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« Michael Winship: That’s No Angry Mob, It’s a Movement | Main | A Living Wage in an Ailing Economy? »

Do You Trust the Federal Reserve?

(Photo by Robin Holland)

This week on the JOURNAL, Bill Moyers spoke with journalist William Greider about the state of the economy and his thoughts on the Obama administration's plans for recovery... Greider said:

"I think it’s pretty well understood in Washington that the administration and the treasury secretary would like to give this to the Federal Reserve. The Federal Reserve, as many people know, is a sort of unique cloistered institution of government that is insulated from political accountability and usually quite secretive. My accusation is that it tipped its favor hard in favor of capitalism and against labor over the last 25 to 30 years, and become a kind of cheerleader under Alan Greenspan for all the excesses and so-called modernization that are now in ruin. Just as a matter of logic, why would we want to give more power to a governing institution that was already supposed to defend the ‘safety and soundness of the system?’... The Federal Reserve, because it is so close to the major banks, did what it could to help those financial institutions and, bluntly, betrayed its public obligation."

What do you think? Do you trust the Federal Reserve to manage the economy in the public interest? Why or why not?


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The Federal Reserve must be abolished by repealing the Legislation that brought it into existence. To amend an age old saying, "the root of all evil" is bad money. The Federal Reserve is all about bad money.

Nice show. What issues I had with the soft-pedaling of certain points has already been well addressed in the comments. However, the problem I have will all the proposed solutions is that they all involve getting someone else to do something.

It just won't happen. The only thing that will work is to exchange the soon-to-be-worthless Federal Reserve Notes for money sanctioned by the Constitution, gold and silver coin.

This metal then becomes your personal property and then the issue becomes one of whether or not the government will support your right to hold or dispose of your property as suits your needs.

If the government will not support this right, then it is not a Constitutional government and you have no fundamental obligation to comply with its demands. There might be operational reasons to do so, claims on your body, but none on your soul.

Were many people to follow this suggestion, there might be hope for America. But even if very few do so, at least they are saving themselves and their families.

Some have suggested that public protest is an answer. Protest about what? The disposition of the private paper of the Federal Reserve, a private institution. You have no more right to do this than to interfere with any other private institution.

Maybe you feel some right to address your concerns to your elected officials but no, they were bought and paid for long ago with the same private money.

I actually feel sorry for the police (a little bit) when they are having to deal with crowds of people intent on aggravating them, the visible symbols of the elite power and yet themselves poor and under the same pressures as all of us.

When I do not feel sorry for the police is when they, with violence, enter a private residence. The infamous no-knock entry.

It is interesting that no-knock entry is usually performed to capture contraband. Were this to happen in the case of a Constitutionally enumerated substance such as gold or silver, then perhaps the police would be outlaws themselves and only force would be the determining factor.

Hopefully things will never reach this point.

During and interview with CBS,

CBS's Kroft asked Soros: And you watched lots of people get shipped off to the death camps.

Soros replied: Right. I was 14 years old. And I would say that that's when my character was made.

Soros told Kroft that he felt no guilt whatsoever. In fact, according to the introduction to his father's book, which Soros himself wrote, "these were the happiest days of his life." Soros had added: "It is a sacrilegious thing to say, but these ten months [of the Nazi occupation] were the happiest times of my life.... We led an adventurous life and we had fun together."

MAGNANIMOUS, isn't it....

Bruce Selleg,

I guess once you've collected GOLD TEETH and prospered, the term "Down the Rabbit" Hole becomes irrelevant.....

Along with all his followers and defenders!

Bruce Selleg,

Wells, he broke the Bank of England at the expense of the British Citizens using INSIDER INFORMATION and collusion.....

And many other humanitarian things he's known for doing. Can you name some?

Yeah, now that's thinking about humanity and caring about society as he professes...

He's a self-proclaimed Fascist. Is that why you like him.?

Hey Texas,


texaslifter,


"(George Soros) attempted to break the Bank of England..."

Read some history, Soros borrowed a pile of money and took a PUBLIC stand against the policies of the British government. He won the bet, and it paid him $1 Billion, 1/30th what he borrowed. He capitalized on a "free market", there's nothing wrong with betting on a winning horse.

