Part of the problem, part of the solution: The Federal Reserve system has: 7 members of the Board of Governors (aka Federal Reserve Board) 12 Regional Federal Reserve Banks Facts: The members of the Federal Reserve Board hold positions for many years Ben Bernanke - 2006 to 2020 The Federal Reserve System is not audited. The 12 banks are audited, but the entire system isnt. Monetary policy doesnt have to be approved by the President or anyone in the executive or the legislative branches. Pasted from Wikipedia: It is also unusual in that an entity outside of the central bank, namely the United States Department of the Treasury, creates the currency used.[16] According to the Board of Governors, the Federal Reserve System is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.[17] End of Wikipedia paste- Possible solutions: 1. Quarterly / annual Audit of the Federal Reserve System 2. Require that the chairman has to go through a new approval process every 4 years. 3. Require some type of Congressional approval process concerning monetary policy. It seems like the current system is arranged in a way that allows for private interests to oversee vital sections of the the financial interests of the United States of America and its citizens. It seems as if the Federal Reserve System has been established in a way that removes it from having to follow the standard practices of both government and private industry. Its not completely abstract to think of the FRS as a separate form of government thats both detached from the Governing force of the United States of America, and, in opposition to the interests of the Citizens of the Unites States. It may be said that the FRS is in opposition to the Government of the United States, but not necessarily in opposition to the politicians. The politicians interest are different than the stated purpose of the United States Government, therefore, it is possible for the politicians to have the same interests as the FRS and be in conflict of interest with the stated purpose of our Government. The politicians set up the FRS even though it is in opposition to the interests of the people. Our Government, based on its intended purpose, would never do something that is detrimental to the citizens of this Country, therefore, the politicians and the FRS must be replaced with individuals and a system that fits the mandate of our Government... Protection of the people. Change the elected people, change the system.
Posted on: Fri, 18 Oct 2013 00:58:44 +0000
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