Fed Regional Bank Heads: Congress Threatening Central Bank's Autonomy

bloomberg.com:

Oct. 30 (Bloomberg) -- Federal Reserve regional bank presidents are trying to ward off congressional efforts to weaken their clout, saying the moves may jeopardize monetary policy independence.

Read the whole story: bloomberg.com

Comments

[POSTANDCOMMENT]

NO economic recovery. REAL unemployment is DOUBLE the 'official' statistics. Government has been playing major games with all stats for a while now - both parties are to blame.

good articles http://financeopinionss.blogspot.com

[LunaPark]

Ron Paul says his HR 1207 audit the Fed bill was gutted by Mel Watt, a Democrat from North Carolina. Watt’s district includes Charlotte, headquarters of Bank of America Corp.

http://www.bloomberg.com/apps/news?pid=20601103&sid=atc2o1ijLRno

[jsarets]

The Fed should be replaced by a simple computer program that deposits one dollar of new money in the Treasury for every one dollar of interest due on outstanding dollar-denominated debts.

This money is currently loaned into the economy at interest to make up for the fact that the money to pay the interest wasn't created with the principle when the loans were issued.

As best I can tell, the amount of money borrowed to pay interest that isn't payable without expanding the money supply comes to somewhere in the range of $1-1.5 trillion per year.

That's right, the financial system demands over $1 trillion per year of money that doesn't exist unless we borrow it from them -- at interest.

The federal government could run entirely on money created to facilitate debt service, without any other form of taxation. Imagine that!

[dadw5boys]

Banks now collect even on bad loans. 2 ways. They get back the security and the have the risk insured.

[joebhed]

Terrific.
Exactly right.
Have you seen the American Monetary Institute's proposal for a very similarly-based reform?
http://www.monetary.org/amacolorpamphlet.pdf

My take on the Fed's independence.
http://www.youtube.com/watch?v=V9aFglNwlvk

and here.
http://www.youtube.com/watch?v=1H_wHvmBr1I

The Money System Common
The Kettle Pond Institute for Debt-free Money.

[jsarets]

Hi Joe! Thanks for the links. It's good to put a face to a name.

I'll pour over the AMI paper and get back to you. I was impressed but not completely satisfied by the Chicago Plan framework, and I get the sense that I will find in this effort elements of the Ben Franklin system that, in my view, really hits the nail on the head, whereas other proposals, most notably those of Ron Paul, appear to learn the wrong lessons from history (strikingly Jacksonian in that sense).

[PhilipTaylor]

Why has our President who promised the people he would "PROTECT OUR INTERESTS" NOT DONE SO on Health Care, Regulations, and Foreclosures?

Could it be that this happened to him soon after the Election like it has to other Presidents in other countries?

In walks a representative of the Corporatocracy who says:

"Congratulations Mr. President!

(Quietly) And now I just want to tell you that in this pocket I have Several Hundred Million Dollars if you play the game our way.

(even more Quietly) And in this pocket I have a gu_n with a bu11et with your name on it in case you decide to keep your campaign promises."

Confessions of an Economic Hit Man (jump to 4:25 mark for above quote - but entire video is valuable):

http://www.youtube.com/watch?v=GAqG51uwzMI&feature=PlayList&p=CFC50000766B264E&index=10&playnext=2&playnext_from=PL

[Democrates Lives]

No! The real issue here is not "autonomy," but rather WHETHER OR NOT 305 MILLION AMERICANS ARE GOVERNED BY A NON-RESPONSIVE, SOCIOPATHIC, SELF-SEEKING PLOUTOCRACY OR THE DEMOCRATIC REPUBLIC OUR FOUNDING FATHERS TRIED TO GIVE US.

[amygdalalama]

Threatening isn't enough. How about some investigations? What happened to Audit the Fed?

[LunaPark]

Interest payments on our Federal Reserve fueled debt is approaching 50% of tax revenues. Bush gave us unnecessary tax cuts and increased spending to obsurd levels....­Now Obama is spending like crazy too. We are broke and our currency is crashing, down 14% since last year.

[vanbenthuysen]

Don't tell me that your opinion and respect for a person, entity or whatever they represent does not affect how you see them.

I suppose that's why our Congress, Bankers and all their ilk are beginning to look like scaly lizards to me. Truly disgusting, the whole bunch.

[iwasblindtoletyougo]

REAL unemployment is DOUBLE the 'official' statistics. Government has been playing major games with all stats for a while now - both parties are to blame.

good articles to http://financeopinionss.blogspot.com

Also Barney Frank sucks.

[LunaPark]

If you calculate the CPI using the pre Clinton method, inflation estimates range from 7% - 13%. Greenspan and the Federal Reserve changed the basket of goods used to calculate the CPI number so it wouldn't look as bad.

[hellboundtrain]

Our Congress has for way too long been bought and paid for by the corporations who are in no way similar to human voters as the corporation seeks ONLY the largest bottom line that it can attain. That is the corporations only motivator.
But, the real people that vote are motivated by compassion, altruism, sense of fair-play, and a whole range of righteousness that corporations can not fathom.

Take away corporate corporate personhood. It is a bane to effective governance of PEOPLE!

[amygdalalama]

I totally agree.

[peterg76]

It would appear that "monetary policy independence" is part of the problem.

[lightningbolt]

The Constitution clearly states that the power to create money belongs to the government, not to some independent private entity. The Federal Reserve's independence is UNCONSTITUTIONAL!!! Monetary policy is already politicized in favor of the Fed's member banks, so nationalizing it wouldn't politicize it any more than it already is.
The Fed's policies have been disastrous for this country, as we can see from the current and previous economic crises. The member banks have been stealing dollars from all dollar owners since the dollar was taken off the gold standard. Restoring democracy starts by auditing and nationalizing the Fed, and making bribery illegal once again.

[Bitsko]

Not to defend these guys, but isn't that what they get paid to do?

[Nelson Jacobsen]

The louder they complaint the closer we are to knowing we are on the right path.

[Whitley2009]

The Federal Reserve is not "federal." It is a private banking cartel of cri.minals­. Damn right it needs some legal action against it - let's begin by dissolving it totally.