There is a good bit of evidence that the Fed sacrifices the public interest in service of its owners, the banking cartel. See: http://www.hollings.org/Content/Mullins-SecretsOfTheFederalReserve.pdf .
Peter Hollings -----Original Message----- From: [email protected] [mailto:[email protected]] On Behalf Of Jim Devine Sent: Wednesday, December 08, 2010 5:28 PM To: Progressive Economics Subject: [Pen-l] the nature of the Fed [was BHO's compromise...} Sabri Oncu wrote: > The question is: Is the Fed a public bank? I think, in these days, it > is: it functions more like a branch of the US government, although > practically, it is still owned by a consortium of private banks. I'd say that the Fed is a government-sponsored cartel of banks. But because its operations have such a big impact on the economy, it sometimes has to ignore the political pressures from the banks and Wall Street and listen to politicians about sordid matters like excessively high unemployment. -- Jim Devine / "The conventional view serves to protect us from the painful job of thinking." - John Kenneth Galbraith _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
