President of the Federal Reserve Bank of Kansas City Warns of Oligarchy

Washington’s Blog
Saturday, June 6, 2009

As I have previously pointed out, two top IMF officials and the former Vice President of the Dallas Federal Reserve have all warned that the U.S. has been taken over by an oligarchy.

Wednesday, the head of the Federal Reserve Bank of Kansas City, Thomas Hoenig, agreed:

If we hesitate to make needed changes, we will perpetuate an oligarchy of interests that will fail to serve the best interests of business, the consumer and the U.S. economy…

In discussing any aspect of financial reform, one of the most significant changes that must be accomplished is the end of “Too Big to Fail” . . . Institutions must be allowed to fail, no matter their size or political influence…The effect is to lower the costs to these firms and significantly raise costs to the taxpayer and, ultimately, to fundamentally weaken our financial system.

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