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Current Events & Hot Topics Current Events & Hot Topics

The Federal Reserve is the true culprit of the economic crisis

Posted by on Apr. 16, 2009 at 5:02 PM
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I took several economics courses in college but don't recall any professor clarifying that the Federal Reserve is not actually a true government agency.  It is not subject to any checks and balances.  Alan Greenspan himself, the former chairman of the Fed admitted the following to Tim Lehrer in a 2007 interview when asked what the Fed's relationship is to the Presidency:

"Well, first of all, 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. So long as that is in place and there is no evidence that the administration or the Congress or anybody else is requesting that we do things other than what we think is the appropriate thing, then what the relationships are don't, frankly, matter."

Just what kind of control does the Fed exert?  I found out more eye opening information in this video than I ever did in my college courses:
http://www.youtube.com/watch?v=lXb-LrVkuwM

~*~Peace and blessings~*~
by on Apr. 16, 2009 at 5:02 PM
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