Federal Reserve News

So various Big Men are concerned about the Federal Reserve's institutional mandate. They are worried that the Fed is losing its independence and will be less effective, or less free, and this will result in ... what?

I chose Reason to Freedom for posting my latest article. It deals with the need for an objective monetary system. It may fit in well with the book on the Fed.

Check out my article

Peter

STAFF REPORT FOR THE COMMITTEE ON BANKING, CURRENCY AND HOUSING
HOUSE OF REPRESENTATIVES
94th Congress. Second Session
August 1976

I found this article and thought it was quite interesting.

http://www.nationmaster.com/encyclopedia/Panic-of-1907

The closing paragraph reads:

Since I launched this project last month, I've been acquiring books on the subject via the local library and Amazon.com, as well as reviewing books in my own collection on the subject of money and banking. It's been an emotionally traumatic journey in some ways as I work my way through the books. On the one hand, it's very depressing to realize just how serious the Fed problem is and how misunderstood it is even by many who write about it. For instance, I found one particularly depressing comment by Martin Mayer in his book, The Fed. He wrote:

Most people think of the Federal Reserve as a government agency. This is supported by several bits of evidence, including the Fed website having the ".gov" suffix, the close cooperation we note in news stories between the Fed and the U.S. Treasury, etc.

On the other hand, I have been told that the national banks who are members of the Federal Reserve System are the owners of the Federal Reserve. The relationship is obvious, made visible by the absence of people from firms outside the Fed member banks among the leaders, the governors.