A fraudulent Federal Reserve

New York's attorney general, Letitia James, campaigned on a "get Trump" platform, and set her sights on destroying him no matter how corrupt she had to be. Her case? Donald Trump put out a financial statement with estimated values, including footnotes to say these were estimated values, reminding banks and insurance companies not to trust them. There were no victims and no intents to mislead. There was no fraud.

Below are instances of what actual fraud looks like.

The Federal Reserve has been losing massive amounts of money since 2022 by essentially paying banks more money for their deposits than what they earn. The big banks are the biggest winners in this scheme.

Instead of showing the losses in their balance sheet, they just create a fictional asset called a deferred asset. They pretend they didn't lose money. They did a journal entry. From Reuters last week:

U.S. Federal Reserve losses crossed the $200 billion point this week, according to data released on Thursday by the central bank.

The negative number is captured in an accounting measure the Fed calls a deferred asset. The Fed must cover this shortfall before it can begin returning excess earnings to the Treasury.

Fed losses flow from the high-interest rate monetary policy path it had been pursuing to bring down inflation.

The Fed pays banks and money funds to park cash at the central bank to keep short-term interest rates at the desired levels. The Fed tilted into loss two years ago and faced record red ink in 2023, as the money it has had to pay out to manage rates has outstripped the money it makes from the interest earned from bonds it holds.

If a company hid their losses like this from investors or a bank, they would be prosecuted, but government-affiliated entities are special. No jobs are lost either. The Federal Reserve simply pumps out more money to cover the losses , and all Americans are victims. This money is not counted as part of the deficit because they are off budget.

The Federal Reserve is supposed to manage America's money, inflation, employment, and interest rates, but why should anyone trust them when they cook their own books?

When Joe Biden took office, inflation took off because of his policies, yet the Federal Reserve pretended that inflation was transitory for a while. It didn't admit that open borders, increasing regulations, out-of-control spending, and destructive, radical energy policies were causing inflation.

Jerome Powell, head of the Federal Reserve, somehow doesn't understand that flooding America with illegal immigrants puts massive pressure on prices. Any person with common sense knows if more people demand housing, medical care, education, and everything else, then that additional demand puts great pressure on prices—but Powell said it is neutral. Why does anyone trust him?

Powell didn't even complain that the Department of Labor overstated jobs growth by 881,000 in just one year even though he bases his interest rate decisions on government numbers. Of course, no one at the Department of Labor loses their job for these huge mistakes.

Here are more fraud examples by the government:

The Consumer Financial Performance Bureau (CFPB), the brainchild of multimillionaire, fake Indian Elizabeth Warren, is an out-of-control, off-budget entity that punishes banks and others with regulations. It is funded by the Federal Reserve instead of going through Congress. Those employees also escape layoffs when the Federal Reserve loses money.

The CFPB, along with the EPA and the Justice Department, shook down corporations, supposedly for victims, but used some of the money to establish slush funds to give kickbacks to political supporters. That is pure fraud.

Trump shut down these slush funds. He did not politicize these departments to give kickbacks to his supporters. From a report at The Washington Examiner:

Trump budget chief shuts down consumer 'protection' bureau 'slush fund'

An educational 'slush fund' used by the Consumer Financial Protection Bureau has come under the 'strictest review' by acting director Mick Mulvaney amid concerns the Obama-era agency has been doling out cash only to Democratic cronies.

And from The Wall Street Journal:

The misuse of settlement slush funds was one of the Obama Administration's worst practices…

Banks were made to fund left-wing activists such as NeighborWorks—though these groups were neither victims nor parties to lawsuits. In 2015 JP Morgan was required to pay $7.5 million to the American Bankruptcy Institute's endowment for financial education. In 2016 Volkswagen was required to invest $2 billion in zero-emissions technology and promote zero-emissions cars. Government enforcement became an income redistribution mechanism without having to go through Congress.

The Congressional Budget Office says that the budget deficit this year was $1.8 trillion, yet debt increased from $33.2T to $35.64T. So, what did the government do with the additional $640 billion? Don't we have a right to know?

Day 2 of "I'm from the government and I'm here to help" madness: pic.twitter.com/Yhl2c2egcF

— Olivia Murray (@americaliv1) October 10, 2024

The government gives the public a lot of fraudulent information, but no one is ever charged and the media doesn't care even though we are all victims, but they seek to destroy Trump, his companies, and his family when there is no fraud. They are the threat to our survival as a great country, not Trump.

Image: Free image, Pixabay license.