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Danger Lampost

Futurist & Technology Consultant,

TEDCRED 20+

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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: 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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