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Yellen’s Senate Testimony: ‘mostly nonsense’! Why?

February 24, 2015

Today’s testimony in front of the Senate was Janet Yellen’s opportunity to educate our Congressional leaders about the operations within the Fed. This she did not do! Her statements were mostly nonsense in that there was nothing new nor did she provide any info which was relevant for today’s confused markets. She wants 2% inflation and more accommodation for our markets. She does not desire a GAO audit of her monetary policy. She fears deflation and thinks she has the ‘tools’ to avoid this event. Basically, she said nothing important and the Congressperson’s (asking the questions) did not challenge her history, thinking, or her philosophy. What a shame!

Janet Yellen, Chairperson of the Federal Reserve System!

If I were to question her I would have asked some deeper questions about money, value, history, and philosophy. For example:

1. What is ‘money’ today? Can you provide me some history on the currency unit which we call our ‘dollar’? Was this unit of consciousness defined? What was the definition?

2. The purpose of money is to represent VALUE. Can you provide me with your concept of VALUE (what does this concept mean) and what is its role within our Capitalistic system?

3. When did America first choose the currency called ‘dollar’ for our markets? Why did our first Secretary of the Treasury (Hamilton) and our first Secretary of State (Jefferson) define our ‘dollar’ in terms of SILVER and GOLD? Do you have a clue as to why these metals were chosen?

4. How many Central Banks has American experienced in our 238 year history? What was the political/moral/philosophical controversy which centered around the creation of our various Central Banks? Who promoted the first, the second, and the third? Why?

5. Why did F.D.R. choose to create the fiat Federal Reserve Dollar in 1934? What was his motivation and concerns? How much gold backed our fiat dollar back in 1934 – 44? Why did many view our ‘dollar’ to be “as good as gold”? Why was silver nationalized in 1937?

6. What backed our ‘dollar’ after the Bretton Woods Agreement in 1944-46? Why did Richard Milhous Nixon choose to close the ‘gold window’ in 1971? After, 1973, what new commodity was portrayed as the backing for our ‘dollar’?

7. What is your role on the Board of the BIS (Bank for International Settlements)? What is the role of your cohort, Mr. William C. Dudley, on this Board? Why do both of you have ‘diplomatic immunity’ as members within the BIS organization? Is your core loyalty to America (and its system) or the Greater Global Monetary System?

8. Do you understand the nature of our current Cyber Dollar? When did this cyber currency first emerge and what is it (specifically)? Could you provide me with a definition of Cyberspace? How many computer traders do you employ at the New York Fed (9th floor) for your monetary manipulations within our markets? What is the role of your Desk Manager(s) for your SOMA at the New York Fed? How often does Dudley (or his proxies) report to you about realtime trading operations which occur at the New York Fed? Do you have any clue, Janet, as to why all our Stock Markets continue to inflate?

Would it not have been interesting to get answers (from Janet) on the above questions? Would not these answers reveal her real knowledge and understanding about monetary issues for our Country and our System? But who would ask these questions? The nonsense questions proposed during her testimony appeared to be mostly NONSENSE! I doubt that we will learn much more tomorrow at the House hearing. Anyway, that’s the way it is in 2015! Enjoy! I am:

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