Fed Up?
“Banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.” — Thomas Jefferson
The Federal Reserve is not federal and it is not reserve. It is a coalition of independent banks and is not subordinate to the U.S. Federal government. That is an annoying axiomatic fact. It may not be ‘right’, fair, or even reasonable, but hey, that is the way it was specifically crafted at Jekyll Island in 1913.
It should be no big surprise to anyone who understands what the Fed is and isn’t that their Board rejected a request by U.S. Treasury Secretary Timothy Geithner for a public review of the central bank’s structure and governance. Come on…“Badges? Badges? We don’t need no stinking badges…”
Harold
