Purpose of the Fed's QE3 is to control of every mortgaged property in U.S.

By Kenneth Schortgen Jr: On Oct. 25, Pastor Lindsey Williams, former minister to the global oil companies during the building of the Alaskan pipeline, spoke with Dr. Stan Monteith on the Liberty Radio program regarding the truth behind the Federal Reserve's new QE3 program to buy mortgage backed securities. This program, which intends to purchase at least $40 billion per month of toxic and non-toxic mortgages, is positioning the central bank to take control over every mortgaged property in the U.S..

Lindsey Williams: The most dastardly act that has ever been perpetrated on the American people in the history of this country probably took place on Sept. 13, 2012. You saw it in the national news, and everyone heard what Mr. Bernanke said, but very few realize the significance of what he was talking about when he said that the Federal Reserve, as of that day, would begin purchasing $40 billion in mortgage backed securities and Treasuries each month, indefinitely, from that point on.

After this announcement, Mr. Williams said he called his contact and confidante in the oil industry who has inside knowledge on what the new Fed QE policy intends to do for America.

LW: (To his contact by phone) I think there must be more behind this than what meets the eye, will you please answer some questions for me? He was more than happy to answer, and here are some of the questions that I asked.

LW: Now I understand that the Federal Reserve is going to purchase $40 billion in Mortgage Backed Securities (MBS) every month. He said that's correct. Am I to understand that this $40 billion is in mortgages, whether they be toxic or non-toxic? He said that's correct.
Let me then put it in simple terms... it's your house. It's the mortgage on your house. If you're house it mortgaged, then the Federal Reserve could have possibly purchased the mortgage in September, or October, and every month...
LW: Where is the Federal Reserve going to get $40 billion every month? Indefinitely? The contact said immediately, and without hesitation, they are going to get it out of thin air (print it).
LW: So they are going to print money out of thin air to purchase a home, a shopping center, any property held as security for the loan? Yes.
LW: The bottom line of this program: The banks, and those who control these banks in the Federal Reserve, will control every piece of mortgaged real estate in the U.S. before it is over. - Radio Liberty program, Oct. 25

The Federal Reserve, since the crash of the Housing Bubble in 2007, has printed tens of trillions of dollars to both bail out banks, and to try to re-stimulate the housing markets. QE1 and QE2, along with programs like Operation Twist, have done little to stem the fall in housing prices and housing starts, and has not done anything to focus on the key Fed mandate of improving employment in the economy. In fact, the vast majority of Fed money has gone to purchase U.S. Treasuries to fund the government and increase the national debt, while at the same time prop up the stock markets to near record highs.
This is the primary reason why inflation has not completely gotten out of control in the economy, as banks have chosen to hold these trillions of new dollars in Treasuries and derivatives, rather than lend them out to consumers and small businesses. The inflation effects are being masked the in the triangle scheme of Fed money printing, bank lending at near 0% interest, and the purchase of government debt.
With this new Fed policy of open ended MBS purchasing every month, the results will be two-fold for the American economy. First, it will infuse new money into the banking system as financial institutions continue to hold hundreds of trillions in MBS and derivatives, and at the same time, take most of these toxic and non-toxic assets off their books to strengthen their bottom lines. This in itself is an interesting dichotomy, as the banks receiving the most benefit from the Fed's new policy are the same banks who are shareholders in the Federal Reserve itself.
For the American people, the Fed's policies will not help Main Street, nor the ongoing job issues that plague the U.S. economy. Consumer spending is continuing to fall, as more and more people apply for, and collect welfare benefits for being unemployed. Additionally, 70% of all new jobs being created are low wage, retail and food service ones, which quickly pull many in the middle class down towards the poverty level. This will have the effect of expanding foreclosures in the coming years, as well as force many businesses to fold, which allows the Federal Reserve bank to seize these property assets from the American people, using money created out of thin air.
Lindsey Williams has broken many important economic events over the past several years, including the recent one where China is initiating an end to the petro-dollar, and reserve currency hegemony for the U.S.. His information and announcements of oil prices before and after the 2007 crash were dead on, which adds to his legitimacy of being a vital source on the macro side of economic policies. Thus, his announcement on Oct. 25 that the primary purpose of the Federal Reserves QE3 program is to seize control of all mortgages in the U.S. is something all Americans need to watch for in the coming months and years.
For more on finance and economics, you can follow Ken Schortgen Jr on Twitter, and listen to the weekly economic roundup segment of the Angel Clark radio show from 6-7p.m. est on Friday evenings.

Source

Suggested by the author:

• Dollar no longer primary oil currency as China begins to sell oil using Yuan
• Television stations in Ohio and Arizona announce Obama victory before election
• U.S. will never see a balanced budget without collapse of current system
• Bill Clinton supports Romney's view that Obama has not recovered economy
• Ron Paul: Every indication Congress will spend until the system collapses