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Un-Jailed Americans Part II


Scott Alvarez, General Counsel of Federal Reserve

Mr. Alvarez, Esquire, has perfected the art of "discouraging the discovery of shady dealings through threats of financial catastrophe."   

In 2008, he called on the SEC to ease off investigations of the nation's largest brokerages because they might run short on money if they had to repay duped clients.  This cut pensions out of the payback pool entirely, lowered the number of banks repaying individuals to 8, and allowed Citi to only give back $7 billion of the $19 billion it owed. Surprise!  Citi has come out of crisis doing great.

Alvarez most artistic stroke, however, was his 2009 shakedown of America, aka his "Congressional testimony."  He warned Congress that any attempt to audit, regulate, or control his Federal Reserve would shatter faith in the Fed's independence and plummet worldwide markets into a fiery apocalyptic hellscape of high inflation and massive job loss.  Why? Because government interference with the secretive Fed would hurt consumer and investor confidence… and as every economist worth his weight in overvalued gold knows, "confidence" is just the long version of the word "con." 

Good thing Alvarez is only a "confidence man" type of con, not a "convict" type of con.  Otherwise, he might be in jail.  

P Magazine