Tuesday, April 19, 2016

A Modest Proposal To End 
Federal Reserve Independence
Dr. Joseph Salerno of the Mises Institute considers a proposed reform of the Federal Reserve to take their control of the money away from them (as unelected technocrats) & return the control to the U.S. Congress & the U.S. Treasury .. "There are a number of benefits of stripping the Fed of its quasi-independent status and transforming it into a handmaiden of the Treasury, as the American Monetary Institute (AMI) and early Friedmanite reform programs call for .. Money would be created in a transparent manner that is understandable to the public at large .. The Fed would no longer function as a discretionary lender (bailer-outer) of last resort, a role that infects the entire financial system with pandemic moral hazard. No longer would the Fed be able to surreptitiously, arbitrarily, and without democratic oversight or accountability bail out all kinds of financial institutions in the United States as well as foreign countries. First of all there would be no need to bail out pure depository institutions because all such institutions would hold 100 percent reserves. But, second, even if purely financial (non-money-issuing) institutions were in danger of failing, the decisions to bail them out would be made by an openly partisan Treasury under the watchful eye of the congressional opposition and in full view of the public. With the Fed neutered and unable to leap to their rescue at the first sign of distress and with their appeals for bailouts subject to full scrutiny by a skeptical congress and public, financial institutions would run their affairs much more prudently."
LINK HERE to the essay

1 comment:

Anonymous said...

“Getting Things Done” – The Brother of Hillary Clinton’s Campaign Chair is a Major Lobbyist for Saudi Arabia

With that out of the way, who runs the show at the Podesta Group? Well that would be none other than Tony Podesta, the brother of Hillary Clinton’s Campaign Chair, John Podesta. Here’s a description of Tony Podesta from the firm’s site:

Many people in Washington can tell you what just happened to you. Tony Podesta helps you change outcomes. From the halls of the Capitol to the agencies that operate the country, Tony draws on his unique mastery of how the nation’s capital works to navigate the policy landscape as Founder and Chairman of the Podesta Group. Dubbed one of DC’s “50 heavy lifters” by the Financial Times and “one of Washington’s biggest players” by The New York Times, Tony is recognized by his peers, the news media and decision-makers across the federal government as the man with the judgment and smart, strategic sense to get things done.

Similar to Hillary, I have no doubt that Tony “gets things done.” The problem is who he “gets things done” for, and it’s not the American people. So who does it work for?

Here are a few examples of Podesta Group clientele over the years according to Open Secrets: BAE Systems, BP, Credit Suisse Group, Financial Industry Regulatory Authority, General Electric, KKR & Co, Lockheed Martin, Monsanto Co, Wal-Mart Stores and Wells Fargo. Of course, this is just a small fraction and you can examine the entire list here.

All that said, lobbying for U.S. corporations is one thing. Lobbying for a barbaric monarchy with “classified” ties to the 9/11 attacks is quite another. Yet that’s exactly what the Podesta Group does. Once again, the Founder and Chairman of the firm, Tony Podesta, is the brother of Hillary Clinton’s Campaign Chair, John Podesta.