The federal reserve ... friend or foe.
Congress established three key objectives for monetary policy in the Federal Reserve Act: Maximum employment, stable prices, and moderate long-term interest rates.
During the confirmation hearing of Janet Yellen I did not hear these areas addressed.
The fed is by Congressional Act but is Independent in all actions and decisions. Even though money is printed by the Treasury it is controlled and regulated by the Fed.
Following the hearings and noting the depressions, recessions, unemployment at 23% and growing, and rates unstable, national debit at 17 trillion, that have occurred since the Fed was established in 1913 .... I am concerned if the fed is a friend or a foe.
The fed is a extreme backer of the to big to fail philosophy and questionably spend billions of US dollars when in fact the charter states it is not funded by the US government.
The more I read the more questions I have .... this is a very complex issue. It would appear that the fed has more power and influence in the US than either the President or Congress.
Prior to Yellen's appointment should Congress take another look at the purpose and goals of the Fed and recall the feds powers to be under Congressional control. A choice of the lessor of two evils.
Is the fed a loose cannon or a friend in need.