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Taylor 'Rules' Fed Independence In Question

Tyler Durden's picture





 

John Taylor, of the Taylor-Rule, who has not been sheepish with his views towards the Fed openly questioned the Fed's independence during a speech to the Joint Economic Committee today. During his testimony at the hearing on the 'Sound Dollar Act of 2012', Taylor noted: "The discretionary interventions of the Federal Reserve have been ratcheted up in such unprecedented ways in recent years that they raise fundamental questions about the future of monetary policy." Perhaps more pointedly, especially given Bernanke's speech today on the Fed's extreme actions and given the hope for a constant interventionist role for the Fed to keep our economy market afloat "The fact that the Fed can, if it chooses, intervene without limit into any credit market - raises more uncertainty, and of course raises questions about why an independent agency of government should have such power."

 

Former St.Louis Fed head William Poole added “The bottom line is that use of the credit resources of the U.S. government should be decided by Congress and not by an appointed body such as the Federal Reserve,”

 


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Tue, 03/27/2012 - 14:52 | Link to Comment 12ToothAssassin
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Bullish

edit: added BITCHEZ

Tue, 03/27/2012 - 16:38 | Link to Comment MiddletonRobert3
MiddletonRobert3's picture

my roomate's sister makes $85 hourly on the computer. She has been fired from work for 6 months but last month her paycheck was $16158 just working on the computer for a few hours. Read more here .....  http://lazyCash9.com

Tue, 03/27/2012 - 17:48 | Link to Comment spinone
spinone's picture

and who says there's no good jobs left in America?

Wed, 03/28/2012 - 00:17 | Link to Comment economics9698
economics9698's picture

They make videos about the Taylor Rule in macro.  To fucking bad Ben doesn't watch them.

Tue, 03/27/2012 - 22:47 | Link to Comment Davalicious
Davalicious's picture

Don't tell me, your room mates sister works for the Federal reserve, sitting ar her computer all day hitting Control-P ?

 

Tue, 03/27/2012 - 22:55 | Link to Comment Problem Is
Problem Is's picture

Tyler:


  1. Since when are we denied access viewing a commentor's account like this douche bag?
  2. Since when does egregious douche bag spam like this get by your filters?
  3. Marla would have fucked a spammer like this right off ZH like he was in grade school...
Tue, 03/27/2012 - 23:56 | Link to Comment Teamtc321
Teamtc321's picture

Spam douche bag, hit the road!!! 

Tue, 03/27/2012 - 14:22 | Link to Comment Gubbmint Cheese
Gubbmint Cheese's picture

No taxation without representation.. blah blah blah..

 

Tue, 03/27/2012 - 15:37 | Link to Comment Sudden Debt
Sudden Debt's picture

Don't worry, after Obama's election he can be more flexible

Tue, 03/27/2012 - 15:57 | Link to Comment Vampyroteuthis ...
Vampyroteuthis infernalis's picture

raises questions about why an independent agency of government should have such power.

Here is a correct edited version "raises questions about why any agency of government should have such power."

Tue, 03/27/2012 - 16:14 | Link to Comment Dugald
Dugald's picture

Fine speeches butter no parsnips...

Wed, 03/28/2012 - 01:50 | Link to Comment StychoKiller
StychoKiller's picture

Taxation WITH representation ain't so great either!

Tue, 03/27/2012 - 14:59 | Link to Comment Freddie
Freddie's picture

John Taylor is an actual American Patriot

+1000

Loved his bass playing in Duran Duran as well.

 

Tue, 03/27/2012 - 17:45 | Link to Comment Loose-Tools
Loose-Tools's picture

Wasn't it Koran Koran, the Muslim rock band?

Tue, 03/27/2012 - 17:32 | Link to Comment Dermasolarapate...
Dermasolarapaterraphatrima's picture

Money, Banking and the Federal resrve is a classic that should be shown in 5th grade and on up...very educational.

Tue, 03/27/2012 - 23:18 | Link to Comment TruthInSunshine
TruthInSunshine's picture

This is important, so if anyone has any feedback, hit me with it.

 

I posted a video a while back that had a certain seemingly intelligent person, wise in the ways of fractional reserve banking, actually making an intelligent case that The Federal Reserve really is just a front for Congress, in order to protect the financial entities that own not just the U.S. Government, but most developed nations that have a fractional reserve central bank. If anyone sees that video, where the speaker compliments The Creature From Jekyll Island, and while not denying the history and chronology laid out therein, essentially states that Congress could simply revoke the Fed's charter at any moment if they wished to do so, but there's good reason for most of them not to want to do so, please link it.

In other words:

Inflation too high?  Don't blame Congress. They'll have Kangaroo Court hearings in the Senate or House of Representatives and get all angry with the Chairman of the Federal Reserve (allowing them cover and a distraction to blame while they benefit from the inflationary policies and are able to win re-election).

Yields for savers too low, which is especially galling for senior citizens who depend on returns from fixed income?  Don't blame Congress. They'll have Kangaroo Court hearings in the Senate or House of Representatives and get all angry with the Chairman of the Federal Reserve (allowing them cover and a distraction to blame while they benefit from the inflationary policies and are able to win re-election).

Economy sucks, or is in a meltdown, with living standards plunging, along with consumption? Don't blame Congress. They'll have Kangaroo Court hearings in the Senate or House of Representatives and get all angry with the Chairman of the Federal Reserve (allowing them cover and a distraction to blame while they benefit from the inflationary policies and are able to win re-election).

Structural unemployment is really high, leading to falling wages and - again - plunging living standards, along with massive, debilitating debt burdens for small businesses and individuals? Don't blame Congress. They'll have Kangaroo Court hearings in the Senate or House of Representatives and get all angry with the Chairman of the Federal Reserve (allowing them cover and a distraction to blame while they benefit from the inflationary policies and are able to win re-election).

 

IOW, the Fed is a convenient creation of Congress, as Congress has been deeply captured since well before 1910 (the year of that infamous meeting on Jekyll Island that the POTUS was allegedly denied access to, which gave rise to the Federal Reserve Act of 1913, and America's 3rd fractional reserve central bank since its birth).  Congress gets all the benefits of being insiders, knowing what the Fed will do and when, but they get a fall guy to blame when the their constituents are angry and looking to break something, and it increases their odds of being able to put on some kabuki theater, rage at the Fed, and keep their seats.

Wed, 03/28/2012 - 01:56 | Link to Comment StychoKiller
StychoKiller's picture

How is it that people are too dumb to fend for themselves, yet so intelligent that they can vote for the right person to fend for everyone else?

Wishing the government to be a great protector and benefactor does not make it so.  It is not difficult to find evidence that it is anything but.

 

When dipsh!tz like Maxine Waters, Barney Frank, John McCain, and Harry Reid can get relected time after time, I can only figure that the inmates truly are running the asylum!

Tue, 03/27/2012 - 14:24 | Link to Comment JustanEmotion
JustanEmotion's picture

Not that congress would actually change to much...

