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Danger Lampost

Futurist & Technology Consultant,

TEDCRED 10+

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Should the Federal Reserve System be under the control of our elected officials?

According to the United States Federal Reserve System's 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." [Source: http://www.federalreserve.gov/faqs/about_14986.htm]

Poll after poll says significant majorities of Americans want to either abolish or open up the U.S. Federal Reserve to public review. [One example: http://www.bloomberg.com/news/2010-12-09/more-than-half-of-americans-want-fed-reined-in-or-abolished.html.] Since their policy has such a significant impact on all of us (even world wide) , and since the power to control our currency explicitly rests with the Federal Government, you would think Congress could change this if it were not tied up in knots such as it is.

Would anyone - could anyone - argue against putting the Fed under control of our elected officials?

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    Apr 10 2013: If we are going to have a world wide currency I say lets give Bit coin a try.

    Why? because the money is not centralized

    It cannot be counterfeited

    It cannot be controlled by a single entity because all Bit coins have a history showing all transactions

    It cannot be inflated

    Cannot be worse than the FED?

    Money by definition requires confidence. As Bit coin gains confidence world wide it will usurp the FED
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      Apr 10 2013: And for your sage guidance 100 satoshis. Bob.
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      Apr 10 2013: Thanks for that reference to Bitcoin - quite fascinating. I am constantly surprised at how many really big things in the field of computer science (my supposed specialty for the last 36 years) I have never heard of before.
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        Apr 10 2013: Yea I'm hoping this idea has legs cuz it could really usurp Benny and his cronies.
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        Apr 14 2013: My bet is that the FED & it's cronies will get there first by tagging us all. That would give them the freedom to have their wicked way.

        http://www.nydailynews.com/news/national/human-barcode-society-organized-invades-privacy-civil-liberties-article-1.1088129

        Revelation 13:16-17 (NIV)
        It also forced all people, great and small, rich and poor, free and slave, to receive a mark on their right hands or on their foreheads, [17] so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name.

        Revelation 16:2 (NIV)
        The first angel went and poured out his bowl on the land, and ugly, festering sores broke out on the people who had the mark of the beast and worshiped its image.

        In 2007, it was revealed that nearly identical implants had caused cancer in hundreds of laboratory animals.[1] a revelation that had a devastating impact on the company's stock price.
        http://en.wikipedia.org/wiki/Microchip_implant_(human)

        Maybe not such a good idea after all.

        :-)
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          Apr 14 2013: And if they don't get the code implanted, they will simply monitor the RFID tags that are already in so many people's underwear.

          Did I say "will"? They are monitoring us through RFID tags. You buy your underwear, your credit card gets associated with your underwear RFID tag, and now you are potentially trackable by the government.
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      Apr 10 2013: Tell me if I'm being old fashioned, but it seems Bitcoins relies on there being a functional world wide Intranet in order to operate. It gets me thinking, do we really need any form of currency? Would you consider it a good social evolution to get to the point where currency itself is no longer needed?
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        Apr 10 2013: Your the computer guy, what would happen if the internet was shut down? Could flash drives be passed around? My understanding is they can shut down one country from the other, is this true? would inside the country still work?

        We have to have some sort of money.
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          Apr 10 2013: The computer scientist in me answers your questions:

          The Internet as a whole can not be shut down (absent a global catastrophe) because it is distributed. Flash drives could well be passed around - but that is exactly the purpose of the physical Bitcurrency coins that are being produced. However, those ultimately rely on a functioning Internet. If you look at a map of Internet connectivity, it is something like looking at a map of neuron connectivity in the brain. There are a few key "cut points" where you can significantly isolate parts of the Internet - parts of the backbone of the Internet. To continue the neuro analogy, like you might cut the corpus colosum in the human brain as a last ditch effort to help with severe epilepsy. Some countries have implemented xenophobic firewalls which are effective against the masses but not against the knowledgeable or willing few, and key lines could be cut, cutting off millions. And countries that isolate themselves could hack the open source software and present the illusion that the currency is not being hacked even when it is - but that could in theory be ultimately exposed. And then what?
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        Apr 10 2013: This explains some of it

