Sunday, November 13, 2011

Bill Black: What I'd Demand of the Fed


Shaun Hingston said...

These suggestions are good but inadequate. All Bill is asking for the FED to have the same powers as the 1960s. So how exactly does it prevent the process that creates the mess we are currently in?? IT DOESN'T.

Reverting all of the injustices of the last few decades doesn't guarantee anything, if anything it guarantees it our current situation will repeat itself in the future. Why advocate for such an inadequate solution??

The is only one sustainable solution, subject the FED to popular vote. All members of the board should be subject to popular vote, and the interest rate should be a popular average.

These 'solutions' are part of the problem.

Tom Hickey said...

I agree, Shaun, that any fix is going to be inadequate. We need a complete overhaul and the preferred MMT solution is to formally consolidate the Fed and Treasury under the Treasury Dept.

I would end the public private partnership, also, since it is confusing, on the one hand, and also creates conflict of interest and ethical issues, not to mention being anti-democratic.

I agree that the people should have ultimate control over the money creation function through the political process, just like they do other important functions like the military.