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How Long Before the Fed’s Days Are Numbered?
Michael J. Panzner
Huffington Post
Wednesday, July 8, 2009
It’s no stretch to say the Federal Reserve is garnering a lot of attention these days.
On Wall Street, there’s a big debate over whether the Fed’s next big move will come too soon or too late. In Washington, the Administration is promoting a plan to give the central bank new powers to oversee systemic risks. Over in the House of Representatives, maverick Republican Ron Paul has gathered more than 245 co-sponsors for a bill requiring an audit of the Fed. In the media, there are questions about whether President Obama will allow Fed Chairman Ben Bernanke to keep his job when his term ends in January. And finally, some commentators are wondering whether this allegedly autonomous institution will retain its independence in a post-crisis world.
But few seem to be asking what I believe is the key question: how long before the Fed’s days are numbered?
Before you dismiss my words as a rant, hear me out. Why, for example, is the power to commit substantial resources on taxpayers’ behalf, to influence many of the most important commitments and relationships of businesses, individuals, and governments, and to initiate economic and regulatory policies with far-reaching consequences, in the hands of unelected officials with unexceptional abilities and no real accountability?
And even assuming the current arrangement has been the default choice up until now, does that mean things are destined to stay that way? The financial crisis has forced many people to rethink all sorts of assumptions, structures, and approaches. Against this backdrop, there are many reasons to believe that the broader question of why we have a Federal Reserve at all will gain traction in the period ahead.
For one thing, we have a group of individuals, entrusted with the job of reading the economic tea leaves and enacting policies in response, which not only failed to anticipate the worst financial crisis this century, but has yet to make a usefully accurate forecast since the disaster started. Remember, Chairman Bernanke is the man who maintained that the subprime meltdown would remain “contained.” He also said in March that he could see the now elusive “green shoots” sprouting throughout the economy.
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And once the crisis began to unfold in earnest, what was the response of those charged with looking after our nation’s economic and financial interests? Cynics might describe it as Keystone Cops-like chaos. On the one hand, we’ve had a reactive whirlwind of aggressive monetary measures that, while creating the semblance of stability, have resolved little and stymied desperately-needed restructuring. Worse still, a broad swath of corporate America is now dependent on government support for its continued existence.
Add that to the alphabet soup of Fed-devised bailouts and rescue plans, nearly all of which seem to have been designed to reward failure, subsidize mostly insolvent but politically powerful businesses, and obscure the reality of how bad things are, and you have a system that could be characterized as even more dysfunctional than it was before the bubble burst. While it might seem like tranquility, it is more likely the calm before the (next) storm.
Then there is all the damage the Federal Reserve caused before now. Most of those who’ve analyzed the facts and thought about how we got this point — I don’t mean the clowns on Wall Street or the commentators spouting nonsense from both sides of the aisle — lay a great deal of the blame on the bubble-blowing policies initiated during the Greenspan era.
And if you want to go back even further, ask yourself how is it that an institution charged with maintaining stability has overseen so many crises through the years and allowed our nation’s currency to lose more than 95 percent of its purchasing power since the Fed’s creation in 1913?
America’s central bank hasn’t just failed in its economic mission. It’s track record as a regulator also leaves a lot to be desired. Among the many questions people should — and will — be asking is: how come the Fed was ignorant of and did little to rein in the leverage and lending misadventures of America’s banks, many of which have long had Federal Reserve examiners ensconced in their offices? Moreover, how is it that an institution that should have known about the intricacies of derivatives was so oblivious to the threats posed by these “weapons of financial mass destruction”?
The truth is, aside from those periods when conditions and markets have set out a relatively easy path for central bankers to follow, the Federal Reserve has not lived up to its mission or its promise.
Pretty soon, a growing number of people are going to be wondering why we need this institution at all.
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38 Responses to “How Long Before the Fed’s Days Are Numbered?”
