The Federal Reserve’s Transcripts: The Greatest Propaganda Coup of Our Time? | Global Research

The Federal Reserve’s Transcripts: The Greatest Propaganda Coup of Our Time? | Global Research

 

There’s good propaganda and bad propaganda. Bad propaganda is
generally crude, amateurish Judy Miller “mobile weapons lab-type”
nonsense that figures that people are so stupid they’ll believe anything
that appears in “the paper of record.” Good propaganda, on the other
hand, uses factual, sometimes documented material in a coordinated
campaign with the other major media to cobble-together a narrative that
is credible, but false.

The so called Fed’s transcripts, which were released last week, fall
into the latter category. The transcripts (1,865 pages) reveal the
details of 14 emergency meetings of the Federal Open Market Committee
(FOMC) in 2008, when the financial crisis was at its peak and the Fed
braintrust was deliberating on how best to prevent a full-blown
meltdown. But while the conversations between the members are accurately
recorded, they don’t tell the gist of the story or provide the context
that’s needed to grasp the bigger picture. Instead, they’re used to
portray the members of the Fed as affable, well-meaning bunglers who did
the best they could in ‘very trying circumstances’. While this is
effective propaganda, it’s basically a lie, mainly because it diverts
attention from the Fed’s role in crashing the financial system,
preventing the remedies that were needed from being implemented
(nationalizing the giant Wall Street banks), and coercing Congress into
approving gigantic, economy-killing bailouts which shifted trillions of
dollars to insolvent financial institutions that should have been
euthanized.