Peter Hollings wrote: > The appointment process is a fig leaf. The bankers control the appointment > process and, indeed, much of government itself.... > > With respect to the danger of politicians controlling monetary policy, the > Kucinich bill would vest that power in an independent commission.
How is this commission made independent of the bankers? isn't the Board of Governors of the Fed often touted as an independent commission? > The way I > look at it is that the system the bankers set up with the 1913 Federal > Reserve Act has served them very well while delivering two depressions > (counting the present one) to the public. Did the bankers want large numbers of their peers to go broke, as in the early 1930s? We should remember than many rich people suffered during the early 1930s, since the economy and financial asset prices both went down. It's true that they deserved it, but many did suffer. The income and wealth distributions became much more equal than before 1929. > Yes, it is a cartel. Like a cartel, they fix prices, e.g., the "prime rate". the prime rate is determined by an imperfect market. What the Fed cartel does is to limit bank creation of credit, just as a copper cartel limits the mining of its ore, etc. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
