The Fed was set up in a way to perpetuate a private/public debate, and Kapner is right to point out that it's neither 100% public or private. It's 100% privately owned, but public in terms of being chartered by an Act of Congress and having its Board appointed by the President and confirmed by the Senate, and Congress having weak oversight.
At 1:15, Greenspan's statement is often misunderstood:
"The Federal Reserve is an independent agency, and that means, basically, that there is no other agency of government which can overrule actions that we take."
He didn't say that the Fed is above everything or everyone else, he made the true claim that no other *agency* of government can overrule it, where agency means some other body created by Congress. Congress itself can get rid of the Fed, and should.
Here's an interesting read concerning Kapner's U-turn taking on Ron Paul's free market gold standard as a phony solution.
The Fed was set up in a way to perpetuate a private/public debate, and Kapner is right to point out that it's neither 100% public or private. It's 100% privately owned, but public in terms of being chartered by an Act of Congress and having its Board appointed by the President and confirmed by the Senate, and Congress having weak oversight.
ReplyDeleteAt 1:15, Greenspan's statement is often misunderstood:
"The Federal Reserve is an independent agency, and that means, basically, that there is no other agency of government which can overrule actions that we take."
He didn't say that the Fed is above everything or everyone else, he made the true claim that no other *agency* of government can overrule it, where agency means some other body created by Congress. Congress itself can get rid of the Fed, and should.
Here's an interesting read concerning Kapner's U-turn taking on Ron Paul's free market gold standard as a phony solution.
http://realcurrencies.wordpress.com/2013/11/20/what-happened-to-brother-nathanael-and-his-u-turn-on-ron-paul-and-monetary-reform/