The Fed is an odd entity. It falls under the “federal instrumentality” umbrella. Mostly for taxation purposes. It is legally a corporation with private shareholders and it is for profit, granted a portion of the profits go back to the Treasury. Though, as Greider says “literally protected from political accountability”. My question is why the facade? Either, legally give it accountability or make it fully private bank. We can’t see it’s books and it’s members come from the private sector anyway, (cough) Goldman Sachs. As well as own stakes in it. So, lets just call it private and cut the bullshit.
The big story in the news that goes unnoticed, for some reason, is the fight going on in congress to see the Feds books. This is a big story, IMO.
Think about it for a second. A supposed federal agency is refusing to let us know where are money is. Because, “there could be severe consequences to the economy”? Ok, dude, hand over the books…
It is literally private banks controlling the country via threat of financial destruction.
Sanders, in a statement after the hearing, threatened to pass the measure again “in a stronger form” if Bernanke failed to accept it. Bernanke told Sanders in February that identifying borrowers would be “counterproductive” and result in “severe adverse consequences for the economy.”
