Secret Saturday

1a

The Federal Reserve (the Fed)he Federal Reserve (the Fed)—the United States’ version of a Central Bank—is a strange duck. It is the U.S. government’s most powerful regulatory agency. It, after all, regulates money and interest rates. Yet, its budget comes entirely from the banking industry and relationships with the financial industry. So Congress, which appropriates money for all other federal agencies, has little leverage over the Fed’s operations.

This independence—except from the big banks—is by design, when the Fed was devised by President Woodrow Wilson over one hundred years ago. The Fed, a secretive, private government inside a public government presents problems for a democratic society. The alternative was deemed worse by its boosters, allowing “politics” to determine the Fed’s Board of Governors decisions.

It is as if the Federal Reserve/banking complex does not deal with political power by its own definition. The Fed entrenches the power of the banks without accountability inside Washington. Ask Republicans in Congress whether they generally oppose government regulation of a business and most will say “yes.” Ask whether they want to deregulate the Federal Reserve and they will say “Of course not.” Somebody has to assure monetary stability.

Ralph Nader @ Alternet

About Den

Always in search of interesting things to post. Armed with knowledge and dangerous with the ladies.
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9 Responses to Secret Saturday

  1. Den says:

    A beacon of light in the fog of misinformation.

    Like

  2. Micki says:

    Is this just a diversion, too?

    Today, El Paso..

    The number of mass shootings across the U.S. so far in 2019 has outpaced the number of days this year, according to a gun violence research group. This puts 2019 to be the first year since 2016 with an average of more than one mass shooting a day.

    As of Wednesday, which is the 212nd day of the year, there have been 248 mass shootings in the U.S., according to data from the nonprofit Gun Violence Archive, which tracks every mass shooting in the country. The Gun Violence Archive defines a mass shooting as any incident in which at least four people were shot, excluding the shooter.

    Like

  3. Carol says:

    Margarita lunch w/ Jill today. It was about time.

    Nicholas to be dropped off her in about an hour so Pete & Sara can go this Pete’s DJ boss’s birthday party.

    That’s all I have at the moment, lol.

    Like

  4. David B. Benson says:

    A flying crow, another; Pigeons on the Coffeehouse Apts roost. Standard 44 minutes to the Birch & Barley, which has a considerable Saturday evening clientele.

    Like

  5. Den says:

    Sanity starts in the home.

    Like

  6. Den says:

    Avoid the abyss of ignorance:

    Like

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