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?

We are supposed to mourn the plight that the central bank finds itself in? Don't think we do. The best thing that could probably happen would be if people in the great country of America decided that their central bank is just as bad as Thomas Jefferson and Andrew Jackson thought it was. Jefferson tried to insure that America would never be saddled by a central bank and Jackson even shut one down. Of course, the American Federal Reserve probably won't be shut down anytime soon, though if things keep going they way they are, the Fed will come in for some serious questioning - or at least more of it.
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In fact, the raison d'etre of the Fed, and of central banks in general has nothing much to do with independence in our opinion, and much more to do with power. "The man who controls the money supply controls the Empire," a famous banker once said.

The very idea that billions of people around the world slave away for pennies and dollars a day while central bankers can whip out trillions if they think they need to do so is profoundly anti-democratic and anti-free-market. Central banks like the Fed are supposedly a mechanism of the marketplace, but in fact they are money monopolies and have nothing much to do with capitalism.

For the whole story go to http://www.thedailybell.com/bellPage.asp?nid=271