If you'd had the presence of mind to bet against the American brokerages that stacked the deck against what used to be fiduciary based banking industry, you'd have made out even better than Soros did.

Grow a brain!

texaslifter,

Also, look in the direction of George Soros.....

You know, that magnanimous Hedge Fund Manager that attempted to break the Bank of England, among other glorious acts of humanity, and the biggest Financial Support behind Obama's Campaign, DailyKoz, MediaMatters, and other great media, corporate, and Financial organizations.

Oh yeah, and the one pushing Green Technology as the next Global Economic boom because of that Great Civilization and Humanitarian Threat of Anthropogenic Global Warming.

AD50S and Jan are correct..... A Federal Reserve in the hands of the Rothschild family (or any other elite, private group) is a danger to the United States.

Looking back, The Federal Reserve appears to be the U.S. Government's first failed attempt at privatization.

FYI

"When business in the United States underwent a mild contraction in 1927, the Federal Reserve created more paper reserves in the hope of forestalling any possible bank reserve shortage. More disastrous, however, was the Federal Reserve's attempt to assist Great Britain who had been losing gold to us because the Bank of England refused to allow interest rates to rise when market forces dictated (it was politically unpalatable). The reasoning of the authorities involved was as follows: if the Federal Reserve pumped excessive paper reserves into American banks, interest rates in the United States would fall to a level comparable with those in Great Britain; this would act to stop Britain's gold loss and avoid the political embarrassment of having to raise interest rates. The "Fed" succeeded; it stopped the gold loss, but it nearly destroyed the economies of the world, in the process. The excess credit which the Fed pumped into the economy spilled over into the stock market-triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking the boom. But it was too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence. As a result, the American economy collapsed. Great Britain fared even worse, and rather than absorb the full consequences of her previous folly, she abandoned the gold standard completely in 1931, tearing asunder what remained of the fabric of confidence and inducing a world-wide series of bank failures. The world economies plunged into the Great Depression of the 1930's".

Greenspan (1966)

I absolutely do not trust the Federal Reserve to manage our economy. They are 100% for the the Wall Street criminals in ever instance. We must do away with the Federal Reserve ASAP.

The BIRTH of the United States was to revolt against the centralized bank of England! We were successful against the international bankers for years after the revolution, especially from Andrew Jackson through Lincoln.

YOU NEED TO KNOW that the FED is a PRIVATE bank owned by private citizens and NOT a government institution. If you don't believe me then look up the FED in the GOVT section of your phone bank... you won't find it there. It is a large bank whose only interest is increasing its profits for its share holders just as other large private institutions. True there is a chairman that is appointed by the president but the other members of that board are NOT accountable to the government.

The main problem with the banking system is that it is based on a scam called Fractional Reserve Banking. For every $1 that the FED creates, $9 is created in the system as it trickles out in loans to other banks. The system of creating money is based on creating DEBT! When the FED wants more money in the system the FED buys Treasury Bonds from the US and converts that into currency. For every $1 in the system it is incurring debt to the FED bank that can only be paid back in other dollars made with debt! This never ending cycle is like an indentured servant that only increases his debt instead of paying it off. This is why we will always have a national debt.

Recessions and Booms are artificially created by the FED by manipulating and contracting the money supply, thus creating situations where banks will not make loans. They did this in 1929, 1933, 1937, and other various times where they contracted the money available per capita and made loans harder to come by in order to consolidate the money supply into their private coffers.

The Solution?

1. We need a fiat non-debt based money supply(non gold standard). If the US can print a $1 bond then we can print a $1 bill with the same faith and goodwill behind the bill as the bond.

2. We need to raise the amount that banks have on reserve from 10% to 100% in proportion to the amount of this new currency being added to the economy.

3. Make the new non-debt based currency good for paying taxes.

4. We need to discourage the creation of banking institutions and instead encourage community institutions such as credit unions. We need to refuse to be a part of the World Bank and IMF.

