for a long time but was sprung earlier this year because of stock market situations favorable to Wall St. and the need for the banking cartel to help some of their corporate cronies getting in trouble with bond payments. The Zionist goal is to plunder all of Jewmerica then institute a crisis that will require martial law (most likely another contrived war) so they can mandate the U.N. Sustainable Development Initiative – Agenda2030-21.

    • Replies: @animalogic
  5. From hindsight redlining did blacks a favor by forcing them to live more frugally than they would have when you leave them to their own devices.

  6. Renoman says:

    The only way racism will ever end is if the Blacks stop acting like assholes – Fat chance!

  7. @mark tapley

    Although your tone is perhaps a bit much for me, your general gist is good.
    Re welfare ? You note 15 Tril in transfers to the poor. But against that there’s the 50 Tril in money funneled by the FED & politicians up to the top 10% over the last 40 years….That 15 tril pales in comparison….

    • Replies: @mark tapley
  8. “This adds a third mandate to the Fed’s current “dual mandate” of promoting a stable dollar and full employment.”
    If its any consolation, the FED has buggered up its existing mandates, so it’ll likely bugger up this new one.

    • Replies: @mark tapley
  9. @Wyatt

    Sure – just end welfare for all races… When joe six pack and those in his trailer park get no benefits – what do you think will happen??? Take away foods stamps in the ex-urbs also… Stop all farm subsidy too and watch what happens. Equal opportunities for all indeed. In 6 months there would be a march on Washington indeed. Then you would be surprised at the color of those who march.

  10. @animalogic

    I have commented on the wealth transfer to the top many times on Unz. This process actually started with the sodomite and murderer Abe. Lincoln with his greenback scheme but really gained financial control with the Rothschild banking cartel engineered by Paul Warburg and maneuvered through congress by Nelson Aldrich (maternal grandfather of Nelson Rockefeller). They already had the syphilitic shabbos goy Wilson in the bag just like practically all of the presidential puppet actors since then. The system was set up originally to control all the banks, initiate a system that would access the tax payers for “rescue” when needed and transfer all the wealth via depreciation to the top as explained by their economic expert the degenerate pedophile and sodomite Keynes:

    By a continuous process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and while the process impoverishes many, it actually enriches some….The process engages all of the hidden forces of economic law on the side of destruction, and does it in a manner that not one man in a million can diagnose.” – John Maynard Keynes Economic Consequences of the Peace, 1920.

    This scam and the Great society welfare scam are both used together in order to wipe out the Zionists no.1 enemy, the middle class. The banking cartel has been using the boom and bust cycle to “fleece the flock” since the the 20’s. Now the banking cartel have supercharged the thefts with the bailouts for billionaires in 08-09 and are stealing millions more now under the fake virus with a little help from fake Floyd and the staged riots.

    Jewmerica has sustained an inflation (depreciation) rate of ap. 50% every 17 years since the founding of the banking cartel. A lot more productive middle class wealth than 10% has gone to the elite. Because of the productivity and efficiency of the American economy, people have until recently been unaware how much has really been skimmed by the cartel. Now the fake virus will add another dimension to the fraud as was done in 08 as millions more people have fallen out of the middle class and lots of real estate and businesses will be picked up by the Jews at Black Rock and others in the new shearing of the sheep.

  11. @animalogic

    Mandates like presidential puppet actors come and go but the real agenda of reducing everyone to debt peonage in order to more comfortably merge Jewmerica with the 3rd world and instigate the Neo-feudalistic totalitarian global government under the U.N.’s Sustainable Development Initiative is now on the fast track. China is the NWO model with it’s social credit total surveillance and control system. All the cucks with their face diapers and faith in the fake virus, fake test, fake numbers and soon fake vaccine will be herded right along.

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