        http://www.wimp.com/internetworks/
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    Apr 10 2013: Our current government cannot deal with the federal reserve until we have dealt with our government. The way things stand now, it would be inviting the fox into the henhouse. Once we get the government under our control, then and only then can we address issues with the federal reserve. As Lawrence Lessig pointed out so eloquently, the moneyed interests are in control and anything they did with the FR, at this point, would not be to the benefit of the American people, just the corporations.
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      Apr 10 2013: I agree 100%. Something I wish I was more clear about in my question, is: Assuming we get the government under control, then - would it make sense to put the Federal Reserve under control of our elected officials? What do you think?
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    Apr 9 2013: @ Ryan Blough RE: "Query: If the singular world government. . . " I fear I masked my sarcasm ("we can all live live peaceful, obedient lives under one world government.") too well. You have Aldous Huxley, George Orwell and Ayn Rand all spinning in their graves. Why gads man, every cemetery in the free world is trembling from all the spinning going on! 7-billion very diverse people living harmoniousl;y and free under one rule? I M P O S S I B L E. Freedom is inversely proportional to the size of government. Individual freedom is an impediment to One World. "They" need to make an end-run around national sovereignty and individual freedom in order to establish their "singular world government", as you call it. That is too high a price for a free man to pay. Power corrupts. Absolute power corrupts absolutely.
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    Apr 9 2013: It would be a match made in Hell. The FR has five objectives; 1) Control competition in banking. 2) Establish and maintain a franchise (from Congress) to create paper money out of nothing for purposes of lending at interest. 3) Control cash reserves of all banks as a way to create currency drains and bank runs to be used to eliminate undesirable competetiors (the definition of a cartel). 4) Get taxpayers to cover the inevitable, massive, losses. 5) Convince Congress that the Cartel (FR) exists for the public good. The FR is a cartel opposed to the public interest. It is the supreme instrument of usury. It generates the most unfair tax of all, inflation. It encourages war and destabilizes economies. It is an instrument of Socialism. My answer is NO! The FR should be disenfranchised and abandoned with prejudice. Read The Creature From Jekyll Island, by Ed Griffin.
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      Apr 9 2013: Thanks for your reply - I do agree with what you've said. It's interesting to compare your 5 objectives with the so-called "dual mandate" of the Federal Reserve, though one of the duties - to minimize unemployment - may be eliminated soon in Congress, although we'll see.

      Would you propose that we have a central bank at all, and if so, would it be a public private or public institution? Is it the concept of a central bank you have issue with, or with our particular implementation of it?
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        Apr 9 2013: No Central Bank! Never! Listen to the words of Pres. Carter's top economic bureaucrat: QUOTE: "I suggest a radical alternative scheme for the next century: the creation of a common currencyfor all the industrial democracies, with a common monetary policy and a joint Bank of Issue to determine that monetary policy. . . ". - Richard N. Cooper,Fall 1984. This is all part of the same plan which drives the Council On Foreign Relations (CFR). It is a plan to make an end run around national sovereignty, eroding it completely so we can all live live peaceful, obedient lives under one world government.
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          Apr 9 2013: Query: if the singular world government successfully achieves the proper aims of government, what is the problem with such a development?