Tue, 03/27/2012 - 14:23 | Link to Comment kralizec
kralizec's picture

The bottom line is that use of the credit resources of the U.S. government should be decided by Congress and not by an appointed body such as the Federal Reserve

No shit?!

(rolling eyes)

Tue, 03/27/2012 - 14:58 | Link to Comment Manthong
Manthong's picture

 "independent agency of government"

Ok, I'll bite.. which agency of government is not dependent on maintaining the dysfunctional status quo? 

Tue, 03/27/2012 - 15:32 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"and of course raises questions about why an independent agency of government should have such power."

Will someone please pull up an organizational chart of the US Government and show me which branch of government the independent "agency" of the Federal Reserve reports to?

Oh....I understand the public charade of the Fed Chairman reporting on a semi-annual basis to Congress and even that Congress could actually pull its charter. But really..........let's cut through all the bullshit and ask a simply question.

Who runs Bartertown?

Master Blaster

Tue, 03/27/2012 - 15:48 | Link to Comment TruthInSunshine
Tue, 03/27/2012 - 16:18 | Link to Comment Dugald
Dugald's picture

Wrong question, what runs Barter Town...answer..Pig Shit!

Tue, 03/27/2012 - 17:18 | Link to Comment Shazam342
Shazam342's picture

People have been trying to say this about the Fed for years but couldn't get anywhere with the public-til now.

Tue, 03/27/2012 - 14:23 | Link to Comment Divided States ...
Divided States of America's picture

Yeah well we knew that already when Bernanke told the Congress that he didnt have to answer this or that question...and under oath too. Guess he's not just the Fed Chairman, he's above the law.

Tue, 03/27/2012 - 14:24 | Link to Comment OpenEyes
OpenEyes's picture

independent agency of government  ??

really?  I thought they were a privately owned bank.  

Tue, 03/27/2012 - 14:34 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

flag as a bingo (1)

 

Read the U.S.A.'s Constitution and amendments, then read the Federal Reserve Act and amendments, then you be the judge which of these two contradictory sets of laws we are really living under.

Tue, 03/27/2012 - 14:35 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

There is no government, only a mirage. All CBs have pretty much merged into one.

Tue, 03/27/2012 - 15:03 | Link to Comment EscapeKey
EscapeKey's picture

The powers of financial capitalism had another far-reaching aim,nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and he economy of the world as a whole. The system was to be controlled in a feudalist fashion by the central banks of the world acting in concert by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basil, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations. Each central bank sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world

Carroll Quigley, "Tragedy and Hope".

Tue, 03/27/2012 - 15:14 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

+1 for Cliton's favorite.

 

Tue, 03/27/2012 - 14:47 | Link to Comment Bill D. Cat
Bill D. Cat's picture

Did a double take as well . Should have been Agency Independent of government .

Tue, 03/27/2012 - 15:07 | Link to Comment TruthInSunshine
TruthInSunshine's picture

The Fed is 'independent' when they choose to be, such as when Bloomberg sued them under FOIA for records regarding which banks/fin-institutions received loans and how much, but then they are a 'public' body when they do other things that suit their needs at the time they are doing those things.

 

Tue, 03/27/2012 - 15:09 | Link to Comment EscapeKey
EscapeKey's picture

Nicholas Biddle would be proud.

We need Andrew Jackson reincarnated.

Tue, 03/27/2012 - 15:29 | Link to Comment Dr. Engali
Dr. Engali's picture

We need Ron Paul to dismember this beast.

Tue, 03/27/2012 - 15:33 | Link to Comment Kayman
Kayman's picture

The Federal Reserve; the disease that masquerades as the cure.

Tue, 03/27/2012 - 16:03 | Link to Comment akak
akak's picture

Government itself is that disease, more generally.

Tue, 03/27/2012 - 17:20 | Link to Comment Shazam342
Shazam342's picture

Kind of like Indian reservations:  They are independent nations when it comes to treaty rights, but simultaneously can't wait to get on the public dole for other issues.

Tue, 03/27/2012 - 17:48 | Link to Comment Things that go bump
Things that go bump's picture

I figure we owe them whatever they want.

Tue, 03/27/2012 - 19:31 | Link to Comment Cathartes Aura
Cathartes Aura's picture

casinos for gambling addicts, poetic justice.

*nods*

Tue, 03/27/2012 - 15:09 | Link to Comment Straw Dog
Straw Dog's picture

"independent agency of government  ??"

"really?  I thought they were a privately owned bank.  "

Hits the nail on the head.

Here's a quote from John Hussman speaking about central banks and there effect on his funds performance, 30jan12.

"I could admittedly do better, and would certainly have captured more upside from temporary speculation, had I committed myself to the principle that central banks will act strictly to defend the bondholders of the banks they represent, even if it means trespassing into fiscal policy, subordinating public interest, empowering the worst stewards of capital, violating legal restrictions, and inviting long-term instability."

Tue, 03/27/2012 - 15:16 | Link to Comment TomGa
TomGa's picture

More like a "private banking cartel" legislated into legal existence through intrigue and subversion.

 

The Creature from Jekyll Island

 

The American Dream (Movie)

Wed, 03/28/2012 - 05:15 | Link to Comment zhandax
zhandax's picture

Excellent!  I have seen this (and maybe saved a link in email somewhere) but I actually listened to it tonight.  In an election year, everyone in the US needs to hear this until they understand it.  Problem is, it will take several hearings to get their attention, and a few more for comprehension.  Can't think of any venue where that is likely.  Any ideas?

Tue, 03/27/2012 - 14:24 | Link to Comment rosethorn
rosethorn's picture
Milton Friedman opposed the Federal Reserve:

Capitalism and Freedom page 50:

"evidence persuades me that at least a third of the price rise during and just after World War I is attributable to the establishment of the Federal Reserve System… and that the severity of each of the major contractions — 1920-1, 1929-33 and 1937-8 is directly attributable to acts of commission and omission by the Reserve authorities…

Any system which gives so much power and so much discretion to a few men, [so] that mistakes — excusable or not — can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic — this is the key political argument against an independent central bank…

To paraphrase Clemenceau, money is much too serious a matter to be left to the central bankers."

Tue, 03/27/2012 - 14:41 | Link to Comment JPM Hater001
JPM Hater001's picture

You actually typed all that didnt you...You'll say you cut and paste but we'll know the truth...

Tue, 03/27/2012 - 14:52 | Link to Comment malikai
malikai's picture

Friedman was right about a lot of things.. And then came monetarism.

Tue, 03/27/2012 - 14:25 | Link to Comment toadold
toadold's picture

A bitch slap for Helicopter Ben.  "Shocking Ignorance"

http://www.realclearmarkets.com/articles/2012/03/27/ben_bernankes_shocking_gold_standard_ignorance_99586.html

No charts, just what I consider common sense....though I am somewhat of a stranger to that myself. 

Tue, 03/27/2012 - 14:25 | Link to Comment pods
pods's picture

Well tickle my ass with a feather. Never knew the FED was a part of our government?