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July 8th, 2009 at 5:57 am
The greatest danger though is that the elite may use the end of the Fed as an opportunity to create something worse, a global authority. Be on the lookout for this attempt if we are successful!
wildcat Reply:
July 8th, 2009 at 7:22 am
Just like the Freedom of Information act – then all the dubious information collection on individuals is handled by private companies instead.
billy bob Reply:
July 8th, 2009 at 8:04 am
what an original thought,long past due, why oh why have not I and others thought of this before, what incite he has, just brilliant
B Reply:
July 8th, 2009 at 11:34 am
Does world bank ring a bell?
B Reply:
July 8th, 2009 at 11:34 am
But they need the fed to keep printing fake money!
CivilianResistance Reply:
July 8th, 2009 at 4:38 pm
Bernanke already make an open statment or “threat” in congress stating an audit would crush the economy and a steep devaluation of the dollar. This is not only appauling but true. His threat is not only a threat to stay back but also a consequence of the government diving into the real truth of the Fed. If they succeed and audit the Fed they will probably discover there IS no money and the US is completely bankrupt; which it has been since 1913. Thus instantly making the US dollar virtually worthless. The US will have to do something drastic like turning to the EU for answers or salvation. China will most likely wash their hands of us upon discovering that their holdings in the US are worthless.
Jim Lunsford Reply:
July 9th, 2009 at 6:29 am
Civilian Resistance, Bernake also said that he feared an audit would lead to a legislative coup giving monetary power (back) to the Congress. He said this like it was a bad thing for all, though that is exactly who is supposed to be in charge of the monetary power. I don’t think it will be long before the FED is gone. It’s demise is the only viable option in preventing war within this country. As long as it stands, liberty is under direct attack. It’s demise will not guarantee a war is averted, but it would go a long ways towards preventing it’s necessity. Something I would be very happy to see no longer needed.
July 8th, 2009 at 7:05 am
little does our gov know , even though theyre enjoying the silence of the people now as they spend away, the silence will continue when theyre pockets are empty. let them starve in the prison walls that were designed to protect our country, let them eat each other like the savages they envision us to be. let them figure out they are our pets, we feed them and we can put them to sleep. our hands on ability to create should go no further than our neighboors . knowing our dollar is soon going to become worthless and possibly useless its time to trade talents for our survival. and a more respectful and fulfilling way of living.
July 8th, 2009 at 7:16 am
Tod G. is soooo right. Beware of the “counter” revolution.
That is usually when and how this group seizes more power.
Their plans are in place before the turmoil. IE patriot act was written before 9-11.
July 8th, 2009 at 7:26 am
My question to you all…is how damned long are we going to wait before something constructive happens. Time to clean your guns.
July 8th, 2009 at 7:46 am
Save the country, nuke the Federal Reserve (neither Federal nor a Reserve). Go back to what JFK wanted to do with Executive Order 11110 (google it). The Banksters are a den of vipers and need to be put out of our misery.
A Patriot Reply:
July 8th, 2009 at 8:49 am
Agreed!!! – END THE FED!!!!!
July 8th, 2009 at 8:18 am
Well even though I’m cristian I’m not trying to preach but in the bible it does say wars and rumors of wars.And that there would be one currency and people will throw the money in the streets because it will hold no value.North Koreas supposed attack on the united states computers may be the start of rumors of war.But judging from the bible the bankers will create a one world bank and the antichrist will be the leader of it.And there will be a one world goverment.So the best thing todo is buy food,ammo and prepare for the takeover by the worldbank.
Highlanderess Reply:
July 8th, 2009 at 3:26 pm
You’re absolutely rightj johnny.
Jim Lunsford Reply:
July 9th, 2009 at 6:31 am
Since the dawn of governments, there have been wars and rumors of wars. In roman times, the roman coins held more power than the others, and they also represented a one-world government over all the important parts of their world at the time.
July 8th, 2009 at 8:23 am
There will not be another JFk as if there ever will be, they will “off” him and repeal 11110 while he lays on ice before they even get him into the ground!!!….that is what happened to JFK!
A Patriot Reply:
July 8th, 2009 at 8:54 am
Au Contraire, Mon Frere!
We need only elect a man of Real conscience to the Highest Office – and he will Declare Martial Law and FORCEFULLY Restore the Republic!
When the crisis has been averted, he will lay these powers down!
