Posted on 10/10/2012 3:51:13 AM PDT by dennisw
Casino magnate Steve Wynn was recently interviewed by Jon Ralston, host of "Face to Face with Jon Ralston," on Nevada's NBC affiliates.
For much of the interview, he was highly critical of President Obama and his policies. This is not a new position. Wynn has gone after Obama in his company's earnings conference calls.
What was new was his aggressive criticism of the Federal Reserve's current easy monetary policy, comparing quantitative easing to a Ponzi scheme:
"The demand for American bonds wasn't as great as what it used to be. So what we did is what Bernie Madoff went to jail for: the Federal Reserve printed the money and bought the bonds from the government as if it was really an auction and there was really a buyer."
Wynn takes issue with this because he's being forced to watch "the paychecks of [his] employees go down the drain in real time."
"Everyone that works for me — every African-American, every Latino, every Catholic, every Jew, every Italian, every Mormon in this state — finds that when they take a look at their household budget, the money that they have to live on, their living standard, everything has gotten worse. It costs more for fuel. It costs more for clothing. It cost more for Wal-Mart. It costs more for healthcare. It costs more for everything there is."
Watch the whole interview here.
(Excerpt) Read more at businessinsider.com ...
What Steve Wynn indicates...is absolutely true. A household budget is likely ten percent higher than four years ago, and your pay scale didn’t match that. So everyone is paying out more for what they used to consider as essentials.
You might also notice people passing up magazine purchases at the aisle now at the grocery stores. Magazines are probably pulling one-third less on sales, and marginally getting by.
Wynn is 100% correct.
Steve Wynn rocks. He has always been spot on in his criticism of those who would destroy business in America.
People with fixed or low incomes will be hit hard.
In the late 70’s, I was a young college grad with a new, seemingly huge mortgage. Inflation was bad, but business was good, so I got some 15% raises for a few years. That mortgage payment became smaller & smaller every year as a percentage of my take home pay. I laugh now over that huge $360/month mortgage/insurance/tax payment.
So, inflation is good for some, bad for others.
The NY Federal Reserve is the real brain center and interest rate setting center of the Federale Reserve. The Federale Reserve HQ in DC is a political arm that tries to keep Congress and the President happy, has thousands laboring away on useless research. It is an employment hiring hall for the usual affirmative action suspects. Gays, women, blacks, Aleutian Islanders, Samoans, fresh off the boat immigrants who happen to have brown or darker skin etc etc
The people who the NY Federale Reserve answers to and acts for -— Its money center member banks such as Goldman, Chase, Citi etc that own stock in it.
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Who Owns the Federal Reserve Bank of New York?
Each of the twelve Federal Reserve Banks is organized into a corporation whose shares are sold to the commercial banks and thrifts operating within the Bank’s district. Shareholders elect six of the nine the board of directors for their regional Federal Reserve Bank as well as its president. Mullins reported that the top eight stockholders of the New York Fed were, in order from largest to smallest as of 1983, Citibank, Chase Manhatten, Morgan Guaranty Trust, Chemical Bank, Manufacturers Hanover Trust, Bankers Trust Company, National Bank of North America, and the Bank of New York (Mullins, p. 179). Together, these banks owned about 63 percent of the New York Fed’s outstanding stock. Mullins then showed that many of these banks are owned by about a dozen European banking organizations, mostly British, and most notably the Rothschild banking dynasty. Through their American agents they are able to select the board of directors for the New York Fed and to direct U.S. monetary policy. Mullins explained,
http://www.usagold.com/federalreserve.html
“And the pyramid scheme continues until they decide to pull the plug... “
That’s what all the DHS ammo is for.
I suppose he uses Madoff because no famous counterfeiters came to mind. Although they’re similar in that both rely on facades, what the Fed does is different, more nefarious, and about billion times bigger.
“inflation is good for some, bad for others”
Yes. It is a massive redistributinist scheme. Those who get to buy goodies with new money before prices go up win. The government wins always, of course.
Amen to that. If Romney is REAL, he will come out and announce he will fire Bernanke on his FIRST DAY IN OFFICE. . . that would be a true test of the man.
He’s crossed the line by attacking the banking cartel. Soon there will be a story about some sort of deviant behavior on his part, or he’ll get some loans called in or DoL investigation into labor practices or some other measure of character or business assassination committed against him. Either that or he’ll be suicided, or both.
True, but there is always a lag between rising prices and rising wages. Even union and government workers who are protected by COLAs generally only get a COLA annually. When inflation is high, the lag can have terrible effects on almost everybody, though the effect is worst on those with fixed incomes.
The danger is that the government/fed will print enough money to induce hyperinflation. That will damage our economy and cause real misery on a scale most of us can't even imagine.
“He’s crossed the line”
Yeah, but he’s been there , done that before. He knows every rope. And the deviant behavior card was played already years ago. Steve is a wizard in his industry. He’s vocal in a public way and with his peers because it’s protection. Btw, the Las Vegas Review Journal endorsed Romney.
Conclusion
It does not appear that the New York Federal Reserve Bank is owned, either directly or indirectly, by foreigners. Neither Mullins nor Kah provided verifiable sources for their allegations, nor did their mysterious sources agree on exactly who owns the New York Federal Reserve Bank. Moreover, their central assumption that control of the New York Federal Reserve is the same as control of the whole System is wrong and demonstrates a lack of understanding of the System's basic organizational structure. The profits of the Federal Reserve System, again contrary to the assertion of Kah and Schauf, are funneled back to the federal government, not to an "international banking elite." If the U.S. central bank is in the grip of a banking conspiracy, then Mullins and Kah have certainly not uncovered it.
Conclusion
It does not appear that the New York Federal Reserve Bank is owned, either directly or indirectly, by foreigners. Neither Mullins nor Kah provided verifiable sources for their allegations, nor did their mysterious sources agree on exactly who owns the New York Federal Reserve Bank. Moreover, their central assumption that control of the New York Federal Reserve is the same as control of the whole System is wrong and demonstrates a lack of understanding of the System's basic organizational structure. The profits of the Federal Reserve System, again contrary to the assertion of Kah and Schauf, are funneled back to the federal government, not to an "international banking elite." If the U.S. central bank is in the grip of a banking conspiracy, then Mullins and Kah have certainly not uncovered it.
NY Branch Federale Reserve is as powerful as the DC headquarters. They don’t operate against their member stock holding banks who are....... see if you can find a list and how much stock each owns. The NY Federale does not publish this or want it known (so it seems)`
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