[quote=arraya]Interestingly, there is a Rumor going around Russia that Obama has told Putin that he is going to dissolve the Fed. Albeit, not a credible source but still interesting in light of Putin’s recent remarks.[/quote]
A, would this source happen to be Sorcha Faal? 😉
I’ve followed her for a few years now, and I find she’s very hit or miss. She’s spot-on about *big picture* issues, but I seriously doubt her sources on some of the anecdotal, behind-the-scenes action that she reports.
If Obama had any intent to dissolve the Fed, Wall Street would not have showered him with campaign funds; he would not be following the Fed’s prescription of monetizing debt to stimulate the economy with TARP funds and the $825bn stimulus; and he MOST certainly would not have appointed a member of the NY Fed as his Treasury Secretary.
The Fed will not have to be dissolved. It will become increasingly irrelevant. The Fed is completely out of ammunition now and has revealed itself to be utterly ineffective and powerless in this crisis. Now that interest rates are at/near zero, who really cares what Bernanke’s FOMC remarks are going forward?