Oh it could be done – I could do it – if only we had the will to enforce the Election of a FREE MAN!
Swede1 Reply:
July 8th, 2009 at 10:36 am
This is true Joe!
Chris G. Reply:
July 8th, 2009 at 2:59 pm
And they would quickly take that free man out. There are hit men out there that could be hired that no secret service can stop from hitting their mark.
July 8th, 2009 at 8:27 am
Congress_Hertel- IRS No Authority To Levy Americans
look it up
Incriminally Sane Reply:
July 8th, 2009 at 8:45 am
Unless you sign their papers allowing them to steal your money…..Look it Up!
NEVER sign their documents……PERIOD!!!!! End of discussion!!!!!!!!
S.Bonn Reply:
July 9th, 2009 at 4:39 am
do you have the money to defend yourself in court against them?you see they take avantage of the ignorance and poverty of people in this us of a!
July 8th, 2009 at 9:34 am
please understand i like this article. and know most of what is being said here
there is a site that has the right messge for us to enact as soon as possible
ive read here on infowars most of whats there on this site, and now see the
need to have all americans work on this. please take a look
http://www.kickthemallout.com
July 8th, 2009 at 9:54 am
The Fed won’t end until its job is complete. Just as Obama, short of a bullet, won’t end until his job is complete. All for their masters (or master as it were).
The majority doesn’t get it yet do you? You want your country back? Prepare for war. You don’t care? Then stfu and watch it burn. For burn we will…
Swede1 Reply:
July 8th, 2009 at 10:38 am
maybe instead of supporting any of either the dems or the repubs in the next election (if we have one and it isnt too late) we can give all campaign donations to members of our militias!! Yeah, what a dream huh?
V for Vendetta Reply:
July 8th, 2009 at 11:30 am
If a bullet does catch the chosen one, I will be out celebrating. Unfortunately I don’t beleive this can happen except it be an inside job. The elite install their own and take out their own. So my fantasy is shattered.
July 8th, 2009 at 10:45 am
to bad the american people are being distracted by more important things like reality tv and obamas holyness
July 8th, 2009 at 11:18 am
I suspect that within a year America will have tent (Hooverville’s) hovels round about!
nader paul kucinich gravel Reply:
July 8th, 2009 at 5:53 pm
I can’t believe the news today
Oh, I can’t close my eyes and make it go away!
How long?
How long must we sing this song?
How long?
How long ~
stormcrow Reply:
July 8th, 2009 at 10:13 pm
They’d like to see us living in shipping containers.
July 8th, 2009 at 11:20 am
If you don’t have a Govt. or Obama union job your done or soon will be!
July 8th, 2009 at 11:33 am
Don’t pay taxes, don’t buy foriegn goods, don’t support banks, chain stores or wall mart. Exchange your paper script for gold, while you still can.
July 8th, 2009 at 1:26 pm
new money will be carbon credit no need to tax or print money just set the data for charges and we are under the hammer fullstop its the global solution they allways planned
July 8th, 2009 at 1:29 pm
Alex isn’t giving you the whole truth. Only a part of it which deals in the NOW. It’s a small part of a HUGE picture of good vs evil. We are changing…our DNA is changing…These recent solar events were told to us in advance in Crop Circles by friends from above. Incredible! Now they have more messages. They are that the Illuminati is falling apart, there will be First Contact with ETs very soon(months away) and announced by governments. That the world will soon change by 2012. Be a part of the process and wake up fully…..
http://www.thegrandawakening.com/services.html
July 8th, 2009 at 1:38 pm
It is hard to even fathom the demise of The Fed. I would think The Fed would just “retool” their printing presses ( just like Detroit, or what’s left of Detroit) to accomdate whatever currency of the day is appropo.
July 8th, 2009 at 2:07 pm
the fed is dead, will the banksters go straight to digi creds tho?? we decide not them
July 8th, 2009 at 10:11 pm
The FED needs to “tank” like any other unprofitable bank!
Get on your U.S. Senators ass!
S.Bonn Reply:
July 9th, 2009 at 4:44 am
I agree!SB