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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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