Addison Wiggin

On one front after another, the Federal Reserve is coming under siege.

On Saturday, to begin, the hacker group calling itself “Anonymous” issued a video manifesto calling for “a relentless campaign of nonviolent, peaceful civil disobedience.”

“We aim to break up the global banking cartel centered at the Federal Reserve, International Monetary Fund, Bank of International Settlements [sic] and World Bank,” Anonymous says.

The group has been around for years, but made its biggest impact last fall, when WikiLeaks began releasing its stash of State Department cables. As Amazon, PayPal, Visa and MasterCard all cut off their business ties with WikiLeaks, Anonymous launched “distributed denial of service” attacks – basically slamming their websites with so much traffic until they were forced to shut down.

“As a first sign of good faith,” says the manifesto, “we demand Ben Bernanke step down as Federal Reserve chairman.”

This morning, Anonymous released some emails given to them by a former employee at Bank of America. The emails are separate from the BoA documents that WikiLeaks is sitting on.

The emails haven’t been independently verified…but they appear to show that, among other things, loan numbers were routinely falsified with the intent of putting mortgage holders in default. You think the “robo-signing” scandal was a big deal? Wait until this one gets legs.

Anonymous is nothing if not ambitious. And they have a rising tide of public anger on their side.

Then, on the same day the tsunami devoured 100 miles of Japanese coastline, New York Fed chief William Dudley – a 21-year vet of Goldman Sachs – stepped out of his bubble to explain Fed policy to real people in Queens.

It might not have been the first time Dudley attempted to gain the trust of the hoi polloi, but we’re pretty sure it’ll be the last. The details here were reported widely. We divined the scene from a Reuters report.

First Dudley swore up and down that inflation was no problem. “When was the last time, sir,” came a reply from the audience, “that you went grocery shopping?”

Dudley boldly proceeded to explain the concept of “core CPI” – the cost-of-living measure designed for people who don’t eat or consume energy. Heh, we know firsthand how well that goes over…

Then in a brilliant stroke, he pointed to Apple’s shiny new iPad 2 to illustrate his point. “Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful,” he gamely explained. “You have to look at the prices of all things.”

“I can’t eat an iPad,” someone yelled from the crowd. How big a leap is it from “I can’t eat an iPad” to “douse myself with gasoline and light my body on fire in the street”, we wondered while reading the report. Depends entirely on who’s listening, we suspect.

Addison Wiggin
for The Daily Reckoning

Addison Wiggin

Addison Wiggin is the executive publisher of Agora Financial, LLC, a fiercely independent economic forecasting and financial research firm. He's the creator and editorial director of Agora Financial's daily 5 Min. Forecast and editorial director of The Daily Reckoning. Wiggin is the founder of Agora Entertainment, executive producer and co-writer of I.O.U.S.A., which was nominated for the Grand Jury Prize at the 2008 Sundance Film Festival, the 2009 Critics Choice Award for Best Documentary Feature, and was also shortlisted for a 2009 Academy Award. He is the author of the companion book of the film I.O.U.S.A.and his second edition of The Demise of the Dollar, and Why it's Even Better for Your Investments was just fully revised and updated. Wiggin is a three-time New York Times best-selling author whose work has been recognized by The New York Times Magazine, The Economist, Worth, The New York Times, The Washington Post as well as major network news programs. He also co-authored international bestsellers Financial Reckoning Day and Empire of Debt with Bill Bonner.

  • John

    Why would someone having a talk with Dudley be tempted to douse himself in gasoline and light himself on fire in the street? Why when old Dudley is so conveniently close? On second thought, perhaps we have stumbled upon the real reason the FEDs are creating so much inflation: so we yokels can’t afford the gasoline with which to dowse them…

  • Clay

    Shades of “Let them eat cake!” in this case “let them buy iPads!” either way your children starve! What a fool!!!!! I think I’ll start printing T-shirts!!!

  • John

    Complete disconnect from reality on the part of Dudley, I smell a revolution a’brewin if things continue to deteriorate like this. I especially love the part about buying an Ipad when you can’t afford to buy groceries or fill your gas tank. The Fed needs to go, in one hundred years they have managed to destroy our currency.

  • Karl Marx

    Mark my words, the FED won’t last forever.

    Everything I have predicted, shall come to pass.

  • Cincinatus

    I think rather than spontaneous revolution, you are more likely to see an increased move towards states asserting their constitutional perogatives through nullification or at some point secession.

    The problem with revolution is that those taking power can’t claim to speak for the people any more than the current regime.

    Spontaneous, national revolution would require going against our own armed forces – not realistic or desirable by anyone.

  • Cornwallis

    Is there any evidence that anyone is taking the above seriously in any way?

  • jmrbayoubobby

    poor Mr. Dudley, bless his heart, he thinks an Ipad is a vegetable.

  • Watcher

    I love watching docu footages of Goldman Sach sorts in court rooms, their attitude fluctuate wildly from sheer bemusement (at the moral lecturing) and when shamed, they resort to teenage bully level super-lame excuses (“BUT I played by The Rules”).

    Sociopaths sincerely believe they didn’t do anything wrong. Everyone else outside their 0.000001% club is is just “jealous” of their divine entitlement to slash and burn around the world. It’s us, or The Losers. No inbetweens, no moral grey areas. Bunch of teenage bullies with Phd and weapons of mass destruction, out to score another one of their weaker classmates.

    What did they say about evil is mundane and petty.

  • Chumbawumba

    The final sign of denial from the central bankers is when, after the price of even ipads increases, they say: oh, we still have deflation in the economy because the price of bonds is going down.

  • Amy

    BUY FOOD NOW and survival supplies. Learn how to make a fire. These SOB’s mean to starve us to death!

  • Voice in the Desert

    We are truly in a matrix of our own making. Awaken fellow Americans and see that the end result of the Great Economic Hoax by the Federal Reserve is that we as individuals no longer own land, water or the other basic necessities to survive independently of the System run by the banking cartels – where we earn and trade currency coupons and they print and determine the value of those coupons with a major cut of the action. History is repeating itself as the majority of us are being reduced to peons serving the rich and powerful lords. 75% of all financial transactions are now electronic coupons and the banking cartels control the data bases for these assets. What happens when you wake up one day and the bank claims you closed your account and removed all the assets? Read the fine print on your bank mail. The burden of proof is on you, not them. Support an audit of the Fed by reputable experts, not their puppets. Vote for term limits. Vote to restore a free press, starting with the Internet. And pray that God will protect the righteous. There was a reason the government had to remove God from our schools and our daily beliefs. God provides hope to the masses that justice will prevail.

  • michael r

    Obama and the fed are finished/kaput as the unemployment does not improve and prices of what we need skyrocket.I only fear the rats will seize all the gold and attempt to use the military against the public.We all know the ratpack of DC and wall st are only concerned with conserving their ill gotten vast wealth.They are uneasy now as the suckers haven’t the money to jump into the market so they can get it high and dump before a planned drop.Nobody here or overseas wants to buy Bernanke,Geithner bonds so those guys all try to play musical chairs routine with the public.They never worked the shell game with a global economy before and Obama wants so badly to get reelected,but he’s a product of socialist labor policies so he is unaware how a real value added economy operates. We’ll all survive,but it’s better to take the cure now and get our finances in order.Who cares if someone has 2 million or 5 million;it’s all paper and those obscene profits,salaries are killing us along with ridiculous spending.

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