5. Obama needs to hire me to fix this economy! :)

This isn't a conservative or liberal issue... this is a SCAM that we should all be outraged about!

let the revolution begin...start with the Fed. i have said for years that blocs of people not paying taxes, ie civil disobedience would get real attention. Kooky idea? The times are changing and the middle class is over it. Maybe the time has come for the people to govern themselves. Surly we can't screw up anymore than Washington does. After all, we the people for the people. Demand term limits, demand plain human dignity. Ultimetly we are the Fed.

Don't worry about the Fed's,

I understand that the International Monetary Fund (IMF) soon will oversee and regulate activities of the U.S. Treasury, SEC, and Federal Reserve.

The World's Money Changers will be FULLY backed by all Governments with this action.

GOOD JOB to all those that VOTED for:
"CHAINS WE CAN BELIEVE IN".

You've stuck your foot in it now, and since you've included the rest of us in it, truly we're all in this together, THANKS.

Unbelievable MESS were in now.......

William Greider (and Bill, thanks for informing us about anewwayforward protests on April 11 @ 2pm. Ed Crump is organizing a march and rally in Hickory, NC. Good country people are angry and concerned but not ready to confront militarized police in the shadow of Wells Fargo (former Wachovia) and Bank of Ameica towers. We prefer the picturesque Union Square in Hickory where the local authorities welcome our concerns. It is, after all, Main Street. Ed and I welcome all bailout opponents ready to redress grievances in an orderly and peaceful manner. This would be a good chance for Charlotteans to take a drive in the country, up 321, and come and see us.

bill--you hv a lot of good people on your shows, exposing or commenting on many corporate and government scandals, but you really do need to get somebody on who can talk about how we might shut off the tax spigot that funds the government.

tax revolt--depriving DC of the money to pay for (with unending deficits to boot!) these overseas adventures and home-grown boondoggles--is the only way we'll actually make any progress in true "reform."

talk all you want about reform with whatever experts--shutting down the flow of tax dollars is the only way reform will arise.

all other talk is simply an exercise in traditional liberal hand-wringing.

No,
What this crisis has done for me is confirm my suspicions that the entire financial system is set up and run by the wealthy for the wealthy. They tell us to do ABC and trust the system but have a second game going on we are not players in but our invested money is used in. When the game fails here we are suffering when we were not even playing.
We have no choice in this two party system in who runs the economy. The best we can do is take our money out of Wall street.


Link for the "executive order 11110
"http://www.lib.umich.edu/govdocs/jfkeo/eo/11110.htm

No.

The only people who trust the Federal Reserve are either ignorant or are the ones running the scams.

America: From Freedom to Fascism

http://video.google.com/videoplay?docid=-1656880303867390173

Most economists do not know the difference between a static system and a dynamic system…
In a static economic system; there is a two dimension pie that never changes. In a dynamic economic system you have a four dimension pie that is always changing.
When the economy goes from a four dimension system to a two dimension system; it fails. The only way to revive the economy is to expand its volume and get it moving again. This may take an act of congress but it is well worth the effort. The chaos of a failed economy is not a pretty sight.

One thing you've got to give them, ehmoran, is how loyal they are to their own "mission" - and how they follow their own protocols to a "t" (for Treasury). The Man, Marsden, who translated the protocols from the Russian to English, got physically sick over time from how revolting Marsden felt these "principles" were...a couple of cut and pastes from their protocols below - before you kill the messenger, I am not the one who used the word "goyim"...

36. How clear is the undeveloped power of thought of the purely brute brains of the GOYIM, as expressed in the fact that they have been borrowing from us with payment of interest without ever thinking that all the same these very moneys plus an addition for payment of interest must be got by them from their own State pockets in order to settle up with us. What could have been simpler than to take the money they wanted from their own people?

