Peter,
Let's accept every criticism of the Fed you mention below. Probably
libertarians would say the same, and say it more frequently and with more
vigor.
As I understand Marx, banking capital is an intermediary between finance
capital and industrial capital. As such, it is in the vortex of
capitalism. But Libertarians don't talk much about industrial capital, the
working class and exploitation. Nor do they talk about surplus value. So,
do we ignore Ron Paul's comments on the Fed, accept it, or try to change
the question.
Ron Paul is a player on the national scene. He may even become a
significant player. What is to be done?
I repeat: I get nervous knowing that the 1930s fascist message was not met
with an effective enough counter-message, even as I know we are in another
century.
Paul Z.
************************************************************************
(Vol.23) THE HIDDEN HISTORY OF 9-11-2001 "a benchmark in 9/11 research"
video summary from Snowshoe Films at http://snowshoefilms.com
(Vol.24) TRANSITIONS IN LATIN AMERICA AND IN POLAND AND SYRIA
********************* http://ourworld.compuserve.com/homepages/PZarembka
Date: Wed, 14 Nov 2007 15:27:05 -0500
From: Peter Hollings <[EMAIL PROTECTED]>
Subject: Re: Libertarians on the Central Banks
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
