The conspiracy theory thing relates to your claim that the committee was putting on a "dog and pony show." The committee members were in on the joke except Sanders and Paul and the rest of congress and the fed and the public and Greenspan, who is out of the loop. But in on the joke are the "professionals" at the fed and "insiders" like Mr. Mosler. Despite the Federal Reserve Act the fed is not really "independent" except for the fed rate. They say they determine the fed rate through open market operations but that has nothing to do with it, etc.
***>i find the notion that greenspan runs the treas quite bizzaro.<*** Who said that Greenspan runs Treasury? All I said was that Treasury covers the checks it writes totally from the combination of taxes and bond sales on a day-by-day basis. That seems to be empirical fact and you've shown nothing to the contrary except mere assertion. I say the central bank is the central bank and Treasury is the Treasury, and the central bank is the independent agency that has the monopoly in creating and destroying HPM. Some might say this statement by you is bizarro: ***>there is no question but that greenspan knows almost nothing about the operation of the fed.<*** It is true he is a presidential appointee in a weak position as compared to the special interests (financial/banking/Wall Street) which dominate the institution as opposed to the will of the people as expressed (potentially) by its elected representatives. ***>you don't seem to understand how the advance-sale of treasuries occurs. it requires the compliance of the fed--which of course always does comply as it is not independent. all the professionals working at the fed know this.<*** I ask you again to elaborate on this advance-sale process. --------- Original Message --------- DATE: Thu, 21 Aug 2003 09:36:26 From: "Wray, Randall" <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]>,<[EMAIL PROTECTED]>,<[EMAIL PROTECTED]>,<[EMAIL PROTECTED]> Cc: >bill >i have no idea what this conspiracy is to which you refer. > >a good example of recent nyt articles on greenspan is by gretchen morgenson, 20 july >"suddenly greenspan is, well, mortal", but there are many others. they started almost >the minute woodward's silly book came out. > >see recent jpke article by bell and wray for some details, and bell's articles in >cambridge jnl and jei for fed operations. mosler's first paper, soft currency econ, >available on his web cites and summarizes one of the fed operations people. > >i find the notion that greenspan runs the treas quite bizzaro. > >the churning is used by the fed to match actual and desired reserve holdings nearly >minute by minute. outright purchases/sales would almost certainly lead to greater >flux of ffr. does this matter? maybe not too much. > >are you really surprised to learn that congress doesn't have much to do with daily >operations of govt? > >randy > ____________________________________________________________ Get advanced SPAM filtering on Webmail or POP Mail ... Get Lycos Mail! http://login.mail.lycos.com/r/referral?aid=27005 --^---------------------------------------------------------------- This email was sent to: [EMAIL PROTECTED] EASY UNSUBSCRIBE click here: http://topica.com/u/?a84IaC.bcVIgP.YXJjaGl2 Or send an email to: [EMAIL PROTECTED] TOPICA - Start your own email discussion group. FREE! http://www.topica.com/partner/tag02/create/index2.html --^----------------------------------------------------------------