37. But it is a proof of the genius of our chosen mind that we have contrived to present the matter of loans to them in such a light that they have even seen in them an advantage for themselves

Do you trust the Federal Reserve to manage the economy in the public interest?
Why or why not? No, I do not trust the Federal Reserve Board nor anyone else!
Why?
There was, knowledge, recklessness and intent by the Federal Reserve to
turn blind eye to the corruption that was going on and did not enforced the statute,
regulations that the banks were required to comply with. There are already 50 banks
in bankruptcy and climbing! That was not a coincident. Management requires duties,
responsibilities and accountabilities.
Turning “blind eye“ - Negligent is no excuse!
The former administration, regulators and the Justice department fail to do their
duties, responsibilities and accountabilities to stop the rampage corruption that
was going on. The FDIC now provides the cover-up. “But we do have a plan.
We're working on it.” Asked if it's tax money the Fed is spending, Bernanke said,
"It's not tax money. The banks have accounts with the Fed, much the same way that
you have an account in a commercial bank.”
Yes, the plan - The FDIC actions are now foreclosure on the Banks - confiscation.”
These are “the accounts BANK have with FED!”
The creditors such as the ones in LBHI, Washington Mutual (WAMU) and etc. have
no recourse in recovery! We have been reminded that “the bonuses were needed
to hire the most qualified persons!” That is as close as possible to hiring a qualified
professional gun slinger to point a gun at our head!
Enforce Article V of the Constitution, AMEND the CONSTITUTION, empower
the citizen to express their “WILL ON ALL ISSUES!”

people, people,people.
go to the fed web site and read in pdf format their book, The Federal Reserve System: Purposes & Functions.

http://www.federalreserve.gov/publications/default.htm

Then come back and rewrite your statements.
We need to know the real problems, and how they got started in 1913 with the dems in power then also.
try googling Executive Order 11110. I still have one of the bills. JFK tried in june of '63 to take away the power of the fed, when did he die?
good luck to all

No, not for a second based on what they have done, e.g. under the most evil man ever Greenspan and his follow on, Benanke, a Wall street pawn.

Scott,

You didn't recognize excerpts of this discourse in the Federalists and Anti-Federalists Papers?

Scott Upton,

It's not a prayer, it's a discourse, and I bet you'll never figure out who said this, or when, and pertaining to what events????

If this is the case, then you have no understanding of this Country and the Constitution........

Just the propaganda feeds you what you NEED to know.

ehmoran below...I'm not sure why you posted the prayer below. But I totally reject the idea of "government is sacred, and not to be trifled with"... I agree with George Washington. Government is force...it is NOT reason...it is NOT eloquence...it is force. Like fire, it makes a dangerous servant and a terrifying master". The Federal Reserve is a GOVERNMENT organization. Those who say it is NOT...are wrong.

"Let us all learn to be free, and to be loyal. Let us not profess ourselves vassals to the lawless pleasure of any man on earth. But let us remember, at the same time, government is sacred, and not to be trifled with. It is our happiness to live under the government of a PRINCE who is satisfied with ruling according to law; as every other good prince will--We enjoy under his administration all the liberty that is proper and expedient for us. It becomes us, therefore, to be contented, and dutiful subjects. Let us prize our freedom; but not use our liberty for a cloak of maliciousness. There are men who strike at liberty under the term licentiousness. There are others who aim at popularity under the disguise of patriotism. Be aware of both. Extremes are dangerous. There is at present amongst us, perhaps, more danger of the latter, than of the former. For which reason I would exhort you to pay all due Regard to the government over us; to the KING and all in authority; and to lead a quiet and peaceable life.--And while I am speaking of loyalty to our earthly Prince, suffer me just to put you in mind to be loyal also to the supreme RULER of the universe, by whom kings reign, and princes decree justice. To which king eternal immortal, invisible, even to the ONLY WISE GOD, be all honor and praise, DOMINION and thanksgiving, through JESUS CHRIST our LORD. AMEN".

Anybody out there seen "Million Dollar Baby" with Clint Eastwood.

The Govt is like Maggy's mom when Maggie tells here mom about the house she bought for her and every other incident involving her mom....