Oh wait, they aren't.

pods

 

Tue, 03/27/2012 - 14:49 | Link to Comment lasvegaspersona
lasvegaspersona's picture

pods...yes it is particularly nice weather

Tue, 03/27/2012 - 14:25 | Link to Comment Gene Parmesan
Gene Parmesan's picture

Truth is treason...

Tue, 03/27/2012 - 14:28 | Link to Comment kito
kito's picture

fed independence..ha ha....would that be like...

military intelligence....or

government efficiency.....or

limited government......or

quiet riot......?

Tue, 03/27/2012 - 14:28 | Link to Comment Benjamin Glutton
Benjamin Glutton's picture

Bernanke told the children today that,"the FED saved US markets and succeeded in increasing it's value post 2008 whereas post 1929 the market declined in value"

 

um ah freakin' hilarious!

Tue, 03/27/2012 - 14:35 | Link to Comment Village Smithy
Village Smithy's picture

Ironic that he made that claim in front of the very children who will be paying for his negligence far into the future. "Thank you for coming today Dr. Bernanke and explaining to us how we became debt slaves before we were even old enough to vote".

Tue, 03/27/2012 - 15:06 | Link to Comment Eric L. Prentis
Eric L. Prentis's picture

Bernanke only saved his criminal banksters. Since they are the 1% status quo, Bernanke is sanctioned to spout lies in front of school children.

Tue, 03/27/2012 - 14:36 | Link to Comment TruthInSunshine
TruthInSunshine's picture

--


"If all the bank loans were paid no one would have a bank deposit and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money we are prosperous: if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture the tragic absurdity of our hopeless position is almost incredible, but there it is. It [the banking problem] is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon."

– Robert H. Hem­phill; Cre­dit Mana­ger of the Federal Reserve Bank of At­lanta 

*January 24, 1939

 

Central bank monopoly on the creation of legally recognized ‘tender’ must be maintained in order for the simmer-the-frogs-to-death-slowly game plan to unfold.

The fractional reserve banking Ponzi depends on this absolute cornerstone for its very survival. It can’t fulfill its single mandate of creating booms and busts, repeatedly, to ensure that all the best assets get concentrated into the fewest hands (and the hands that empower the fractional reserve banking racket).

 

  • “Permit me to issue and control the money of a nation and I care not who makes its laws.”  (Mayer Amschel Rothschild)

  • “Centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.” (Fifth plank of the Communist Manifesto, 1848)

  • In a letter to Edward M. House (President Woodrow Wilson’s closest aide), dated November 23, 1933, Franklin D. Roosevelt said: “The real truth of the matter is, and you and I know, that a financial element in the large centers has owned the government of the U.S. since the days of Andrew Jackson.”

  • “I sincerely believe … that 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)

  • “Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money.” (Daniel Webster)

  • “All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation.” (John Adams)

  • “There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” (John Maynard Keynes)

Tue, 03/27/2012 - 14:37 | Link to Comment trembo slice
trembo slice's picture

The short essay to go along with your last Keynes quote is provided below.  Pretty much nails it.

http://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_inflation....

Tue, 03/27/2012 - 14:55 | Link to Comment lasvegaspersona
lasvegaspersona's picture

Truth

thanks for the nice collection of quotes

I have come to believe that the entire purpose of education through high school should be to cram enough reading and math into kids so that they under finance (money) .....all else would be gravy

Wed, 03/28/2012 - 02:04 | Link to Comment StychoKiller
StychoKiller's picture

And...

"I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents." - James Madison

"Charity is no part of the legislative duty of the government." - James Madison

"To take from one, because it is thought his own industry and that of his fathers has acquired too much, in order to spare to others, who, or whose fathers, have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, the guarantee to everyone the free exercise of his industry and the fruits acquired by it." - Thomas Jefferson

Tue, 03/27/2012 - 14:33 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

No worries, Bernanke's unprecedented printing will destroy the dollar before much longer, then the Fed won't matter anymore.

Loss of world reserve currency status is the tipping point where the US dollar collapses into toilet paper.

The east asian bloc (including Russia) is working hard now to make that happen.  It won't be much longer, just be patient.

Tue, 03/27/2012 - 14:43 | Link to Comment The trend is yo...
The trend is your friend's picture

Dow 50000 here we come....yea.

Tue, 03/27/2012 - 14:48 | Link to Comment Crab Cake
Crab Cake's picture

I am sorry but you arent seeing the forest for the trees.

These criminals have a plan. They are doing what they are doing on purpose with foreknowledge of the outcome. Your passivity is what they are counting on, and when you are good and ready to actually do something (post collapse) the fascists will hold every damn card.

They want the system to collapse so they can break national power. We must not wait, the time is now while we still have the relics of the Republic and Constitutionality from which to draw. I am sure many Germans felt they could just wait the Nazi movement out, and look where it got them. It can, and is, happening here; right now.

Tue, 03/27/2012 - 15:18 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

We must not wait, the time is now while we still have the relics of the Republic and Constitutionality from which to draw.

Fine, go ahead and have your "revolution", what's stopping you?

It should have happened long ago, but American sheeple are too sheepish to do it, so it ain't gonna happen, so forget it. 

And there won't be any America left after the dollar collapses.   Leaving America is your only hope.

That's what those Wall Street bankers are gonna do when it collapses, get on their jets and get the hell out of dodge.

Tue, 03/27/2012 - 15:53 | Link to Comment BeerBrewer09
BeerBrewer09's picture

Time frame, COG?

Tue, 03/27/2012 - 21:35 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

Do you know when China (and Japan) will pull the rug out from under Treasuries?

No, nobody does.  Except them.

Do you know when the rest of the world will reach their breaking point watching the US dollar (and therefore Treasuries an every other dollar-based asset) steadily lose value from Bernanke's continual printing, say "enough", and start dumping dollars and dollar-based assets?

No, nobody does.  Not even them.  

But it's gonna happen, guaranteed, because Bernanke is gonna keep printing, guaranteed.

I suspect it might happen when the asian bloc's new non-dollar trading payment system is operational.   That's the most likely time I believe.

Wed, 03/28/2012 - 08:06 | Link to Comment BeerBrewer09
BeerBrewer09's picture

Thanks for the insight.

Tue, 03/27/2012 - 16:58 | Link to Comment trembo slice
trembo slice's picture

I agree that there will not be a violent uprising, if that's what you mean by revolution.  But as John Adams said:

"The Revolution was effected before the War commenced. The Revolution was in the minds and hearts of the people; a change in their religious sentiments of their duties and obligations. This radical change in the principles, opinions, sentiments, and affections of the people, was the real American Revolution."

There has been an explosion of interest in the principles of Liberty in the last decade.  Especially among the youth of this nation.  My interest in Austrian Economics and Libertarianism was catalyzed by Ron Paul's bid for the presidency in 2008.  I stumbled across some youtube videos in early 2007, and haven't looked back.  I've converted my whole family. 

