JP Morgan Chase is not a Federal Reserve Bank. It is a federally registered bank and all federally registered banks get to vote in their district's Federal Reserve Bank.
"How did a private banking cartel of the 12 largest banks in America get the keys to Americas vault?"
They didn't. Quit reading conspiracy stuff and learn how the Federal Reserve really works.
Well it’s now official...
In case you have not heard the news, the Federal Reserve has
asked its Primary Dealers (AKA the large Wall Street banks)
for suggestions on how big and how long QE 2 should be.
That’s right... the Fed has publicly stated that it takes its orders (masked as “suggestions”) from the banks, NOT the other way around. And do you think the banks will push for a SMALL QE 2 and STRONG US Dollar?
Yeah, me neither. Nor does the US Dollar itself for that matter.
Starting around 1:30 AM last night, the US Dollar futures sold off... hard. As I type this, the greenback is down over 1%... and Gold has broken out AGAIN.
The long-term US Dollar chart predicts a 50% collapse in its value the coming years. Once we take out the 2008 low this pattern is confirmed and the Dollar is DOOMED.
A Massive Head and Shoulders for the Buck
Few commentators actually understand how inflation works.
Virtually every day I read some “expert” opinion stating that inflation is good for stocks and that we’ll see a new bull market if the Dollar collapses.
This type of thinking is not only ignorant... it’s also VERY
dangerous to investors’ solvency.
Think about it... if inflation takes off then the cost of commodities like oil, steel, and iron, will explode. This in turn will mean operating costs erupting higher for companies... which means MUCH smaller profit margins.
JP Morgan Chase might not be the Federal reserve Bank, but with the great deference the Feds are giving to banks like them, I’m not even certain if the Fed is in charge of our monetary policy anymore.