To answer the specific question, no I do not trust the Fed. I believe this is taking the wrong approach to this problem, government oversight has failed to this point and it will fail again. I believe a better approach would be to focus on what caused the taxpayers to be on the hook for this mess. We should instead focus on preventing these companies from becoming "too big to fail." Geithner's plan amounts to a few "tweaks" to the machine that has led us to where we are now (and where we will ultimately end up again). This economic machine needs a MUCH larger overhaul and re-tooling than what Mr. Geithner is proposing. If shareholders (and tax payers) are going to be put on the line, a CEO's and executive's/board member's assets should be stricly liable to the shareholders. CEOs, executives, and board members have made the decisions and engineered the political maneuvering that have led us to this point, and they are not held personally responsible to anyone (shareholders or taxpayers). These companies are allowed to become "too big to fail" and exert undue/unchecked political influence and recklessly gamble with other people's money with no serious repercussions. There is no way a minor "tweaking" of the economic machine will actually solve the ills of our economy.

art bowman,

Obama is at the beckon call of the World's Money Changers like every other President and most of our Political Leaders.

Apparently, and recorded throughout history, if he doesn't follow their mantra, he's a dead MAN......

can anyone tell me how to contact the youth group that greider spoke of; maybe their name was 'new way forward'? i goggled their name with no success. maybe i had their name wrong. they sound like a group my ultra left 19 yr old son would be attracted to.

my general comment is that the President is in a no win situation. i agree that he seems committed to restoring the old order on wall street, but if he had started to do the things greider suggested, breaking up the big banks, etc., the market would have continued it's dramatic slide. he's damned if he does and damned if he don't.

Anna D,

Granted, but it takes thinking individuals like you to start the change.

Not sure if you know this, and it sounds like you've done quite some reading and thinking on these matters of Man and Society, but go to Ludwig von Mises Institute and John Hancock Institute
for International Finance Web Sites.

You'll find more relevant reading and learning material to fill your mind and life.

Always Stand Strong for your Principles and NEVER allow those against your freedom of moral thoughts and desires BEAT you down.....

How refreshing would it be to base paper money on "reality", ehmoran?

Man to land ratio for basic life maintenance.

Man = Labor
Land = PLANET resources (water, food, "energy")

The more you LABOR for the proper maintenance - sustainability of LIFE (especially human life where it takes 5 years or so for the human to acquire value-added skills) the more "credit" you get access to in the way of TIME and access to life-maintenance resources. Once you have TIME, you can evolve something sane in the way of PROFIT. Without shared profit, there can be no shared progress.

But all this is yaddayadda, the community banks should divorce themselves from the FED.

Anaa D.,

Are you going to base your new paper money on something to determine its value?

The USA Civil War remains the war that caused the largest amount of deaths because the total included both sides - North and South.

We are back to the moral issue of slave labor. No other civilized, non-overpopulated country in the world has a "working poor" class at this point in time except for USA.

"Community" Banks are the future. They need to divorce the psychotic FED and print their own symbols for life maintenance (paper money). It's the only sane and rational thing to do. Otherwise we are letting PAPER and theoretical metaphysics based on fuzzy math CREATE pollution, poverty and systemic elimination of normal minded humann beings.

And what better time to file for this divorce then when FED paper is no longer being distributed anyway?

No, and it's a foolish, insulting question for any adult to ask another conscious adult. I watched the Greider interview. It was better than most infantile Moyers economy interviews since they discussed the FED in some plain terms, but not enough. The FED is a criminal syndicate, from a human rights standpoint. Neither Moyers nor Greidner remotely said that. At best they reflected the liberalism that black S.Africans despised before Apartheid was overthrown; despised because the liberal continually pled for reform that never came, and no black African adult assumed would come. Moyers show is not a place for serious discussions of the FED, known by Woodrow Wilson from day one to be an elite criminalist society bent on enslaving lower classes, by war and debt. It has achieved that end beyond its wildest dreams. Any talk of reform rather than abolition is specious. Do not expect the economy to rebound without the risks and tragedy of abolishing the parasitic FED,and do expect Obama to show the courage and wisdom required for this work. If Greider's got one thing right, it's that Obama supports the FED regardless of its psychotic history.

Greider is so right-on, this has been brewing for years. No one is going to do anything (disturb comfort zones) about any problem until it comes home to roost. The (OWN)One World Nation can make enormous head-way with all the money in one place. Thank you for bringing the trueth up front and personal.

