To the Editor:
The world works to mainly profit “the big guys.”
Consider how “Cash for Clunkers,” aiding the government’s 2009 bailout of Chrysler and General Motors, shamelessly decimated the supply of good, affordable used cars and, simultaneously, legions of used-car dealerships, leaving Americans desperate to find affordable vehicles and car dealers begging the public to supply used cars to them.
Also consider how today’s “comeback” in the housing market (price rises), comes mainly from wealthy speculators, including “private-equity” firms (corporate raiders), competing amongst themselves to buy up cheaply-priced foreclosed homes during record-low interest rates, while multiple regular homebuyers are shut out by stringent lending standards.
Witness that these record-low interest rates are set by the undemocratic, privately-owned Federal Reserve Bank, for 100 years granted unbelievable control over America’s economy while massively profiting its secretive owners and their “buddies” over space and time.
Incredibly, in 1930 the Federal Reserve Bank joined other of the world’s central banks, including those of Germany, Japan, England and Italy, to establish the Bank for International Settlements, financing Hitler’s rise to power and both sides (Allies and Axis) in World War II, its first president an American banker and Federal Reserve insider. — Donna Christianson, Little Falls