The Fed at 100 (December 23, 2013)
. . .
A “We celebrate the birthday of our financial savior today and of our spiritual savior on Wednesday.”
B “Birthday cards and candles are flying off the shelf.”
A “Congress passed the Federal Reserve Act on December 23, 1913 a few seconds before heading home for the holidays and a few minutes before President Wilson signed the legislation. You wonder if they had a clue.”
B “Most folks don’t have a clue, but what do you do. Most folks look uncomfortably bewildered if you even allude to the Fed. Someone who is uncomfortable with a topic does not readily come around.”
A “They are more comfortable talking about the Football League than about the Federal Reserve.”
B “The great debate on a national bank was lost a hundred years ago. We need a great debate today.”
A “The Fed is really out of control, but the wealthy are getting wealthier, so no one cares.”
B “Congress provided some policy direction when it required to Fed to consider the level of employment in its calculus. The Fed’s policies and decisions over the last decade have done nothing to improve employment, yet there is no sanction or penalty in the Congressional legislation.”
A “The Fed has done more to promote the greatest transfer of wealth to the already wealthy than at any other time or in any other place in history.”
B “The money is collecting in the Swiss bank accounts of the wealthy. When and as the money slips from the virtual into the real economy, measured inflation will go up.”
A “Seems to me that inflation will be exacerbated by a reduction in the supply of goods brought about by a breakdown in production and distribution.”
. . .
A “The Fed is not the fourth branch of government, it is the first branch.”
B “The To-Big-To-Fail-Or-Jail Banks are the first branch of government and they own the Fed and the government.”
. . .
A/B “What will blow out the candles?”
. . .
[See the “e-ssays” collected in the Category “Federal Reserve” at https://e-commentary.org/category/federal-reserve/.]
Bumper stickers of the week:
Now that the banks have privatized the government, the government will never nationalize the banks.
If one person amassed 99.999999999999999999999999 percent of the income and wealth in America, would anyone notice?
Capitalize the gains; socialize the losses.
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