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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: 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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