It might be independent of the politicians, but it doesn’t mean it is a neutral arbiter. No matter how long or how much they may expand financial bubbles—like taxes and rents under feudalism—are ultimately limited by the amount of real values produced in an economy.Is there a solution to the ravages wrought to the economies/societies of the core capitalist countries by the accumulation needs of parasitic finance capital—largely fostered or facilitated by the privately-owned central banks of these countries?Yes, there is indeed a solution. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. Who Owns the Federal Reserve Bank of New York? It is only logical that the public, not private, authority should manage people’s money and their savings, or economic surplus. Three years after signing the Federal Reserve Act into law, however, Wilson is quoted as having stated:I am a most unhappy man.
It shows that the pace of the rising inequality has accelerated in the aftermath of the 2008 market implosion, as asset re-inflation since then has gone almost exclusively to oligarchic financial interests.Proxies of the financial oligarchy at the helm of economic policy making no longer seem to be averse to the destabilizing bubbles they help create.
The Basel Committee. . Shareholders elect six of the nine the board of directors for their regional Federal Reserve Bank as well as its president. Indeed, misrepresentation of its ownership is not merely by implication or impression created by its name.
During the Great Depression and coming out of it, the Fed took its cues from Congress. By contrast, public-sector banks can better reassure depositors of the security of their savings, as well as help direct those savings toward socially-beneficial credit allocation and productive investment.Therefore, ending the recurring crises of financial markets requires placing the destabilizing financial intermediaries under public ownership and democratic control.
More importantly, it is also officially and explicitly stated on its Website: “The Federal Reserve System fulfills its public mission as an independent entity within government. Those decisions are made by the Federal Open Market Committee, which has a dozen voting members, only five of whom come from the banks. The growth of the nation, therefore, and all our activities are in the hands of a few men. [2] This statement of President Wilson is quoted in numerous places. The Federal Reserve Bank (or simply the Fed), is shrouded in a number of myths and mysteries. The Pew study unambiguously confirms this expropriation of national resource by the financial elites. In its Frequently Asked Questions section, The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation’s central banking system, are organized much like private corporations–possibly leading to some confusion about “ownership.” For example, the Reserve Banks issue shares of stock to member banks. Accordingly, the Fed has turned monetary policy (since the days of Alan Greenspan) into an instrument of further enriching the rich by creating and safeguarding asset-price bubbles.
Each of the twelve Federal Reserve Banks is organized into a corporation whose shares are sold to the commercial banks and thrifts operating within the Bank’s district. I have unwittingly ruined my country.
Over the same period of time, the share of income going to upper-income households rose from 29 percent to 49 percent.A number of critics have argued that, using its proxies at the heads of the Fed and the Treasury, the financial oligarchy used the financial crisis of 2008 as a shock therapy to transfer trillions of taxpayer dollars to its deep pockets, thereby further aggravating the already lopsided distribution of resources. These include its name, its ownership, its purported independence form external influences, and its presumed commitment to market stability, economic growth and public interest.The first MAJOR MYTH, accepted by most people in and outside of the United States, is that the Fed is owned by the Federal government, as implied by its name: the Federal Reserve Bank. For example, a recent study by the Pew Research Center of income/wealth distribution (published on December 9, 2015) shows that the systematic and escalating socio-economic polarization has led to a sharp decline in the number of middle-income Americans.The study reveals that, for the first time, middle-income households no longer constitute the majority of American house-holds: “Once in the clear majority, adults in middle-income households in 2015 were matched in number by those in lower- and upper-income households combined.” Specifically, while adults in middle-income households constituted 60.1 percent of total adult population in 1971, they now constitute only 49.9 percent.According to the Pew report, the share of the national income accruing to middle-income households declined from 62 percent in 1970 to 43 percent in 2014. In reality, however, central bank independence means independence from the people and the elected bodies of government—not from the powerful financial interests.Independence has really come to mean a central bank that has been captured by Wall Street interests, very large banking interests. The Reserve Bank, with 2 million issued shares, is one of eight reserve banks worldwide that have shareholders other than the governments of their respective countries (the others being Belgium, Greece, Italy, Japan, Switzerland, Turkey and the USA).
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