Federal Reserve Series: Rules Without Accountability #655-2

June 17, 20143 Comments

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Allan Meltzer, Ph.D., American Economist, Carnegie Mellon Tepper Graduate School of Business, and author of a three-volume history of the Federal Reserve, describes the Federal Reserve as a “banker’s bank,” where banks go to borrow money when they need more. He reveals that it has evolved into a social instrument trying to control inflation and unemployment. Meltzer notes that while Congress technically regulates and has some oversight, it mostly leaves the Federal Reserve alone as long as things are going well. He charges that two terrible mistakes have been made, one was was putting too much weight on what happens today or in two months, rather than looking ahead long-term. Meltzer maintains that rules must be established, and that if the Federal Reserve doesn’t abide by them, officials need to explain why or resign.


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3 comments to “Federal Reserve Series: Rules Without Accountability #655-2”

  1. my letter | June 23, 2014 | Permalink Reply

    I think that the government should take the fed back the bankers have been stealing from the people in the us since the fed was privateised

  2. its always been private!!! | August 15, 2014 | Permalink Reply

    The Federal Reserve Bank has always been private. It was never and never will be a part of the government. They just want the appearance that the government controls it. When it was created that was Concrete abdicating their duty to print real money. It created fiat money system. It was the demise and hijacking of our countries purse, in one fell swoop. Hence, why we have banksters printing money like drunken sailors.

  3. its always been private!!! | August 15, 2014 | Permalink Reply

    Congress abdicating their duty…

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