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Monday, March 31, 2008
A de facto ‘Central Bank of the United States’
The Atlanta Journal-Constitution
When the Federal Reserve Bank (“The Fed”) was set up nearly a century ago, it was not and was not intended to be a “Central Bank of the United States,” in the sense that many other countries, in Europe and elsewhere, have one, central bank to implement government policy and directly regulate the economy. I have noted, however, in recent articles describing how the Fed has stepped in to “save” us from the “mortgage crisis” that the Fed is more and more referred to simply as the “central bank.”
Interesting. And, of course as we all know, none of us as mere citizens have any say whatsoever in what the Fed does or who runs it. The “Governors” of the Fed are appointed, as is the Chairman; none are elected by or accountable to the people. The Fed is greatly increasing its power not just over banks and interest rates, but investment houses, securities firms, and all manner of financial entities; and not a single voter elected any of its members, and there is absolutely no way we can change them or the course they chart, if we wanted to.
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