I'd say this story holds true for many households across the nation.  I doubt most of my peers are tackling Human Action by Ludwig von Mises, but they don't need to.  What is important is that people recognize the merits of the free-market and voluntary association.  I certainly get discouraged, as far more individuals in this nation are consumed with the newest "app" "idol contestant" and other petty issues; but, since I have a passion for justice and human prosperity I can't simply slip away.

Where the fuck else is there to go?  Unless you are loaded, there aren't many viable options other than trying to right this sinking ship.

Tue, 03/27/2012 - 18:12 | Link to Comment Loose-Tools
Loose-Tools's picture

A simple solution to "Starve the Beast" is .... STOP BREEDING!

Tue, 03/27/2012 - 19:08 | Link to Comment 11b40
11b40's picture

I agree that more and more people are awakening, especially the youth, which is where revolutions are born.

I also concede that there may well be a grand plan by International Central Bankers to control and subjugate us all.  Thier plan may well have been born genertions ago.

However, men plan & God laughs.  Assuming there were such a grand scheme, there was no way to anticipate the incredible societal changes brought on by technology.  Computers and the Internet have become game changers.  Things like high speed broadband combined with search engines such as Google, make information instantly available.... and 'spreadable'. 

This must make the Central Bankers very nervous, to have people like Ron Paul plastering videos all over the Web explaining to people just what the money/debt game is all about.  I have never seen a decline in his support levels.  His favorability grows gradually year by year, and it is rare to find a "former" supporter.  The increasing debt levels, rising insecurity, and growing anger among our youth may not be too far away from reaching critical mass.  Both the Tea Party and OWS are 2 sides of the same coin of dissatisfaction.  Different approaches and points of view regarding what to do and how to do it, but both groups see the untenable path we are on and want changes.

Now, the conudrum for TPTB is how to maintain control without totally upsetting the apple cart.  This wonderfull technology that threatens them like nothing ever before, has become so popular that the general public will go nuts if anyone tries to shut it down or take it away.  The more threatened our communication and entertainment toys become, the more the masses will become aroused.

In 2011 it was the Arab Spring, driven by disaffected youth.  What awaits the world in spring of 2012?

Tue, 03/27/2012 - 19:41 | Link to Comment Cathartes Aura
Cathartes Aura's picture

Spring of 2012 started last week - many of those "youth" are on "spring break" even as we type. . .

I say, not much, at least not "here" - more attention being paid to NDAA & the latest TeeVee soaps.

Wed, 03/28/2012 - 02:12 | Link to Comment StychoKiller
StychoKiller's picture

[quote]However, men plan & God laughs.[/quote]

[quote]

Dharma:  What is heavier than earth, higher than heavens, faster than the wind and more numerous than straws?

Yudhishthira:  One's mother is heavier than the earth; one's father is higher than the mountains.  The mind is faster than wind and our worries are more numerous than straws.

Dharma:  Who is the friend of a traveler?  Who is the friend of one who is ill and one who is dying?

Yudhishthira:  The friend of a traveler is his companion.  The physician is the friend of one who is sick and a dying man's friend is charity.

Dharma:  What is that which, when renounced, makes one lovable? What is that which is renounced makes happy and wealthy?

Yudhishthira:  Pride, if renounced makes one lovable; by renouncing desire one becomes wealthy; and to renounce avarice is to obtain happiness.

Dharma:  What enemy is invincible?  What constitutes an incurable disease?  What sort of man is noble and what sort is ignoble?

Yudhishthira:  Anger is the invincible enemy.  Covetousness constitutes a disease that is incurable.  He is noble who desires the well-being of all creatures, and he is ignoble who is without mercy.

Dharma:  Who is truly happy?  What is the greatest wonder? What is the path?  And what is the news?

Yudhishthira:  He who has no debts is truly happy.  Day after day countless people die.  Yet the living wish to live forever.  O Lord, what can be a greater wonder?  Argument leads to no certain conclusion, the Srutis are different from one another; there is not even one Rishi whose opinion can be accepted by all; the truth about Dharma and duty is hid in caves of our heart: therefore, that alone is the path along which the great have trod.  This world full of ignorance is like a pan.  The sun is fire, the days and nights are fuel.  The months and the seasons constitute the wooden ladle. Time is the cook that is cooking all creatures in that pan (with such aids); this is the news. [/quote]

Humanity is born to a life of folly, it seems!

Tue, 03/27/2012 - 21:13 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

Unless you are loaded, there aren't many viable options other than trying to right this sinking ship.

Then you'll go down with that sinking ship.  Enjoy the ride down.

And no, the hearts of the sheeple aren't changing, unless you count wanting ipad 4 instead of ipad 3 or something like that. 

There is no such "revolutionary spirit growing in the hearts of the people".   What wishful thinking nonsense, like "jobless recovery" and "stocks are the economy" and similar bullshit.

 

Tue, 03/27/2012 - 15:28 | Link to Comment Widowmaker
Widowmaker's picture

Funny you should mention it, but shit tickets have sky rocketed in price the last 10 years, much higher than inflation racketeering.

Toilette paper parity.

Tue, 03/27/2012 - 14:32 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

independent of what?  politics?  L0L

power?  e-meril kicked it up a notch after '08, giving the chairsatan the power to regulate all bankstering

congress?  why don't you genius banksters just tell it to the Supremes?  L0L!!! 

Tue, 03/27/2012 - 14:34 | Link to Comment Bam_Man
Bam_Man's picture

"...they raise fundamental questions about the future of monetary policy."

I think we all understand perfectly well that there is no "future" for what now passes for monetary policy. It is all about "the here and now".

Tue, 03/27/2012 - 14:35 | Link to Comment The Alarmist
The Alarmist's picture

"John Taylor, of the Taylor-Rule, who has not been sheepish with his views towards the Fed openly questioned the Fed's independence during a speech to the Joint Economic Committee today."

Ok, I guess that is the economists' version of a bitch slap, but desperate times call for desperate measures ... Why can he not simply state that the Fed is not independent?

Tue, 03/27/2012 - 17:29 | Link to Comment Shazam342
Shazam342's picture

In the economist's world, he has to  talk about the Fed's lack of independence as if it were a new discovery. Otherwise, his peers would label him a kook due to the group-think that dominates modern economics in most academic institutions.  Trust me, I've seen it first hand.

Tue, 03/27/2012 - 14:35 | Link to Comment Mark123
Mark123's picture

I am sure getting tired of all this talk from "Federal Reserve Hawks" like Poole....it feels more like a staged fight between two actors to entertain a dumb audience.

Unless there is some sort of benevolent armed revolt in America, the Republic is long lost.  The ancient rulers of Europe crushed the revolution and have a firm grip on us all....and are busy selling what remains of value to the highest bidder (China, Mexico, India, Drug Cartels, et al).

Tue, 03/27/2012 - 14:38 | Link to Comment Scalaris
Scalaris's picture

Fed's questionable independence?

- Oh no he didn'.

Tue, 03/27/2012 - 14:38 | Link to Comment Crab Cake
Crab Cake's picture

Riddle me this... If the Fed, and its private ownership, have purchased/forcefully taken over the political apparatus of the US can it still be independent and does it matter?