Do you trust the Federal Reserve to manage the economy in the public interest?

No, because it's privately owned and because they were in charge before the great depression.

Jane,

Republicans believe the Matrix is real.

Democrats hope it's NOT....

Jane,

Here's the matrix (click on the picture to the left of the byline or click on it at the bottom of the article):

http://dealbook.blogs.nytimes.com/2009/03/26/where-wall-street-trades-in-political-currency/

dan Witter,

I know. But when you try to inform people of the possibilities, you get publicly assaulted, degraded, and persecuted and you get accused of BIAS.

Heck, I was accused of in-humanitarian activities and a mass murder on this Web Site. Now that's an eye-opener!

But we must be strong and Stand on our Principles to continue trying to help people understand.

It seems to me that we are already ruled by corporations. Somewhere along the line in our history, our leaders began shifting their emphasis from representing individuals to corporations. We, the American people, allowed this to happen because not enough of us were paying attention. I doubt things will change in Congress to put the indiviual back ahead of the corporations because of money, money, money. This is a sad commentary on our nation.

Steven,

Here's a simple, non-complicated, and in a nutshell hypothesis, with backing info, about this economic downturn.

Financial crises like this have occurred through history. The Banks stopped lending money because the American Govt wasn't paying their Interest Payments on the National Debt to those same Bankers Obama had lunch with. Notice after the so-called TARP payment that lending somewhat increased. In other words, the Bankers (or World Money Changers) sent a shot across the bow of the U.S. Treasury.

Kudos to the two Bills for coming ever so close to the issue of monetary reform. However, I'm sure that Bill Greider knows the Federal Reserve Bank is NOT a government agency. It is PRIVATELY-owned, mostly by the banks receiving the bailouts.

The heart of the problem is those big 'money center' banks - the ones too big to fail - that have been working with the "shadow banking system" on Wall Street to print money Wall Street and the wealthy have bee using in good times to juice the returns on their investments. For example, the winning return on hedge funds (you have to have $1 million to play) was in excess of 800% in 2007).

Now that times are not so good, banks and Wall Street gamblers want us (actually, our children) to cover their losses.

The only real fix for this is real government-issued money, the profit from which benefits the public at large NOT the 'counterfeiters' on Wall Street and in the banks who issue it.

If the government doesn't do it right and our money continues to become worthless, at least we'll know who to blame.

If Obama was so magnanimous and really cared about America and the people,

Then he'd authorize Congress to print Greenbacks according to the Constitution which would eliminate Interests Payments on our National Debt paid to those same Bankers he had lunch with. (Maybe that's why certain people want the Constitution dismantled. And their selling this to the American People, who'd buy anything if it was packaged in a pretty envelope titled "Change We Can Believe In").

Oh yeah, we wouldn't have to pay the Federal Reserve Interests either. What a Concept......

This was exactly the same action taken by Lincoln and attempted by Kennedy to grow and make this country STRONG.

Could someone guide me to an online copy of the NY Times graph that Bill Moyers referenced? A New Way Forward resonates.

Michael J. A.
Thank you for reminding us of Jefferson's words.

I personally have moved my banking to a local bank not affiliated with any of the bail out banks.

I also found much better credit card rates at my local savings and loan.

I feel that banking with the bail out banks is feeding them, so I moved. Next is to refinance my house locally with a bank that doesn't sell the loan to these big banks.

Good banks are out there!
I'm finding them, so can you!

My question to all is:

How many of us still bank at these bail out institutions and why?

No I do not trust the Federal Reserve or the Treasury or the Congress or the President or the media either. Look at the sad state this country is in. Look at what is being done to correct the problems--NOTHING THAT MAKES ANY SENSE. I regret voting for Obama. All our systems stink and do more harm than good. I do not believe the Federal Reserve is a government institution. Our democracy is corrupted and has been from the beginning. Our government and capitalism are run by the elite rich and serve only themselves and throw bare bones to the rest of us. Our economic system based on debt is WRONG. It causes even PBS to beg money to survive. If I need money, will PBS contribute to me when I need it? Or any of the many causes asking me for contributions? Our government and the Federal Reserve are disconnected from We the People. Hey Bill Moyers, why don't you do a program with Charlie Rose and tell us all about the CFR(the truth) and disclose all PBS contributers who are members. I'll contribute my dimes directly into the hands of people in need and not go through ANY SYSTEM. I am done with the media who are windbag manipulating liars. And I'm tired of having nothing but bad choices when I vote. I am totally FED UP.

