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October 12, 2011

Visiting Occupy Wall Street We Hear “Eliminate the Fed!”: OR Maybe Just Federal Reserve Directors Backing Mega-Monopolies For the Super-Connected?

Noticing New York

A trip to Zucotti Park gets Michael D.D. White thinking about just who "The Fed" really is.

There are provocative ideas circulating among the Occupy Wall Street protestors. Maybe with respect to one idea, a very powerful one, we can take heed, but start small by considering a basic essential: Is the Federal Reserve on the public’s side?

Visiting Occupy Wall Street you will probably see, as I did, the placards calling for elimination of the Fed, (aka the “Federal Reserve” or “Federal Reserve System”).
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Take the big step of eliminating the Fed? Maybe we could start with the smaller step of looking at who are the Federal Reserve Directors and whether they can be counted upon to serve the public interest. As mentioned above: Herman Cain?

More important, I have previously pointed out with some anguish that the Federal Reserve Bank of New York has on its board two directors, Kathy Wylde and Lee Bollinger, both with one thing conspicuously in common: They have both been key in backing the neighborhood-destroying seizure of land through eminent domain abuse. At the expense of community interests they have endorsed those seizures for the sake of governmentally assisting politically-connected private mega-monopolies.

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Posted by eric at October 12, 2011 5:33 PM