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Fed’s Unconventional Monetary Policy, UMP, Worse Than A Nuke EMP
The New American
In her keynote speech last week to the annual global gathering of central bankers in Jackson Hole, Wyoming, International Monetary Fund Managing Director Christine Lagarde praised the “unconventional monetary policies” employed by the Federal Reserve and other central banks. She called central bankers “heroes of the global financial crisis,” urged them to boldly continue usurping new powers, and warned against slowing “quantitative easing,” the Fed’s program of funny money creation that has already pumped trillions of dollars into various bank bailouts and other schemes that it has refused to provide details on, either to Congress or the American people.
“In many respects,” Lagarde told her Jackson Hole confreres, “central banks have been the heroes of the global financial crisis. Compared with conventional monetary policy, the unconventional monetary policies of the past few years have been bolder in ambition and larger in scale. These exceptional actions helped the world pull back from the precipice of another Great Depression.”
The title of Lagarde’s speech was “The Global Calculus of Unconventional Monetary Policies.” Unconventional Monetary Policies, or UMP, is the catch-all euphemism invented by the Fed to paper over the broad range of new counterfeiting, swindling, theft, and other criminal activities it and its banking partners have been employing over the past several years to transfer trillions of dollars from savers and taxpayers to banking and corporate cronies and bankrupt governments.
EMP or UMP — Which Is More Destructive?
The dangers of an EMP, or electromagnetic pulse, have been much discussed by scientists, military strategists, national security analysts, and preparedness advocates, often referred to as “preppers.” An EMP could be the result of either a severe solar storm (a coronal mass ejection) or an act of war, in which an enemy detonates a nuclear weapon above the United States, at an altitude of 25 miles to 100 miles, or more. A severe EMP could knock out the power grid and telecommunications, as well as fry the electrical systems in automobiles, computers, and many home and office electronic products. Obviously, an EMP, whether produced by the sun or an enemy WMD, would be a bad thing.
But what about the impact of UMP, which is not some “what if” theoretical threat some time in the future; UMP has already been wreaking global economic havoc for several years, though the full destructive consequences of UMP have been barely perceived. Stripped of its semantic camouflage, UMP would be more easily recognized as, and described as, Unlimited Money Proliferation or Unconstitutional Monetary Powers, since, under the guise of UMP, the Fed and other central banks have assumed unprecedented powers to create massive quantities of money out of thin air, which is counterfeiting, and which surreptitiously steals from all the people and institutions who hold dollars — whether the dollars are in their pockets, their bank accounts, pensions, 401Ks, or other investment vehicles. It is difficult to overstate the colossal destruction that UMP has already wrought — and it is still ongoing.
As The New American reported back in 2010, “The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) estimated the potential total cost of the combined crisis bailouts at $23.7 trillion, or more than $75,000 per person in the United States.”
