Economic Reform, in Today's News 06.18.09

Economic Reform. Obama's vaunted overhaul of finance rules finally made into the light of day. The package of proposed legislation if adopted will further institute a government-run economy and mark a turning point in world history.

WSJ: "President Barack Obama urged policy makers to rewrite the rules governing U.S. finance, unveiling far-reaching proposals that would affect nearly every aspect of banking and markets."

If you desire a soviet-style economy and if you really want government regulation of every aspect of the economy and life, then to start the ball rolling this is the legislation for you.

"A new agency would regulate financial products for consumers, such as mortgages. There would be rules to mitigate booms and busts, a goal often sought but rarely reached.  The U.S.. would gain powers to take over tottering financial giants and supervise firms that could pose a threat to financial stability, even those that don't own banks. Executive compensation and hedge funds would face more scrutiny. Bank regulation would be streamlined somewhat. Financial firms would be required to hold more capital."

And in the center of it all is the privately-owned Federal Reserve. "The Federal Reserve would become the nation's most powerful financial overseer...The proposal, if passed, would represent one of the biggest changes ever in the Fed's role. The central bank would win power to monitor risks across the financial system, and sweeping authority to examine any firm that could threaten financial stability, even if the Fed wouldn't normally supervise the institution. The nation's biggest and most interconnected firms would be subject to heightened oversight by the central bank." (Emphasis added.)

So stop to think about this. The owners of the world's wealth through their control of the banks and through them the Fed now will have virtually unlimited power to direct the nation's economy in their interests. If some company doesn't do as it is told, the company will now be subject to the Fed's disciplinary powers, including taking over the company a la General Motors.

All this was but a dream for the bankers who conspired to set up the Fed in the first place. Their great plan was that someday in the distant future the Fed could evolve into the central planner for the nation's economy. Well, now they almost have it. All that stands in their way is the legislative process, which will probably tame the powers down a bit, but will leave the essential.

This development is a major, major change in the history of the world. And it is certainly a big step away from a world that looks to God for its direction. Will the Church leaders have anything to say about this? Dubious. Do the Church leaders even recognize what is occurring before their very eyes? Dubious.