Does it anger you that our country's biggest banks, acting in secret for their own benefit through the Federal Reserve, determine our nation's key interest rates, money supply and monetary policy without any oversight or transparency?
You literally have to sue the Federal Reserve or pass an act in Congress to have their activities audited or revealed.
These bankers freely admit their reckless lending practices were responsible for our nation's mortgage crises and ensuing economic devastation. Many Americans have seen their pension and retirement funds destoyed by investments in fraudulent mortgage backed securities these bankers created.
How much did the Fed provide to assist distressed American homeowners? Zero.
This secret borrowing allowed banks to inaccurately state they were still solvent and strong and to take additional TARP money. At one point Morgan Stanley's secret borrowing from the Fed was 750% of their total market capitalization (total shares outstanding x market price per share.)
Had Congress known the truth, they would have taken far more stringent action. Some political figures like Ron Paul advocate eliminating the Federal Reserve entirely.
Like it or not, the Federal Reserve provides many very important services - selling Treasury securities, interbank lending, check clearing, currency distribution, some supervision, etc.
While ostensibly a public-private hybrid, the Federal Reserve is essentially a private organization that acts for the benefit of its commercial bank members, and not necessarily for the good of the country or of the American people.
The Federal Reserve acts in secret when determining interest rates and monetary policy which affect the entire nation, without Congressional oversight.
It's these two aspects - the PRIVATE nature of the Federal Reserve and the SECRECY with which it is allowed to operate that need to be changed.
Every country needs a central bank. Most central banks appear to be controlled by their federal governments which are obviously heavily influenced by the political power of their large banking institutions.
Research and learn more about the actual practices of Federal Reserve, paying special attention to its actions during our financial crises. We need to dramatically reform the Federal Reserve, not abolish it completely.
Copyright 1999- , Michele Moore. Free Use Granted when source and author are cited. Explore and enjoy HappinessHabit.com
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