John McDonald

Blogging about politics, life, and the web

If Truth Undermines Confidence, We Have a Big Problem

September 25th, 2009

Congress is currently in the process of discussing and debating a piece of legislation that would fully and completely audit the Federal Reserve bank – for the first time in the institution’s history.

Despite wielding overwhelming influence on the financial and monetary standing of the United States, no elected politician has even been allowed to take a look at what they’re actually doing with our money.  Several of the Fed’s board members are appointed by the private banks who own shares in the Fed, but a slim majority of the board is nominated by the president.  Once they’re in there though, all we can do is hope they’re doing the right thing.

Now, can you imagine a job that gives you immense power and influence without ever having to answer to anyone’s complaints and criticisms?  This is at the root of all the conspiracy theories – power and secrecy is a dangerous mixture for those stuck on the outside.

The Argument Against Truth

Defenders of the Fed are out there, even if they’re few and far between.  Of course, the best way to get defenders and supporters is to buy them – and one of the most telling defenses is being propagated by the Fed’s top lawyer.  He claims:

We’re concerned that [revealing the truth of our activities] would cause the markets and the public to lose confidence in the independence and judgment of the Federal Reserve

There are also plenty of professional economists who will repeat this or a similar argument.  And it should be no surprise, as this article explains exactly what it means to be a professional economist in a financial world dominated by secretive central banks.

Editors of academic journals, mainstream media pundits, professors – many of these experts work for the bank that doesn’t want us to see its books.

Want a more detailed idea of what’s going on?  Check out this excellent book:  Deception and Abuse at the Fed

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