raghu wrote: > One last criticism can be made that the Fed is very far from being a > representative government agency. Fed governors are not elected and they are > almost invariably wealthy white men and they are accountable to no one.
Jim D wrote: >worse, the FOMC includes a bunch of Reserve Bank Presidents, and those >Banks are in effect owned by private banks. Despite some circulation >through the committee, New York Fed -- the center of finance capital >-- is _always_ represented in the FOMC. There are yet some additional criticisms not mentioned here, to wit, that the Federal Reserve Act is unconstitutional, that its monetary policies have been actually damaging to our interests (causing the Great Depression, etc.), that the FR Act was passed in a highly secretive and devious manner, etc. See Mullins, "Secrets of the Federal Reserve" and Griffin's "The Creature from Jekyll Island". Peter Hollings