REVOLUTION NOW!

Tue, 03/27/2012 - 16:45 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

Exactly...the time for talk is over...they ain't interested n a mother fucking thing us "debt slaves" got to say....u can't reason with a sociopath no more than u could reason with a damn crocodile in Africa ....these mother fucker will only respect US WHEN THEY REALIZE WE R WILLING TO LIGHT THEIR ASSESS UP with a quickness.....
Revolution is the only solution.....

Tue, 03/27/2012 - 18:05 | Link to Comment Things that go bump
Things that go bump's picture

 

The Virtues of a Disorganized Resistance

Stephen DeVoy

Break Your Chains

"American opposition movements have always focused on the notion of organization. It has always been their goal to organize the people. Their hope has been to wield the collective power of the disaffected, downtrodden, and exploited as a single unit against the concentrated power of the ruling class. While their hope has been noble, their methods have been foolish. Organized resistance has many drawbacks. These drawbacks have seldom been discussed by the opposition. We believe that the only effective resistance is a completely disorganized, decentralized, and leaderless opposition.

While, on the face of it, this claim may impress you as absurd. Of course it seems absurd! It is counterintuitive. Never the less, it is the ONLY method of resistance that will work within American society. We will explain why organized resistance has never worked in the United States. In addition, we will promulgate a new formula for effective resistance.

Why has organized resistance failed in the United States?

There are many reasons for the failure of organized resistance. The two primary causes of failure are intimately connected to the culture of the United States and the political system laid down by our nation's founding fathers.

The Cultural Cause

Americans, culturally, are anarchists. Few Americans realize this. Most Americans have a false understanding of the term "anarchism." However, upon examining the beliefs of your average American, you will find that most Americans: do not trust leaders, do not trust government, wish to be left alone, value their privacy, think of themselves as independent from society, do not believe that there is a systemic solution to their problems, believe that others should be free to do what they choose, provided they do so in private and do not harm others

While it is undeniable that political culture in the United States often speaks to the opposite of the above list, it is also undeniable that most Americans register as neither Democrat or Republican and most Americans do not vote. Thus, despite the political culture, most Americans choose not to participate in it. This is not only due to their belief that the American political system is hopeless, but also is due to the cultural clash between the wider culture and the political culture.

Any attempt to organize large numbers of Americans into a single political movement will fail. Any attempt to create an organization led by a strong group of leaders will fail. Americans reject submersion into the collective. In a sense, Americans are anti-collectivists.

The Political Cause

American political culture is not ideological. Politicians attempt to draw ideological distinctions between the two major parties, but these distinctions are a matter of splitting hairs. The only significant difference between the two political parties is the degree of compassion represented by the rhetoric of the two parties. Compassion is not a political concept. Compassion is an attitude. Thus, the two parties differ, primarily, in attitude and not ideology.

Despite this, there remain two political parties. One is prompted to ask "why?" If each party is basically the same, with respect to ideology, why do they not merge into one party? The answer to this question is best found in viewing each political party according to its true nature. American political parties are, for all intents and purposes, organized crime units. American political parties have more in common with the Mafia than they have with their counterparts in more democratic societies. Like Mafia, each political party competes for control of territory in order to maximize the benefit to their business constituency. Like Mafia, the political parties attempt to mold the system to maintain their positions and access to resources. Like Mafia, the political parties force the average citizen to pay "protection" under the threat of violence (taxes). Like Mafia each political party uses the "protection" money collected for its own advantage.

By defining our political system in terms of the "majority" and the "opposition," our Constitution enshrines this two mafia system into law. Each Mafia passes laws to exclude new comers from the game while focusing the rest of its energy in destroying the other Mafia.

Thus, any resistance movement that chooses to become an organization is in competition with these Mafiosi. The deck is stacked and the power of the state, wielded by these organized crime units known as the Democratic and Republican parties, will waste the time and resources of any newcomer. A newcomer can only succeed by rejecting the political system, draining its resources, and undermining the rule of the state.

How is disorganized resistance superior?

In some societies, dissidents become heroes. In American society dissidents are systematically slandered, libeled, harassed, and villainized. If they become successful, they are murdered (e.g. Martin Luther King, Malcolm X). In the American experience, movements that look to leaders are decapitated. Leaders are a liability, not an asset. Organizations can be (and are) infiltrated. Organizations can be taxed. Organizations have legal responsibility. Organizations have membership lists and lists are wonderful tools for the oppressor. Organizations take on a life of their own. They struggle to exist and their continued existence takes priority over their mission. Organizations attract opportunists, power mongers, and attention seekers. Organizations tend to exploit their rank and file for the benefit of their inner circle. Disorganizations share none of these defects.

Bureaucracy cannot comprehend disorganization. Disorganization is invisible. The asymmetry of the relationship between organization and disorganization favors disorganization. Organization depends upon planning. Planning requires predictability. Disorganization cannot be predicted. This leaves organization at a disadvantage.

Organization requires a supply chain. Supply chains can be disrupted. Disorganization depends only upon the resources of its members. Supply chains that do not exist cannot be eliminated.

Disorganized movements rely upon swarming. Swarms are difficult to defend against. If you cut a swarm in half, you have two swarms. If you eliminate one of the resulting swarms, you still have a swarm. Disorganization breeds. Organization grows. The many and dispersed are a more difficult target than the large and concentrated.

Organizations takes their steps by design. If the design is flawed, the organization fails. Disorganization relies not upon design but upon evolution. The motivating notions of disorganization are memes. Memes evolve and memes compete. This process improves the motivating notions of disorganization. This process produces multiple courses of action. While some may fail, others are likely to succeed. Taken as a whole, disorganization is more likely to succeed.

The important thing to remember is that it is easier to destroy than to create that which is designed. Thus, the cost to those who lose the manifestation of their design outweighs by leaps and bounds the cost it takes to destroy it. That which evolves is cheap and when an effort is created to destroy the evolved entity, it merely mutates and evolves again, adjusting to the new conditions. As a process that fosters evolution, a movement based on disorganization will continue to survive, evolve, and expand without cost. The resource constraints placed upon the designed (e.g. government and corporate) and those absent from the evolved (a decentralized and disorganized opposition movement), favor the later.

The limits of disorganization

We do not propose a complete absence of organization. Instead we propose a disorganization of units. Units can be as small as a single individual, or as complex as cell of individuals working together. Cells may be internally organized, but they should not be statically organized cell to cell. The movement should have no commander. It should have no central committee or governing body. No global plans should be made. The modus operandi of each unit should be to think globally and act locally. Ideas, strategies, and tactics should float freely and compete as memes within the medium of the collective conscious.

Conclusions

We need to construct a disorganized movement. You need not apply to join. In fact, it might be better if you did not contact anyone except those with whom you wish to form a unit. Your ideas, strategies, tactics, and lessons learned should be spread anonymously or by word of mouth. When you act, should you decide to act in resistance, attribute your actions to "the Resistance." The growing din of disorganized disruption will be felt as an earthquake. There will be trembles. There will be pre-shocks. The tension will mount and, in time, there will be an earthquake. When that earthquake strikes, the organized edifice of the oppressor will fall like a house of cards.

