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Obama Nominates Three Fed Governors

by Stephen Lendman Tuesday, Jan. 14, 2014 at 8:19 PM


Obama Nominates Three Fed Governors

by Stephen Lendman

It's official. A White House statement headlined "President Obama Announces his Intent to Nominate Three to Serve on the Board of Governors of the Federal Reserve System."

Nominees include Stanley Fischer as vice chairman, Lael Brainard as governor, and Jerome Powell for a second term as governor.

None deserve appointments to local school or other municipal boards. Giving Wall Street favorites money creation power is unconstitutional.

A recent article discussed 100 years of financial terrorism. Monied interests run things. They operate lawlessly.

They're self-serving. They're predatory crooks. They benefit at the expense of most Americans.

Their record is deplorable. It includes grand theft, rampant speculation, market rigging, booms, busts, inflation, deflation, instability, crises, recessions, depressions, deprivation and despair.

Returning money power to public hands where it belongs is essential. Not as long as corrupt politicians work in league with Wall Street. Not as long as they benefit by doing so.

Obama's announcement made saints out of scoundrels. He lied, saying:

"These three distinguished individuals have the proven experience, judgment and deep knowledge of the financial system to serve at the Federal Reserve during this important time for our economy."  

"Stanley Fischer brings decades of leadership and expertise from various roles, including serving at the International Monetary Fund and the Bank of Israel."  

"He is widely acknowledged as one of the world's leading and most experienced economic policy minds and I'm grateful he has agreed to take on this new role, and I am confident that he and Janet Yellen will make a great team."  

"Lael Brainard has served as one of my top and most trusted international economic advisors during a challenging time not just at home, but for our global economy as well, and her knowledge of international monetary and economic issues will be an important addition to the Fed."  

"I'm also thankful that Jerome Powell, who has proven to be an effective and wise voice at the Fed, has agreed to serve a second term. I'm confident that these individuals will serve their country well."

For sure they're self-serving. They serve Wall Street. They serve other corporate interests. They serve America's super-rich. They serve corrupt politicians.

They do it at the expense of popular interests. They wreck economic conditions. They do it to enrich bankers. It's longstanding practice.

It's been ongoing for over 100 years. It's much worse now than ever. Fed governors are appointed to steal. Multi-trillions of dollars are involved.

Wall Street never had it so good. Casino capitalism flourishes. Grand theft is greater than ever. Class warfare harms ordinary people.

A handful of powerful winners hurts most others. Wealth disparity is more extreme than ever. Exploiting ordinary people for profit is official policy.

Bipartisan complicity endorses what demands condemnation. Obama is a bought and paid for Wall Street tool.

No one ascends to the nation's highest office any other way. Gore Vidal explained saying:

"By the time a man gets to be presidential material, he's been bought ten times over."

Fed governors are reliable Wall Street tools. Otherwise they wouldn't be appointed. A previous article discussed Stanley Fischer.

He's a deplorable choice. He ran the Bank of Israel. It serves monied interests. It operates like the Fed. He's AIPAC's man. He's Israel's man.

He's a dual US/Israeli citizen. He's a Zionist zealot. Imagine one influencing US monetary policy. Imagine harming ordinary people at the same time.

As Bank of Israel governor, Fischer helped AIPAC's Iran sanctions campaign. He'll operate the same way in Washington.

He'll support America's imperial wars. He'll make them more possible. He'll help enrich war profiteers.

He'll do whatever Wall Street wants. He'll give AIPAC more control over US foreign policy. He'll back the worst of wrong over right.

He's new Fed vice chairman. Senate confirmation is automatic. It's virtually rubber-stamp.

Lael Brainard is another longstanding Washington insider. She held various Clinton administration posts. She was Deputy National Economic Advisor.

She was chair of the Deputy Secretaries Committee on International Economics. She was Deputy Director of the National Economic Council.

She was involved in various global economic scams. They included the 1997 Asian financial crisis. Washington's dirty hands complicit with predatory investors bore full responsibility.

So-called Tiger economies embarrassed America's free market model. They flourished successfully. They avoided IMF debt entrapment. They were cut down to size.

They were looted. They needed IMF help. Painful structural adjustments followed. State enterprises were sold at fire sale prices. Millions lost jobs. The entire region suffered. Predatory capitalism works this way.

Brainard was directly involved. She was Obama's Under Treasury Secretary for International Affairs. She worked closely with Tim Geithner.

She was complicit in his crimes. They were high crimes. They helped Wall Street fleece America. They let crooked bankers steal multi-trillions of dollars. They're still stealing.

Brainard's appointment helps them steal more. She'll do so as a Fed governor. Her mandate is grand theft.

Her husband, Kurt Campbell, was Obama's Assistant Secretary of State for East Asian and Pacific Affairs. He served from June 2009 through early February 2013.

He currently heads The Asia Group. It's a Washington-based strategic and capital advisory firm.

Previously he headed the Center for a New American Security (CNAS). It's a right wing think tank.

Prior to CNAS, he held the Center for Strategic and International Studies (CSIS) National Security Policy Henry Kissinger Chair.

Most recently, Brainard was Brookings Institution Global Economy and Development Program vice president.

She held the Bernard Schwartz Chair in International Economics. She directed the Brookings Initiative on Competitiveness.

Earlier she taught applied economics at MIT. She worked on West African micro-finance at McKinsey & Co.

Jerome Powell is one of many Washington insiders. On May 25, 2012, he was appointed to fill an unexpired Fed Board of Governors term. On January 31, it ends.

Prior to his appointment, he was a visiting Bipartisan Policy Center visiting scholar. It's a well-connected Washington think tank.

It was founded by former Senate Majority Leaders Howard Baker, Tom Daschle, Bob Dole and George Mitchell.

It focuses on major issues. They include economic policies, national security, energy, healthcare, and housing among others.

It supports Social Security, Medicare, Medicaid, and other social benefit cuts. It wants ordinary people forced to survive best they can. It wants America's resources directed to corporate interests and super-rich elites.

From 1997 - 2005, Powell was a Carlyle Group partner. It's a major war profiteering firm. It profits from death and destruction. It's one of America's most disreputable arms dealers.

GHW Bush served earlier as senior advisor. Other top officials included former UK Prime Minister John Major, former US Defense Secretary Frank Carlucci, and former Secretary of State/Treasury Secretary James Baker.

Powell was GHW Bush's Treasury Undersecretary. His responsibilities included policies related to financial institutions, the Treasury debt market and related areas.

Earlier he was a New York-based Dillon Read investment banker. He served as senior vice president.

Confirmation for all three nominees is automatic. It's virtually rubber-stamp. Unless otherwise indicated, they'll begin their terms on February 1.

They're licensed to steal. As much as possible. They're experts at it. They're up to the task.

Their mandate is making Wall Street crooks richer. It's doing it at the expense of ordinary Americans. It's impoverishing growing millions at the same time.

Wall Street crooks work this way. Fed governors serve at their behest. So do chairmen and chairwomen. They're partners in crime.

Stephen Lendman lives in Chicago. He can be reached at

His new book is titled "Banker Occupation: Waging Financial War on Humanity."

Visit his blog site at

Listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network.

It airs Fridays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

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