Trends analyst Gerald Celente did this interview with Anthony Wile, covering many important issues. One statement Celente made was regarding the Federal Reserve, and I wanted to address that. Not that it really matters, as the Fed will be closed down some time in the next few years anyway. Celente asserted,
Most people don’t even know what a central bank is and they still believe the lie that the Federal Reserve is a quasi-government institution when it’s not. It’s a totally private bank. Most people don’t even know that. So most people are uninformed and like in all countries, they follow their leaders.
Well, I think that the Federal Reserve is technically a “private,” not public, institution. Even that is questionable, in my view, as the Fed itself states that “It is not ‘owned’ by anyone and is not a private, profit-making institution.” Being a “private” bank is really a facade.
To me, the Federal Reserve is a government bureaucracy. It is a government institution that has a monopoly in monetary central planning. The Fed’s very existence was created by an act of Congress, the Federal Reserve Act of 1913.
As Murray Rothbard pointed out in The Case Against the Fed:
It is little known, however, that there is a federal agency that tops the others in secrecy by a country mile. The Federal Reserve System is accountable to no one; it has no budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations. The Federal Reserve, virtually in total control of the nation’s vital monetary system, is accountable to nobody…
But it is one thing to say that private, or market, activities should be free of government control, and “independent of politics” in that sense. But these are government agencies and operations we are talking about, and to say that government should be “independent of politics” conveys very different implications. For government, unlike private industry on the market, is not accountable either to stockholders or consumers. Government can only be accountable to the public and to its representatives in the legislature; and if government becomes “independent of politics” it can only mean that that sphere of government becomes an absolute self-perpetuating oligarchy, accountable to no one and never subject to the public’s ability to change its personnel or to “throw the rascals out.” If no person or group, whether stockholders or voters, can displace a ruling elite, then such an elite becomes more suitable for a dictatorship than for an allegedly democratic country. And yet it is curious how many self-proclaimed champions of “democracy,” whether domestic or global, rush to defend the alleged ideal of the total independence of the Federal Reserve…
By law, Americans must use “Federal Reserve Notes” in our financial transactions, and we aren’t allowed to use other forms of currencies, such as gold and silver.
At least the banksters of Bank of Amerika and JPMorgan Chase can’t force us to do our banking at their banks which really are private.
But, Celente was absolutely correct when he called central banking a “criminal operation.”
Speaking of ending the Fed, Ron Paul has this column at his Institute for Peace and Prosperity, What Was Not Said about Iraq. Dr. Paul explains how governmental intervention makes things worse, not better, in foreign policy as well as domestic affairs. In this case, the U.S. government’s invasion of Iraq was a mistake. And the interventionists continue to push for yet another unnecessary war, this time in Iran. They never learn.
The U.K. Guardian has this important article on the NSA’s drooling rush for total surveillance.
Justin Raimondo analyzes the Brits and their tyrannical treatment of journalists by referring to them as “terrorists.” The U.S. government is the same. And this post at FAIR exposes Scott Pelley and his team as the government propagandists they are.
Alex Newman details how Common Core proponents are mainly public employees and their big private donors vs. their opponents: the little people, the common folks, the schleps who want their kids to be educated, not brainwashed by the educrats.
And Eric Margolis has this on Sen. Frank Church who warned us 35 years ago about the dangers of NSA spying on Americans.