 

 

Tue, 03/27/2012 - 20:06 | Link to Comment Cathartes Aura
Cathartes Aura's picture

the idealist in me loves a lot of what these words speak of - dis-organisation, de-centralised authority, swarms, etc.

but the realist in me knows these traits are not currently strong in the vast majority of amrkn peoples - and I'd very much disagree with labeling them as "anarchists" -

upon examining the beliefs of your average American, you will find that most Americans: do not trust leaders, do not trust government, wish to be left alone, value their privacy, think of themselves as independent from society, do not believe that there is a systemic solution to their problems, believe that others should be free to do what they choose, provided they do so in private and do not harm others

while amrkns may not trust leaders, the do prefer to leave the leading to others, and that includes "governments" be they Federal, State or local. . .most of the next listed traits might be apt descriptions of teenagers - they think they're hella smart, everyone else is hella dumb, and they wish everyone would just leave them alone!!! - except when it comes to securing what they WANT, like resources, and jobs, and a decent environment to exist in, plus infrastructure, and lots of places to shop for cheap shit - very teenager actually.

as to the "believe others should be free to do what they choose" - nah, even the "libertarians" can't keep their mitts off female body sovereignty, 'cause teh jeesus told 'em so.   anarchists don't do religion, unless it's completely personal, not spread about like manure.

anarchist (plural anarchists)

  1. One who believes in or advocates the absence of hierarchy and authority in most forms (compare anarchism), especially one who works toward the realization of such.
  2. One who disregards laws and social norms as a form of rebellion against authority.
  3. By extension from previous sense, one who promotes chaos and lawlessness; a nihilist.
  4. One who resents outside control or influence on his or her life, in particular a government, and therefore desires the absence of political control.

amrkns are rebellious teenagers for the most part, interested in themselves, their gadgets, their peer group, their music/TV/gaming/sports/porn - and they want their parents (.gov) to make sure they have a place to live and dinner on the table (resources), and they certainly could give a fck HOW THAT GETS DONE.

great post though, reminded me of how much I value disorganised anarchy!       *grins*

 

Tue, 03/27/2012 - 23:11 | Link to Comment Things that go bump
Things that go bump's picture

I throw that piece by Devoy in when the discussion turns revolutionary because I think the government is going to meet any sort of defiance or resistance with shocking and unbelievable force, the better to teach us all a lesson and get everybody back in line. They are going to nip that shit right in the bud. That has always been the historic response of the US government. It is probably wiser to avoid big demonstrations and not run out and join Tea Parties or OWS. Guerilla warfare bitches! Its how the first Revolutionary War was won. 

Wed, 03/28/2012 - 00:35 | Link to Comment Cathartes Aura
Cathartes Aura's picture

couldn't agree more - anyone who thinks they're going to hit the streets to protest isn't paying attention to how kitted out the police are lately - and also haven't realised who the police, laws, courts, etc. work for / on behalf of - the ridiculous rate of incarceration in amrka should be a clue!  not to mention all the neat new toys they're getting, courtesy of MIC war machine contractors, who continue to suck monies out of the "budget" while people worry about "the boomers" getting medicare.

it's way past time to get creative, and "joining" is not what I mean at all.

thanks again for that post.

peace    (or a reasonable facsimile  ha)

Tue, 03/27/2012 - 14:54 | Link to Comment Mercury
Mercury's picture

The bottom line is that use of the credit resources of the U.S. government should be decided by Congress and not by an appointed body such as the Federal Reserve,”

Yeah but - at this point in the game do you really think a Congress-run Fed would be much different?...if anything it would be worse.

They'd probably have interns holding down CTRL-P 'round the clock... 

I mean, come on - as bad as things are, assigning money spending AND money printing powers to the same people isn't the answer.

Wed, 03/28/2012 - 02:21 | Link to Comment StychoKiller
StychoKiller's picture

[quote]...AND money printing powers to the same people isn't the answer.[/quote]

Precisely WHY the US Constitution specified coining money in specie (Silver and Gold!)

Tue, 03/27/2012 - 14:44 | Link to Comment Piranhanoia
Piranhanoia's picture

The bottom line is that use of the credit resources of the U.S. government should be decided by Congress and not by an appointed body such as the Federal Reserve,”

So, congress has decided to allow the fed to act as the US without legal approval. Nor could it give legal approval, nor would it want to be seen giving approval publicly.   "There will be no law mentioned unless we passed it because the old ones show how we are committing treason"  

Tue, 03/27/2012 - 14:46 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

Pssstttt.

The Fed is NOT and indepandant agency of goverment.

The fucking FED is not Federal fucking anything.Nothing to do with Goverment other than to control the goverment at the expense of the tax payer.

They are fucking thiefs and traitors,and are allowed imunity from the laws of the land by the Federal politicians which are slaves of the Fed,as it is this Fed that they need to beg for money with interest attached.

Is this "raises the question why an idependant agency of goverment should have such power" a trick or what?

Cause it sure is bullshit.

Tue, 03/27/2012 - 14:49 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

Hard to believe tyler ran this shit.

Tue, 03/27/2012 - 15:25 | Link to Comment Dr. Engali
Dr. Engali's picture

Why do you say that? Tyler isn't saying the fed is a branch of government. Tyler is pointing out the fact that insiders are openly questioning the fed and it's interventions. Clearly a sign of them covering their own ass before shit hits the fan.

Tue, 03/27/2012 - 15:36 | Link to Comment centerline
centerline's picture

Good chance the Fed will be thrown into the pit along with everything else.  Built to be imploded.  There will be plenty of blame to go around too.  Politicians and the people themselves.  Everyone will have blood (err... green ink) on thier hands.

 

 

Tue, 03/27/2012 - 14:56 | Link to Comment newworldorder
newworldorder's picture

OK - Let's be clear here. We are arguing over symentics. Whether the FED is an independent Arm of the US Government or a Private entity is not important.

What is important? - Who has authority over the FED and is WILLING to exercize this authority. The facts are that given our current deficit situations, the US Govt., Congress and the banking cartel, all desire to have the FED continue with its current practices and authority. Congress cannot govern without borrowing $1.5 trillion per year. The people would never approve such a tax increase or budget cutback. Hense - We are where we are. The FED is the secret rich uncle that deposits money into the Government accounts as needed during business hours.

Just keep sending your thanks to Bennie and his Jets. No other action on your part is necessary.

Tue, 03/27/2012 - 14:56 | Link to Comment Eric L. Prentis
Eric L. Prentis's picture

The fact that the Fed can, if it chooses, intervene without limit into any credit market - raises more uncertainty, and of course raises questions about why an independent agency of government should have such power."

The Federal Reserve is a private company, owned by member banks. Any connection between “government and Fed,” is just for show.  

Tue, 03/27/2012 - 15:29 | Link to Comment Widowmaker
Widowmaker's picture

Far from it, tangling the lines between government and the Fed eliminates culpability and liability (civil, social and criminal).  This is 100% "victim by design," pitting the people against their own interests for private profit and socialized fraud (in the name of risk or growth or... whatever the flavor of the day is politicially).

