The Federal Reserve is owned by private off shore stock holders just like every other central bank in every country but 3: China, N. Korea & Iran
The Federal Reserve’s Emergence as the U.S. Economy’s Central Planner
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VERY interesting essay by Dr Jeffrey Rogers Hummel of the Independence Institute which outlines the radical changes Bernanke has instituted during his tenure at the Federal Reserve. Rapidly but clearly surveying the Feds actions since Bernanke assumed control in 2006, Dr Hummel shows how the Fed transitioned from Greenspan’s Friedman-like policy of liquidity injections to targeted bailouts of specific firms with ‘sterilized’ funds.
The near-term implications appear to be that the general expectations of massive inflation are overstated. The long term implications are the possibility of a highly politicized Fed which uses monetary policy to choose specific winners and losers in the marketplace. Per Hummel:
In the final analysis, central banking has become the new central planning. Under the old central planning—which performed so poorly in the Soviet Union, Communist China, and other command economies—the government attempted to manage production and the supply of goods and services. Under the new central planning, the Fed attempts to manage the financial system as well as the supply and allocation of credit.
If you are at all concerned about the actions of the Fed—or doubt the need for a full audit—it is well worth your time. You can read the full essay here.
I’m the 99% who goes to a shitty school because I can’t afford a better one. I’m the 99% who takes out student loans. I’m the 99% who gave their car to their father because he needed it more. I’m the 99% who rides the bus. I’m the 99% who got into a major that I know will be hard to live off of so I’m not complaining about my own decisions. (Art Major) I’m the 99% who understands the economy! I stand not with the 99% or the 1%, I stand with all people everywhere. I stand for freedom and equality everywhere. I do not stand for punishing people for being successful. I stand for encouraging peace without force and I stand with those who stand with me. I’m a Libertarian.
“End the marriage between Corporations and Government! End the Fed! End the WAR! Stop regulating the economy. Corporations have power because of government intervention, because of the bailouts.”
Enjoy my stinkeye, Bernanke! ELECT RON PAUL!