Federal Reserve Vice Chairman Kohn's Warnings To Congress Are A Complete Joke
I want to comment with a stream of conscience post about Donald Kohn's remarks from last week. And the continuous blather from the likes of Senator Dodd, Bernanke and other keepers of "the system". Dodd came out yesterday with similar remarks about independence and I just have to laugh. I guess that's why Dodd slobbered all over himself to get his ass permanently planted on the Senate Banking Committee. Banking independence, that is. Anyway last week Kohn testified before Congress and continues this generally perpetuated myth about Federal Reserve independence and its importance to our credit rating and stability. Is that a joke? We are in the worst financial crisis in our history, he is responsible for our financial system and he is concerned a change will jeopardize our stability. Am I watching Forrest Gump?
I would like someone from the Federal Reserve to actually explain this concept of independence and exactly how it impacts the economy, the sovereignty of the people and the working of our government. Then in their spare time they can explain how this structure fits into the Constitution. This is one of these mindless defenses of a position that involves no reasoning. It's an autonomic responses spoken without any rationale and the more people realize this, the more we can start to knock down some of these ridiculous beliefs.
When the American Congress and the American people have no idea what the Federal Reserve is doing with other central banks, within our banking structure and even within government, how can we accept that as a democracy? And, how can any banker within the Federal Reserve even attempt to defend such an antithetical position? These people need to go read the Constitution. This isn't the Soviet Union. Although the Federal Reserve under its current structure has many similarly endearing qualities.
It is completely ridiculous to argue monetary independence from Congress. Congress was handed the responsibility coining our money under our Constitution. Not a bunch of Wall Street crooks or unelected bureaucrats like Donald Kohn. So, in what way do I benefit from Kohn's argument of monetary independence? The Federal Reserve often monetizes government debt. The Federal Reserve doesn't offer any bulwark against runaway government spending and in fact perpetuates it. What does this supposed independence buy me? I'll tell you what it buys me. A system under which unelected officials are outside of the control of the American people. They are outside of our vote, our sovereignty, our transparency and apparently our rule of law. Here's what else it buys us. The Federal Reserve does not set monetary policy in the U.S. That is a farce. The Congress does by instituting laws and regulations that benefit the Federal Reserve regulated banks. And even non banks as we see with the shadow banking system. And Congress does so under the influence of hundreds of billions of dollars thrown their way by the impartial and independent banking system. This is all a joke. Donald Kohn should be publicly flogged (figuratively) for being so stupid. This argument of independence is like defending the flat earth society - one has to get a frontal lobotomy to argue it.
We know why we have a privately influenced monetary system. It's quite obvious. Monied interests in the government and banking pushed it through one hundred years ago. That's not a conspiracy. That's just a fact. But beyond that I am beginning to wonder many paranoid thoughts. Most of them have nothing to do with banking but, in fact, have to do with our government. All of this makes me wonder if the Federal Reserve might be monetizing much of the money associated with America's interventionist foreign policy or other equally obtuse activities. Who knows what a completely unaccountable agency is capable of. Oh, yeah. Actually we do know. They'll do whatever they bloody-well please.
I would like someone from the Federal Reserve to actually explain this concept of independence and exactly how it impacts the economy, the sovereignty of the people and the working of our government. Then in their spare time they can explain how this structure fits into the Constitution. This is one of these mindless defenses of a position that involves no reasoning. It's an autonomic responses spoken without any rationale and the more people realize this, the more we can start to knock down some of these ridiculous beliefs.
When the American Congress and the American people have no idea what the Federal Reserve is doing with other central banks, within our banking structure and even within government, how can we accept that as a democracy? And, how can any banker within the Federal Reserve even attempt to defend such an antithetical position? These people need to go read the Constitution. This isn't the Soviet Union. Although the Federal Reserve under its current structure has many similarly endearing qualities.
It is completely ridiculous to argue monetary independence from Congress. Congress was handed the responsibility coining our money under our Constitution. Not a bunch of Wall Street crooks or unelected bureaucrats like Donald Kohn. So, in what way do I benefit from Kohn's argument of monetary independence? The Federal Reserve often monetizes government debt. The Federal Reserve doesn't offer any bulwark against runaway government spending and in fact perpetuates it. What does this supposed independence buy me? I'll tell you what it buys me. A system under which unelected officials are outside of the control of the American people. They are outside of our vote, our sovereignty, our transparency and apparently our rule of law. Here's what else it buys us. The Federal Reserve does not set monetary policy in the U.S. That is a farce. The Congress does by instituting laws and regulations that benefit the Federal Reserve regulated banks. And even non banks as we see with the shadow banking system. And Congress does so under the influence of hundreds of billions of dollars thrown their way by the impartial and independent banking system. This is all a joke. Donald Kohn should be publicly flogged (figuratively) for being so stupid. This argument of independence is like defending the flat earth society - one has to get a frontal lobotomy to argue it.
We know why we have a privately influenced monetary system. It's quite obvious. Monied interests in the government and banking pushed it through one hundred years ago. That's not a conspiracy. That's just a fact. But beyond that I am beginning to wonder many paranoid thoughts. Most of them have nothing to do with banking but, in fact, have to do with our government. All of this makes me wonder if the Federal Reserve might be monetizing much of the money associated with America's interventionist foreign policy or other equally obtuse activities. Who knows what a completely unaccountable agency is capable of. Oh, yeah. Actually we do know. They'll do whatever they bloody-well please.
<< Home