I am under the opinion that the Federal Reserve System and our Banking industry has gotten us into this huge financial mess we are in today.I am also under the opinion that the Federal Reserve System as well as our Banking Industry needs to be under a much closer eye then they are today. In our Banking Industry, that can be a combination of private enterprise and far tighter government oversight and control. Our Federal Reserve System needs to be totally transparent and a public entity, instead of what it is now, a private one where not even our government knows who all the players are, or what really goes on behind their closed doors.Your input please.
Since the Fed isn't private (it's independent--that's different) your question doesn't make sense. You yourself admit that it was created by an act of Congress. Explain how something created by Congress, that could be dissolved by Congress, that has a board appointed by the President and confirmed by the Senate is somehow private--can you find even one private company where that's true? Since it was created by law, please show where in the law it says that it's private.
It will have to be soon. The fractional reserve system has failed or succeeded depending how you look at it. There cannot ever be the unending growth that this system requires. It is a Ponzi scheme that have benefited the big world banking families until now. The population growth and the US consumerist society kept the balls in the air but can no longer do so. In part because of the 'new' derivitives market has created more debt than the total amount of money in the worldMany past Presidents have spoken about the banking cabal and a couple died after trying to nationalize our moneyAndy Jackson only had three attempts on his life though. We live in interesting timesglad I am not young so won't have to see the worst of the impending reorganization. I was in South America in the 70s when Argentina went down. NOT pretty!
I think the government is covertly being run by the banks. The banks are like a fourth branch of government. Think about it. The banks were first created by Alexander Hamilton and Aaron Burr. Chase Bank which has now merged with J.P. Morgan, still operates under it's original 1799 charter. Chase Bank still owns the dueling pistols used by Hamilton and Burr. The Chase Bank was the Rockefeller Bank. John D. Rockefeller, Jr. was married to Sen. Nelson Aldrich's daughter. Sen. Aldrich sponsored the legislation that created the federal reserve bank. You can read about the Whitney family and the Payne family and see the connections they had between politics, standard oil and the banking business. Government cannot operate without the banks, and the banks cannot operate without the help of government. One the politicians leave office, they are naturally attracted to the greedy profession of banking. Look at Prescott Bush and his relationship with Brown Brothers Harriman. Take a look at Archibald Roosevelt, son of FDR who worked at the Chase Bank for Rockefeller. The list of people moving from government to banking is very long indeed. How many treasury secretarys can you count that came from the banking field and went back into it after leaving office? There is a revolving door between politics and banking that is mostly invisible to the public. So, where does banking end and government begin? Probably the answer can be found on the balance sheet of the companies in their portfolio's. If all the former politicians of the past 100 years, their families, and their descendants had all their money tied up in J.P. Morgan Chase Bank/Citicorp, with the descendants of those politicians on the boards of directors, that almost sounds like a government banking operation to me. There is no hope for us, my friend.