END THE FED AND THE BULLSHIT RACKETEERING PARTNERS THEY INSULATE AGAINST THE RULE OF LAW!

Tue, 03/27/2012 - 14:56 | Link to Comment YesWeKahn
YesWeKahn's picture

If you can elect a monster, you can easily appoint a monster.

Tue, 03/27/2012 - 14:59 | Link to Comment toadold
toadold's picture

The article is important not so much for what it says as much as it is an attack from an insider on the Fed. As things get closer to the monetary collapse you'll probably see more uneasy and down right panicy articles as people in suits find them selves sliding down the wet slates toward the edge of the roof.  "I can't fall now, I have a reservation at Elaine's!"

Tue, 03/27/2012 - 15:22 | Link to Comment Clowns on Acid
Clowns on Acid's picture

Elaine has passed away 1 year ago, and her restaurant has closed. Just sayin'.

Tue, 03/27/2012 - 15:12 | Link to Comment Kokulakai
Kokulakai's picture

The Sound Dollar Act of 2012 is purported to reign in the power of the Fetid Reserve.

The balance of power in FOMC decisions currently resides with the 7 member Board of Governors, appointed by the executive branch, and approved by the legislature.

The bill contains a provision that extends FOMC voting priveledges to all 12 of the Fed district governors. Currently only 5 are permitted to vote.

Fed District Governors are elected by member banks in their respective districts.

I fail to see the logic.

 

Tue, 03/27/2012 - 15:18 | Link to Comment Albertarocks
Albertarocks's picture

The bottom line is that use of the credit resources of the U.S. government should be decided by Congress and not by an appointed body such as the Federal Reserve,”

 

But first, the following law (or something very similar) must be passed or nothing will change:

 

"From this day forth, no member of Congress shall accept, nor be offered, anything representing a bribe, graft, a gift, or anthing of value by the Federal Reserve or any of it's member branches or employees, nor by any corporation in the United States of America nor any of it's members or employees, nor any corporation located in any other country on Earth or any other planet.  The list of banned items includes, but is not limited to the following:

Money

Vehicles

Whores

Cocaine

Vacations

Yacht Vacations with whores

Male prostitutes for the pleasure of the female members of Congress

Male prostitutes for the pleasure of the male members of Congress

Dining and entertainment (which means "no whores" and "no nose candy")

Lodging

Vacation homes with or without  a supply of whores

Vehicles

Everything else not listed above

The punishment for accepting any bribe shall be determined fairly by the courts of law and shall be treated as crimes of treason.  The punishment for the "offering" of any form of bribe, graft, or influence upon the members of Congress shall be public hanging within one week of conviction of said crime.  Any judge found to be rendering his decision under the unfluence of any of the entities named above shall face the same charges for crimes of treason as will that party who influenced said judge's fair decision making process.  In such a case that judge, as well as the party offering influence upon said judge, shall all be publicly  hanged within one week of conviction of said crimes of treason.

 

Bottom line is this... until a complete 100% banning of "any form of" influence peddling by the fascist corporate elite is put in place, not one fucking thing will change in America.  Until that happens, expect to continue to feel that noose tightening.

Tue, 03/27/2012 - 20:24 | Link to Comment Cathartes Aura
Cathartes Aura's picture

lol

Everything else not listed above

someone else posted here today (sorry don't remember who) that "congress" should be revolving appointments rather like jury duty.

I don't want any of it, the being ruled from a space that's not even within the actual country we are forced to be certificate'd and license'd and passport'd in. . . but if peeps want to be ruled, I say fine, make it 100% voluntary, zero pay and benefits, zero "lobbybux" allowed.  if a volunteer becomes popular speechifying, and wants to do the lecture circuit AFTER their time is up, 50% of what they get paid for TALKING must go to a worthy cause.

see who turns up for THAT gig.

Wed, 03/28/2012 - 03:02 | Link to Comment Albertarocks
Albertarocks's picture

Haha... glad you liked that item.  I hope I also mentioned "whores" enough times to get the point across.  Congress is flat out evil incarnate.

Tue, 03/27/2012 - 15:16 | Link to Comment TruthInSunshine
TruthInSunshine's picture

In reality, the rightful rage should be directed at Congress.

They enabled the Creature from Jekyll Island (regardless as to whether such legislation was constitutional), and they can just as easily disable it - as fast as they passed TARP, in fact.

Tue, 03/27/2012 - 15:20 | Link to Comment Dr. Engali
Dr. Engali's picture

Problem
Is people are too stupid to understand What the federal reserve actually is. They believe it is a branch of government. They don't know nor do they care enough to understand it's an illegal unconstitutional entity.

Tue, 03/27/2012 - 16:48 | Link to Comment IrritableBowels
IrritableBowels's picture

SLOTH

Tue, 03/27/2012 - 15:18 | Link to Comment Widowmaker
Widowmaker's picture

The Fed is a proxy, it's purpose is absolutely obvious -- to obscure and protect the elite class.  

The only thing that separates the vast majority of men is their wealth.  The Fed is the intermediary between man and his true wealth.

They are the target, a legal shield for fraud and anything-but-free markets.

They are the bully who's sole purpose is to protect the aforementioned wealthy against those without wealth through premeditated manipulation and fraud.

Why is it savers (an entire side of monetary policy) have been crucified to save the non-saver private entities?

The rest of you suckers get robbed through inflation, the savers robbed when nothing comes on sale and creative destruction aborted (denying an entire canon of free market principles).

Want sound money -- END THE MOTHERFUCKING FED, END THE FRAUD BANKS, END TOO BIG TO JAIL!

Tue, 03/27/2012 - 15:58 | Link to Comment TruthInSunshine
TruthInSunshine's picture

My hand spontaneously hit your up arrow. I'm a straight male, but I'm liking you about as much as one man can another without breaking Texas law.

Tue, 03/27/2012 - 15:23 | Link to Comment Dicite justitiam
Dicite justitiam's picture

The FED is Congress, silly Taylor.

Tue, 03/27/2012 - 15:24 | Link to Comment Dicite justitiam
Dicite justitiam's picture

And the electorate, too.

Tue, 03/27/2012 - 15:41 | Link to Comment Big Ben
Big Ben's picture

Politicians often delegate unpopular tasks to a committee of 'experts' who will confuse the public with lots of technical jargon supporting whatever actions they are 'forced' to take. Of course, the 'experts' are carefully chosen to do exactly what the people that choose them want them to do.

For example in Greece they replaced Papandreou with professor Papademos, former Governor of the Bank of Greece and former Vice-President of the ECB, because no politician wants to implement the draconian austerity plan the the ECB has in mind.

Experts like these are never independent because they owe their positions to the people who appointed them. And you can always find an expert willing to make any argument you want.

