On Tue, Aug 9, 2011 at 12:41 PM, Peter Hollings <[email protected]> wrote: > There is a policy option that is much more Progressive and beneficial to > society and that is to nationalize > the privately-owned Fed and have government issue the currency itself, thus > avoiding the interest-bearing debt.
(1) What does it mean to say the Fed is privately-owned? I can understand why someone would say the NY Fed is "owned" by the Wall St cartel, but that does not seem like an accurate description of the Fed Board of Governors. (2) Nationalizing the Fed would simply turn the central bank from the control of technocrats like Bernanke to political appointees. Why is this necessarily a good thing? (3) Interest on debt is not the big problem right now, it is arbitrary political obstacles. But I do agree that it is ridiculous for the Fed to be paying rich people for the privilege of borrowing their hoarded cash instead of taxing the greedy bastards (or inflating away their cash hoards, which seems like a blunt way of achieving the same result as taxation). -raghu. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
