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At Jackson Hole, a growing fear for Fed independence

(Reuters) - Increasing political encroachment on the Federal Reserve, particularly from the Republican Party, could threaten the central bank's hard-won independence and undermine confidence in the nearly 100-year old institution.

http://www.reuters.com/article/2012/09/02/us-usa-fed-politic...



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I feel like I'm the only one who sees Ben's hypocrisy.

Remember when he hired lobbyists to get his job back in 2010? He was politicizing his job. Bernanke says the Fed has independency, but his job must be political if he is going to hire someone, or people, to shmooze with politicians to get his job back. I often wonder if anyone at the Fed, or any of its owners, make any sort of dividend from their operations.

Join the social network that pays you https://www.tsu.co/tylercox

The creature is wounded...go in for the kill!

"I am ready with the screws to draw every tooth and then the stumps." -- Andrew Jackson

Fed Confidence Racket Whithers w/ Independance

Will the Fed end itself as it own confidence whithers? Is their independence all by itself their ultimate demise?

Reader's Comments (reader's digest condensed version)
Confidence in the Fed evaporated four years back after its failure to recognize the multitude of warning signs leading up to the great recession. Bernanke was asleep at his post. And then there’s the LIBOR scandal and the the former head of the NY Fed, now Obama’s Treasury Secretary, Tim Geithner.
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The “Federal” Reserve is an atrocity and should be folded into the Treasury Department as soon as possible.
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The Fed is a fungus feeding on our economy. ...their games of smoke and mirrors being played in the dark.
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The Fed is a sham. It’s run by the big banks for the big banks. This institution needs to go today, no audits just get rid of it. This is the home from which Banksters are spawned. Do the research.... Ron Paul has echoed this sentiment for years.

From the 1910 “duck hunt” on Jekyll Island to Jackson Hole, Wyoming... The rich man's club decides much more than our founding fathers might have planned.
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The irony with Fed-loving liberals is their simple lack of understanding of the Fed. Most don’t understand the Fed is independent, that no member of Congress can attend a meeting, and that it’s made up of member banks – that’s right *private banks*. In 1907, JP Morgan stepped in, ‘saved the banking system’ [extended the USA line of credit] according to historians, and then pushed for the creation of what became the Federal Reserve.

The Fed benefits large banks more than anyone / thing else. IT IS FOR LARGE BANKS TO SURVIVE. ... read the history of the Fed. How it was formed, why, and the role it plays. Do so for your own education.
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The GAO audit of the Fed revealed that some $16 trillion had been secretly given out between Dec. 2007 and June 2010 to bailout many of the world’s banks, corporations and governments…of course this was at 0% interest and virtually none of it has been returned. This at a time when so many were and still are suffering from the deeds of those who sent the economy into a downward spiral which happen to be the ones getting bailed out. The waivers of conflict of interest to Fed employees at the time of all this bailout action is another subject in and of itself.

I think Bernie Sanders (I-VT.) summed it up pretty well when he said, “This is a clear case of socialism for the rich and rugged, you’re-on-own individualism for everyone else”.
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The fed was developed in secret by the monied interests in [Christmas break]1913 and rammed through congress while they were on vacation by a turncoat congressman who was in their pay… They must be audited and it would be good to turn them over to the Treasury department……[or jailers].
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[President] Nixon was also instrumental in getting us into this mess by removing the gold standard. That gave congress a blank check to spend as much unguaranteed money as they can.
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The Fed has done what for the country in those 100 years? It has only... helped the banks that created all of the problems over those many years. Nothing for the country as a whole.
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Confidence?? They destroyed it themselves when they took interest rates to negative levels, basically stealing the wealth of savers, retirees, the prudent, pension funds and handing the grab bag of free money over to banks. A continuing stealth tax on wealth (with the cowardly consent of congress) to bail out the banks the Fed should have been overseeing. Couple this with their backing of the repeal of Glass-Steagall by Greenspan and a definitely out of control Bernanke destroying what was left of the dollar and guess what? No confidence? No Jobs? ... You can bet the employees at the Fed are still getting fat raises, salaries, benefits and pensions and depositors are paying for it.
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Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

dribble

I read the whole thing. I just lost 10 iq points.

The Federal Government Created the Federal Reserve

Using the classical and Austrian definition of a monopoly as an artificially privileged firm, the Federal Reserve is a government-enforced banking cartel. The Fed derives its authority to commit legalized counterfeiting - what else can fractional-reserve banking and printing money possibly be called? - from the federal government. Fed officials are appointed by the U.S. president and approved by the Senate. For crying out loud, the Fed was created by fiat in 1913!

These are not the characteristics of an "independent" institution, but a guilty dog barks the loudest. The Fed carefully markets itself as an organization of technocrats above the political fray in order to exempt itself from accountability, but it is entirely dependent on the federal government for its power. If the Fed is so independent from the federal government, perhaps it should stop monetizing its deficits and artificially expanding credit to inflate bubbles.

For anyone still under the sadly widespread delusion that the Fed is independent, I strenuously recommend "The Creature From Jekyll Island," and of course "End the Fed."

"Yesterday we obeyed kings and bent our necks before emperors, but today we kneel only to truth." - Kahlil Gibran

oops

removing a double, really it might be easier if we began to list things not owned by the.....

Aaron Russo, Nikola Tesla, Ron Paul, I'm jus' sayin'

Reuters and the Federal Reserve

are both Rothschild 100% as well as the AP, hardly good sources of info about each other.

Aaron Russo, Nikola Tesla, Ron Paul, I'm jus' sayin'

More MSM b.s.

There's little in Reuters or any of the mainstream media worth reading. This article proves it.

The same people who own the Fed own both major political parties.

Independence ? What a laugh.

What is a mine?

“A mine is a hole in the ground with a liar at the top.”

Ain't any proof I ever uttered or penned such a true statement. Others saying such things were Bill Nye and Eli Perkins, both 19th Century American humorists and contemporaries.

"A mine is a hole in the ground owned by a liar."
Attributed to Mark Twain in The Autobiography of John Hays Hammond (Farrar & Rinehart, 1935), p. 97. Although Hammond knew Twain personally, there is no other authentic record that Mark Twain made this statement.

Writing that a political party might, "threaten the central bank's hard-won independence and undermine confidence in the nearly 100-year old institution." defiles history. Nary a whisper of truth in it. The Fed neither.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Biased from Word One

Saw that article in the NYT and immediately cringed.

Actually, this article made

Actually, this article made it very clear the oligarchs are worried.

Thankfully I speed read so

Thankfully I speed read
so wasted very little of my life glancing over it

What a Crock this is...

I think the FED has done an fine job of eroding confidence all by it's lonesome!

If my need to be RIGHT is greater than my desire for TRUTH, then I will not recognize it when it arrives ~ Libertybelle

Jackson Hole is the GOP Coven

The GOP power brokers use Jackson Hole as their retreat. It is a coven.

The Liberty movement is Van Helsing arriving with garlic, crosses, stakes and holy water.

BTW - The Dems prefer Aspen in case we have any vampire slaying ammunition left over. It's a long day drive south of Jackson Hole.

"One resists the invasion of armies; one does not resist the invasion of ideas" Victor Hugo

I certainly hope so...

...

RIP

The Federal Reserve

1913 ~ 2013

Yes

Rot
In the
Pit

" In Thee O Lord do I put my trust " ~ Psalm 31:1~