By Vytautas Vileniskis
The Federal Reserve Bank has controlled our economy since its creation 100 years ago. It has encouraged investment bubbles with large expansion of credit and cash. It has caused financial bust and ruin by suddenly limited credit and essaying the cash supply.
The Federal Reserve Bank is a corporation with a board consisting of representatives of large international investment banks. Even though the president has an apparent say as to who will be head of the Federal Reserve Board the policies are decided by the bankers. The Fed is not a branch of the government as much as Federal Express is not as well. Heads of the Federal Reserve Board included Paul Volcker, Alan Greenspan, Ben Bernanke and Janet Yellen.
The fact that so much of our economy is affected by the board’s decisions and involves public trust suggests an examination and oversight of their banking would be in order. The Fed operates in secrecy. Its loans are guaranteed by our tax funds. When we see prices go up dramatically, the Federal Reserve is the cause. The large profits flow to the banks. Since all of us are affected, exposure and control by the taxpayer would seem just.
Any bank in the United States is subject to audit and examination to prevent fraud, embezzlement and other crimes affecting depositors. The same standard of accountability needs to be applied to the Fed for the same reasons. If people were angels, we wouldn’t need government oversight, but they are not. Neither is the Fed. Write you representative and ask them to audit the Federal Reserve Bank.
Vytautas Vileniskis
Fresh Meadows
