The Treasury Borrowing Advisory Committee (TBAC) consults with the US Treasury and advises them on the strength of the US economy (I thought the Fed is charged with that task) and provides recommendations on debt management issues.
Here is the statement from the Treasury's website:
|The Treasury Borrowing Advisory Committee ("Borrowing Committee”) of The Securities Industry and Financial Markets Association (SIFMA) is an advisory committee governed by federal statute that meets quarterly with the Treasury Department. The Borrowing Committee’s membership is comprised of senior representatives from investment funds and banks. The Borrowing Committee presents their observations to the Treasury Department on the overall strength of the U.S. economy as well as providing recommendations on a variety of technical debt management issues. The Securities Industry and Financial Markets Association does not participate in the deliberations of the Borrowing Committee.|
So who are these people who are not accountable to Congress, to the President, to taxpayers, to no one but themselves? They are Wall Street money managers, traders and hedge fund operators.
They are people like, Paul Tudor Jones of Tudor Investment Management, a billionaire hedge fund trader. Or Richard Axilrod of Moore Capital Management, another commodity speculator. Then there's Stephen Rododsky, Managing Director of Pimco, whose boss, Bill Gross, SHORTED US TREASURIES even as his employee, Mr. Rodosky SITS ON THIS VERY BOARD ADVISING THE US TREASURY HOW TO OPERATE IN THE BOND MARKET!
Then there is this "genius" statement from the "genius" chairman of this committee, Matthew E. Zames:
This "genius" doesn't even understand how rates are set, the role of the Fed, risk (or lack thereof) to fiat currency issuers when it comes to their own debt/spending.
Are you kidding????????
This is beyond outrageous. This is a total hijacking of the American economy by a bunch of speculators and market operators that have no interest in the average American whatsoever. This is a sham! The public needs to know about this! Please distribute to as many people as possible!