Thanks Bill for the great show this week!

Some words of wisdom from Thomas Jefferson: "I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

=
MJA

I am not at all in shock at this BANKING idea they being the BofA,JpMorgan,Cit we the tax payer must make sure they stay in business while the every day worker and business owner is told to live with the lose. What I am is very angry and tired of this country bowing to corporate America. I say let them fail, allow we as Americans to see a return in having our money invested in us not the corporate machine that is running America today. The French did it so its our turn to do it to the corporate machine, bring it down and focus on working to retire rather than working to live an lavish life styles off the working poor.

This is to Bill and Bill
Some of us have been working on monetary reform for many year.
But Greider ONLY wants to take us back to the days that Glass-Steagall and FDIC passed.
The real debate took place prior to those votes.
The Chicago Plan for MOnetary Reform is the only true measure to reduce the power of the financial corporations to control the whole American economy.
It restores to Congress the right - through the Treasury - to create ALL of the nation's money.
Why isn't Greider backing the reform necessary to have capital working for the people rather than the other way around?
I have great respect for him, and I appreciate his prescient comments.
But, if there's a monetary revolution coming in this country, I don't want the New Way people to stop with regulation.
It's OUR money system.
It's OUR money.
The Chicago Plan, or bust!

Trust the Fed? Absolutely not.

Grieder's comment about Greenspan provides a good rationale for not trusting the Fed. Subprime mortgages, alt-A mortgages, option arms, and all of the other insanity that Wall Street perpetuated was encouraged by Greenspan. He actually got on national TV and asked for more mortgage innovations to be created! How was that in our interest?

Besides that, we know that the Federal Reserve is not really a government agency, that it is controlled by powerful bankers, and that those who work there operate in almost complete secrecy. Why on earth would we want them to have any more power? They have failed as much in their regulatory oversight as the SEC--the SEC that ignored complaints about Madoff, halted another agency from taking down Stanford, has failed to investigate those responsible for naked-short selling Bear Stearns and Lehman Brothers to death, and ignored warnings years ago that hedge funds were engaging in a dangerous level of speculation.

The new proposal to expand the role of the Fed actually puts the Fed above the Treasury in making decisions about intervening with non-bank entities. The Fed has already neutered the Congress. Why should we let them override Treasury decisions, too?

Not only should the too big to fail companies be broken up, something needs to be set in place to make sure there is a ceiling that they are not allowed to go past when they inevitably start buying each other out again.

I knew deregulation, when Reagan started it, was a bad idea but I didn't realize it would become an actual threat to the nation's health and wellbeing.

I can't be there for my state's A New Way Forward protest (too far to drive) but I will be with you in heart and spirit.

Demand from your Congress representatives the support for HR 1207 Act, which will lift the veil of secrecy from Federal Reserve!!!

The institution of a corporate state, as discussed by Greider has a possible solution. If the constitution was interpreted to limit the right of free speech to human beings who can speak, overruling the current fiction that corporations are "persons" with protected speech rights, perhaps corporate influence over government could be reduced. So long as corporations enjoy the protection of the first amendment, in the current corporate state structure explained by Greider, the common populace hardly can be heard.

No, I don't trust the Federal Reserve to oversee these too big to fail companies.

They broke the law when they formed these financial conglomerates ( see - http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html ).
They waited out congress until the campaign contributions "fixed" the problem.
Their actions show they are interested in monopoly, not free enterprise or an individual's freedom.
Their banks need to be split back up, so they once again won't be "too big to fail" and re-regulated so we don't have to go in debt to secure their personal wealth.
Without re-regulation and breaking these democratic liabilities up, Mr. Greider's trepidation of a corporate democracy will become real.

