Here is Greenspan telling Lehrer the Fed is above the law.
there is no other agency of government which can overrule actions that we take
Teazer wrote:Here is Greenspan telling Lehrer the Fed is above the law.
No he's not. What he is saying is that other branches of government have no oversight over Fed monetary policies. The Fed is following the law as created by Congress & approved by everyone else at the time which gave very little oversight for a valid reason.
People may disagree with that now and want to change the law to something else, but at the moment they aren't breaking the law by following whatever monetary policy they choose, nor by keeping information to themselves.
Personally I'm all for more transparency, but it's wrong to say the Fed thinks it is 'above the law'.there is no other agency of government which can overrule actions that we take
That, however, is about right.
Teazer wrote:I figure if you're going to criticize the Fed, it might as well be done accurately. If you keep saying stuff that's wrong or unsupported by facts, I'll keep pointing it out.
Teazer wrote:When you get down to it, despite all the conspiratorial nonsense about the Fed, the reason it exists as it does is not because of some cabal of bankers controlling the world,
Teazer wrote: ...try and get rid of the Fed, and having it pass will probably make the Fed's job harder (though mine a bit easier
chud wrote: The thread is about the fact that the Fed is not accountable and will not tell Congress where a very large amount of taxpayer money has gone.
“The final plan….is expected to sidestep most jurisdictional disputes and simply impose across the board standards to be applied by all financial regulators, according to administration and industry sources, ” reports the Washington Times.
In other words, the Fed, which is already totally unaccountable to Congress, is to be placed in complete control of the entirety of the U.S. financial system, to do as it wishes without repercussion.
As the LA Times reports, the government, in conjunction with the private Federal Reserve, would effectively have the clout to simply seize and take over any company it desires.
“The ’sweeping overhaul’ of the financial system detailed by Geithner on behalf of the Obama administration does not overhaul the system at all,” writes Prins, “giving the Fed a bigger role, creating a ‘council of regulators’ to oversee the existing oversight bodies and allowing the biggest Wall Street players to maintain their status, leaves the system intact.”
“The Federal Reserve is not a fully public entity. It has amassed a set of $7.87 trillion worth of facilities and other entities through which it has lavished cheap loans in return for questionable collateral from the banking system. It has kept the true nature of these transactions a secret despite numerous FOIA requests. And, it has actively promoted the creation of bigger institutions in a chaotic environment, rather than putting the brakes on the creation of these giants,” concludes Prins.
Michael wrote:The Fed has all the power and control that any one group possibly could and has failed miserably time and again to do the one thing they say they were created for: to maintain stability. They are a failure.
It is unmitigated arrogance to suggest that they, and they alone, in the midst of their greatest economic failure, are the only ones capable of understanding the problem.
"It is difficult to get a man to understand something when his job depends on him not understanding it."
When you ask relevant questions in an appropriate manner to your government, which is a right guaranteed by the First Amendment, and people answer with deception, anger, or intimidation, that's when you know something is wrong.
People had peaceful protests at all 38 of the Federal Reserve branches last November, including Ron Paul and Alex Jones, and they were spied upon by the US Army. They Army was told to be careful not to reveal themselves to the protesters because they "might be attacked."
Army Dispatched in Response to End the Fed Protests
“The final plan….is expected to sidestep most jurisdictional disputes and simply impose across the board standards to be applied by all financial regulators, according to administration and industry sources, ” reports the Washington Times. In other words, the Fed, which is already totally unaccountable to Congress, is to be placed in complete control of the entirety of the U.S. financial system, to do as it wishes without repercussion.
“The ’sweeping overhaul’ of the financial system detailed by Geithner on behalf of the Obama administration does not overhaul the system at all,” writes Prins,
“The Federal Reserve is not a fully public entity. It has amassed a set of $7.87 trillion worth of facilities and other entities through which it has lavished cheap loans in return for questionable collateral from the banking system. It has kept the true nature of these transactions a secret despite numerous FOIA requests.
And, it has actively promoted the creation of bigger institutions in a chaotic environment, rather than putting the brakes on the creation of these giants,” concludes Prins.
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