          Even if it does not, what is it about a singular world government that is inherently more hostile to the collective welfare? I see no reason not to extrapolate the problems within each country to the global scale. Foreign countries have not historically played a role in protecting domestic freedoms on any ideological basis.
  • Apr 10 2013: Elected officials don't understand economics. I'd argue first for abolishing the Fed, but before that happens, an audit. to discover what has happened. Of course, the problem, is the current DOJ will not prosecute. After the audit, then I would prefer to see it abandoned. This is the year we need to see it happen. The charter is ending.
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    Apr 10 2013: First, fix the government and then fix the fed while maybe bit-coin could serve as leverage.
    Allan Savory did a remarkable talk about organizational success (an oxymoron). To my way of thinking, the head(s) of the federal reserve should also be elected by the people, further removing it from the privatization in which it is now. I know it sounds contradictory to mention the inability of organizations to carry out complex plans and to also mention adding more elective office in the same paragraph. But we'll never get anywhere without a sweeping change.
    Once those things are fixed, then maybe we can enact laws that force corporate heads to act morally instead of rapaciously.
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    Apr 10 2013: The absolute worst manager in the world is the federal government. Of all of the products in the world a great amount of money is spent on women and alchohol. The US took over a defaulted loan on a "whore House " in Nevada with a "thriving" business. In 6 months it when into bankruptcy. Even with a product that was in "demand" the feds screwed it up.

    The fed is very political ... elected officials are feather bedders that are, as Pat states, interested in election and re-election.

    Congress is tied up in knots because of parties and party influences with little consideration of what is either needed or wanted ... that is why people like George Seros own US Presidents ... and influence policy.

    Only Congress could do a worse job of managing our finances than the fed who is doing a horrable job.

    Bob.
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    Apr 10 2013: I agree. If we did somehow solve The problem with money in our government, do you think we should have a central bank under control of elected officials, or are you on the side of no central bank?
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    Apr 9 2013: I don't know if VPOTUS is a TEDster and is following your question Danger, but here is what he told bankers last Friday at the Export-Import Banker's Conference in D.C.: "We must create a “new world order” with new financial institutions, updated global rules, a level playing field, and a prosperous China. . . the affirmative task we have now is to create a new world order.”
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      Apr 9 2013: George H Bush spewed that crap too with the thousand points of light.

      I guess that goes to show you that the rumors of Benny stating that his fix to the current debt problem is to create a new world currency are true. At which point I guess he will say you can no longer own gold and we will give a buck fiddy of the new for 5 of the old. If you don't we are going to shoot you with a drone.

      I mean when your think about the income tax along with tax they call social security even the average joe pays at least a million dollars in taxes in his life on top of that the state rakes 7.75% off the top of every transaction except food. That is 15.4 % for SS and what a minimum of 15% for the POTUS = 30.4 percent and then in my area 7.75 off the top for what is left = 38.15% State income tax of what 5% = 43.15% then before you pay property tax of what 1% minimum depending on the state and gas tax at .36 a gallon etc etc etc

      Then the kicker inflation runs at 10% a year? if you include things like housing and fuel But with Benny printing so much money inflation is going to kick in sooner or later to the tune of a lot more than 10%

      Point is we are slaves as it is let alone if they create a world currency. And now you know the rest of the story and why Vladimir and Boris hit the Vodka so hard.
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    Apr 9 2013: Gotta go with Fast Eddy on this.

    Before 1913 we had roads public utilities financed wars and ZERO inflation all with out income tax.
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      Apr 9 2013: If "The FR is a cartel opposed to the public interest", and since Fast Eddy does not think the Fed should be put under control of elected officials, may I presume then that you are implying that we should abolish the Federal Reserve?

      If that's the case, would you propose that we have no central bank, or just continue our federal reserve such as it is, perhaps with minor changes?
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        Apr 9 2013: No I'm not implying anything.

        Before we had the FED we had some ups and downs but since we have had inflation and the robbing of wealth from the citizens and were largely responsible for the great depression. Short answer is that they have lowered the quality of life for the U.S. citizens. All under the guise of stability.
  • Apr 9 2013: I think the ability to create inflation is the key - it compels people to invest in the stock market for fear their savings will lose value. The US has experienced two major crashes since the founding of the Federal Reserve. If you want to discuss what to do about it in a wiki setting (call it a people's congress), click on over to Wikipothesis.com and click on the Jump Nation link.