The St Louis branch of the Federal Reserve Bank offers – FRED2 – which is an excellent repository of US statistics as well as a nifty graphical analysis tool. I use it regularly and even though it is just a collection of data available elsewhere it is very convenient. The same organisation also publishes what it calls its – PAGE ONE Economics Newsletter – (the so-called “back story on front page economics”) which is designed to be used by students as a means of educating them in economics. Any reasonable assessment of the material presented in these newsletter is that they are unadulterated nonsense. The most recent edition (published January 13, 2012) – “Choices Are Everywhere: Why Can’t We Just Have It All? – exemplifies how these major institutions choose to mislead those they seek to elucidate.
This jewel of indoctrination claims to be “(a)n informative and accessible economic essay with a classroom application”. In reality, it is a mish-mash of mainstream textbook notions that have very little if any application to the task of understanding how the system really works. In fact, it is really an ideological treatise, seeking to perpetuate the errant framework that mainstream undergraduate students are bombarded with daily by professors who are to set in their ways to see the folly of their enterprise.Bill Mitchell — billy blog
Lies and deception – a central banker’s view of the world
Bill Mitchell
2 comments:
So relax while I sharpen the knife
Bill Mitchell
He flays them good this time, but then he always does.
The federal reserve was made and passed in congress by deception. If it started out with lies , why would the central bank stop lying now? This bank is supposedly a private corp. chartered by the government. However the real power is concentrated in the national board of directors and chairman. The member banks cannot sell their stock certificates, (they own nothing),and regardless of how many stock certificates they own all banks have one vote. The chairman and vice chairman of each member bank is appointed by the national board, and the national board can override any regional bank official appointed by the regional bank chairman or vice chairman. The so called member banks cannot vote for their national board. The national chairman and board members are all appointed by the president, the perfect cartel agreement. The federal reserve system is not federal, has no reserves and is not a system. This quasi system robs and steals the labor from the american middle class thru the black hand IRS or inflation tax of ursury. None of this scum is the defender of the common man, nor of the constitution. The member bank presidents are puppets and have no real power to decide policy and can be vetoed and overriden by national board chairman even on their interest rate controls. The only thing the member banks are authorized to do is to play golf. The federal reserve bank is not gubbament nor private corp. It is a hybrid of both, to enrich the bankers and gubbament chronies who play ball with the bankers, and the american people are the losers.Abolish this scam and put an asset back currency in place. Srap the fed.
Post a Comment