Jubilee At The “Federal” Reserve

(Conspiracy Nation, 05/04/08) – A “Jubilee Year” occurs every 49 or 50 years. The year of Jubilee in both the Jewish and Christian traditions is a time of joy, the year of remission or universal pardon. In the Biblical book of Leviticus, a Jubilee year is mentioned to occur every fifty years, in which slaves and prisoners would be freed, debts would be forgiven and the mercies of God would be particularly manifest. (“Jubilee”, Wikipedia, May 4, 2008). And it comes to pass that Ben Bernanke of the so-called “Federal” Reserve has sounded a ram's horn trumpet and declared to bankers, “All debts are forgiven.”

All debts are forgiven. This is part of the Levitical tradition belonging to all Jubilee Years. In a little-noticed Caesar-like manumission contraption, the “Fed” has begun accepting credit card debt as “collateral” for dollars from their printing presses. This does not mean that you, Mr./Ms. Ordinary, can begin sending your credit card bills to the “Federal” Reserve. It means bankers can send bad debt to the “Fed” and manumission is granted.

For you, Ms./Mr. Ordinary, a few token crumbs have been granted by Caesar Bernanke. (Background: “Caesar Bernanke Crosses Rubicon”, http://www.shout.net/~bigred/CaesarBernanke.html) Bernanke Augustus has granted favor to the peasants by moving “to place new regulations on the nation's credit-card industry that would make it more difficult for lenders to raise interest rates and would give consumers more time to pay their bills.” Hail Bernanke! (“Fed crackdown on credit-card industry looms”, McClatchy Newspapers, May 3, 2008)

Inside the Roman architecture of the “Federal” Reserve building, big bankers enjoy a merry feast. Big bond market firms can swap a broader array of hard-to-trade securities for top-rated and liquid U.S. Treasury debt! Hooray! The “Fed” is “willing to accept bonds backed by auto loans and credit cards.” (“Fed expands auction, accepts wider collateral,” by Steve Goldstein, MarketWatch. May 2, 2008) Three cheers for Emperor Bernanke!

The stock market has also been pleased by the “Fed” Caesar's autocratic decree. The Dow, these past few days, has climbed past 13,000. Dollars are being printed by the helicopter-full. If you are a big banker, just bring your un-collectable credit-card debt to Ben Bernanke, and he will give you cash money, no questions asked! The mood is jubilant (jubilee-ant).

As to inflation, it “came to Earth from another planet,” like Superman. Inflation-Man! Who can change the worth of minimum-wage hikes, bend prices with his bare hands! And who, disguised as Ben Bernanke, a mild-mannered chieftain for the “Federal” Reserve, fights a never-ending battle for bankers, Wall Street, and the American way!

Conspiracy Nation

http://www.shout.net/~bigred/cn.html