These "creators" of wealth have only created wealth for themselves and their friends.
The Times page shows




William Greider is wonderful and give me hope. But he is right about the corporate state being further ratified. I hoped a Pres. Obama would move us away from that abyss. Into the streets it is.

Having a government body, the Fed or another body, oversee the Too Big To Fails (TBTF) is not sufficient. Power corrupts and TBTFs have and will continue to have enormously corrupting possibilities. TBTFs must be broken up.

The government, instead of saying that certain institutions are too big to fail, should begin in earnest to break up these institutions! Start protecting the citizens FROM THEM, instead of protecting their owners.
MyMind

We need laws that strongly and explicitly distinguish between the local extension of credit and the creation of interstate elgible contracts - defined as any credit obligation over $5,000 which meets treasury department standards for credit investigation and debtor understanding of the obligation. Businesses - proprietorships, partnerships, and corporations could only sell or pledge interstate elgible contracts to other parties. Contracts that could not meet the standards must be held until fulfilled. Credit card contracts extended to parties that already have over $5,000 in credit card debt would be classified as inelgible. More details to follow.

William Greider failed to explain, in support of his comments, that the FED is owned by the regional federal reserve banks which in turn are owned by the regional banks, thus making the fox watch the hen house, if Geitner continued to have his way -as he has been having thus far (see AIG>Goldman etc).
MyMind

The chairman of Goldman tipped his hand today that these toxic assets do indeed have value worth risking to hold and possibly and pool into investment funds.
The governrment, we hold the guarantee and now these instruments as our 'security' against our loan (via Congress)
Why not pool these loans, including the govt guarantee, set up a stringent guidelines for managing, eventually marking their value and package them to local banks in every county in the country. These assets would be assets on their balance sheets. Missouri banks would manage Missouri's guaranteed loans. As they are made good or not, new regulatory saavy bank employees and their managers would be groomed.
This would stimulate every county, return local decisions to those who know their markets best, encourage new professionals to compete against each other in decentralized banking.

Recommended immediately - Important vote re the FED:
Ron Paul websites at http://www.Ron Paul.com or http://www.campaignforliberty.com

Even though the balance sheet of the Fed has ballooned by trillions of dollars in recent months, they’re right. The law says they don’t have to tell anyone where the newly created money went. You see, when the Fed was created in 1913, its secrecy was written into law, the justification being that secrecy would keep politics out. Does that make any sense to you at all?

Federal Reserve has never had a proper audit, and it never will, unless we demand it. This should concern every American. It’s not about left or right, it’s not about Democrat or Republican, it’s about your security and the wellbeing of your children and grandchildren.

The Federal Reserve Transparency Act of 2009 has wide bipartisan support. Unlike so many bills that go before Congress, it’s simple and it’s open. It’s very short. Nothing is hidden in obscure sections. Its only provisions are a one-time audit of the Federal Reserve System and a report by the Government Accountability Office on their findings.

I urge you to contact your U.S. representative, both to your senators, send them emails, telephone them, send them mail and send them faxes. Do it today, do it tomorrow, do it the day after that. Send them a fax every Friday: http://www.bullnotbull.com/img2009/fed-res-2.pdf

I'd like to believe with Greider, who has written some fine books, that we can do that, but, frankly, what our govt does best is sell our birthright for a mess of potage, and as long as we get a morsel or two we are satisfied, which is the raison d'etre of social democracy. As Tocqueville noticed, Americans are more interested in equality than virtue. Econ crises exist, however, because, in fact, this is not viable. But we do not in really need these failed firms, nor even the Fed, and if you really want to see some results I would urge people to start buying euros or yuan, and demand receiving them in payment.

Whay can't the next step in the plan be to gradually break up the large banks and investment and insurance companies into small local and regional institutions after shoring them up to stablize them and thereby making sure there are no huge elite corporations to big to fail. (

thank you for mentioning A New Way Forward. www.anewwayforward.org
I am currently organizing the NYC protest which will take place in Union Square on April 11th at 2pm EST. We welcome everyone to come out, even if it's just for half an hour.

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