 

Tue, 03/27/2012 - 15:46 | Link to Comment bobola
bobola's picture

"...In response to a Bloomberg request for information under the Freedom of Information Act against the Board of Governors of the Federal Reserve System, the Board objected by stating that the records were housed at the Federal Reserve Bank of New York, which was "not an agency" of the government and therefore not subject to the Act..."

http://en.wikipedia.org/wiki/Criticism_of_the_Federal_Reserve

 

(on the 7 trillion the Fed doled out  - mostly in secret - to stop a collapse starting in the fall of 2007)

"...The Fed has said that all loans were backed by appropriate collateral. That the central bank didn’t lose money should “lead to praise of the Fed, that they took this extraordinary  step and they got it right,” says Phillip Swagel, a former assistant Treasury secretary under Henry M. Paulson and now a professor of international economic policy at the University of Maryland..."

http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html

The Federal Reserve bank has collateral..???? 

Tue, 03/27/2012 - 20:58 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

Ex. A - "out of control" = Federal Reserve, literally.

Tue, 03/27/2012 - 15:54 | Link to Comment chaartist
chaartist's picture

trend chaser

Tue, 03/27/2012 - 15:54 | Link to Comment alfred b.
alfred b.'s picture

 

 

With these people like Taylor coming out and exposing the fed as a manipulator, enabler and protector of Wall Street banksters and Washington elites, the bernanke might need  to act sooner rather than later with the hope that he still holds a speck of credibility....QE around the corner!!!

Buy physical gold and silver!!!

Tue, 03/27/2012 - 16:06 | Link to Comment TruthInSunshine
TruthInSunshine's picture

The Bernank (and all past Fed Heads) was contractually guaranteed a get out of jail card, a guarded compound in Utopialand, and a fueled and ready to roll G5 with a hull full of history if the shit were to hit the fan.

Tue, 03/27/2012 - 15:58 | Link to Comment GernB
GernB's picture

I don't even think congress should have the right to decide which group of citizens wins and which looses, thot should be a power reserved, as much as possible for the individual, who can reward those who provide them value via thier ability to choose with whom they will save, lend or borrow.

We've just gotten so lazy that we think we shouldn't have to care about the soundness and policies of the banks we do business with. we expect government to regulate to the extent we are never at risk and all we have to worry about is which one offers a free coffie mug. You know what happens when you give other people that power... you get a corrupt system where bank regulations allow individuals savings to be invested in worthless sovergn debt as if there were never a chance of default. And when their regulation leads to banks failing and taking people's life savings with it, they con you into giving more money to bail out the banks that are failing because of their corrupt politics and policies.

Tue, 03/27/2012 - 15:59 | Link to Comment dcb
dcb's picture

article needs links to  primary source to be useful.

Tue, 03/27/2012 - 16:07 | Link to Comment chistletoe
chistletoe's picture

just right this second, it sure looks to me like the Bernanke is pouting about all the criticism.

 

You remember that joke about all the body parts getting together to elect a leader,

and the anus tightened up until they chose him?

 

Well, looks like a choke hold right now to me.

ten and twenty year treasury notes climbing to the sky,

and everything else teetering ...

 

amusing as hell ....

Tue, 03/27/2012 - 16:11 | Link to Comment Milton Waddams
Milton Waddams's picture

 

Some years later, [Federal Reserve Chairman] Martin happened to

encounter Harry Truman on a street in New York City. Truman stared at him,

said one word, “traitor,” and then continued.

25

Leon Keyserling (1971, p. 11),

chairman of the Council of Economic Advisers from 1950 through 1952, said

later: “[Truman] was as strong as any President had ever been in recognizing

the evils of tight money.. . . He sent Martin over to the Treasury to replace

McCabe. Martin promptly double-crossed him.”

 

 

 

http://www.richmondfed.org/publications/research/economic_quarterly/2001/winter/pdf/hetzel.pdf

Tue, 03/27/2012 - 16:13 | Link to Comment dcb
dcb's picture

it works like this. we give you the power to print money, and you give us some kickback of that money in the form of campaign contributions, lobby goodies, and jobs when we leave office!!!!

 

It's a congressional kickback scheme

Tue, 03/27/2012 - 16:13 | Link to Comment gs_runsthiscountry
gs_runsthiscountry's picture

"Former St.Louis Fed head William Poole added “The bottom line is that use of the credit resources of the U.S. government should be decided by Congress and not by an appointed body such as the Federal Reserve,”"

 

Oh really? Seriously?

And, exactly, what would be the difference in environment we see now, knowing full well that the Fed, and Congress, are "captured" entities?

Poole puts the cart before the horse so to speak. You would have to fix our political system first before thinking congress would act in the best interest of the people they represent. Until that time, be careful what you wish for. I, for one, would not want the current crop of "tools" in congress deciding monetary policy.

And, NO, this is no endorsement of the FED. Instead, just pointing out there is an order of priorities before such a move would actually work.

gs_

 

Tue, 03/27/2012 - 16:26 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

Look, if u wanna begin to force an end to this sociopathic banker shit start by ridding urself of their green pieces of debt...all but is ABSOLUTELY NECESSARY TO DO WHAT U NEED TO DAY TODAY...then reach to c who is willing to trade n 1 of the ONLY 2 forms of real money for goods and services...u cannot tell me there ain't enough of us sound money cats on this site that can't b the start up of our own economy using real money...and then if the bitch made politicians who r the ass servants of the bankers try n shut us down....we just blast there fucking asses....STOP PLAYING THEIR FUCKING GAME.....

Tue, 03/27/2012 - 16:34 | Link to Comment Liberty Street
Liberty Street's picture

 

A growing number of top Fed leaders, current and former, question

Bernanke's entire approach and are willing to go on the record calling

for a complete re-thinking of policy.

 

In "Money For Nothing", the upcoming documentary we're producing about

the history of the Fed, we have not only critics like Jim Grant and

Jeremy Grantham, but also current and former Fed insiders (including

Paul Volcker, Charles Plosser, Jeff Lacker, Tom Hoenig, and Bill Poole

among others) calling for the Fed to focus on things it CAN

theoretically control (inflation) and not things it CAN'T

(unemployment and the stock market - over the long term)

 

Check out www.MoneyForNothingTheMovie.org to learn more...

 

Tue, 03/27/2012 - 16:38 | Link to Comment Brokenarrow
Brokenarrow's picture

I wonder if politicians know how much anger is gyrating around the world these days, directed at the American people for the deeds of the Fed? World inflation, conflict, and future uncertainty abounds.

We don't need Ron Paul. The US needs divine intervention  from a notable patriot.

Enough said.

Tue, 03/27/2012 - 19:25 | Link to Comment jack stephan
jack stephan's picture

Nick Naylor: After watching the footage of the Kent State shootings, Bobby Jay, then seventeen, signed up for the National Guard so that he, too, could shoot college students. 

Tue, 03/27/2012 - 20:56 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

Unelected 4th branch of government with unprecedented power, no accountability, and beyond the control of the electorate.  End the fed - anything is better, including direct control of the printers by elected representatives. If they are not elected, they are by the very nature of the beast controlled by the elites. 

Of course, that is the whole idea.

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