The most amazing thing about this story is that it appeared in Bloomberg, a mainstream financial news service. The second most amazing thing is that it acknowledges what critics of central banks (including the Federal Reserve) have been complaining about for decades.
Here are a couple tidbits from the article, with my comments in italics. — t.h.g.
Jan. 29 (Bloomberg) — The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists who stockpile ammo, bottled water and peanut butter. After this week’s congressional hearing into the bailout of American International Group Inc., you have to wonder if those folks are crazy after all.
Well, duh…
As Representative Marcy Kaptur told Geithner at the hearing: “A lot of people think that the president of the New York Fed works for the US government. But in fact you work for the private banks that elected you.”
It is the bankers who have long dictated who would serve as Treasury Secretary, and most who have held that post had been top level bankers.
Yet when unelected and unaccountable agencies pick banking winners while trying to end-run Congress, even as taxpayers are forced to lend, spend and guarantee about $8 trillion to prop up the financial system, our collective blood should boil.
Indeed, but then what? The corrupt global system of money, banking and finance cannot be reformed. It needs to be transcended. My book, The End of Money and the Future of Civilization, describes effective action that can be taken by individuals, businesses, governments, and NGOs to achieve that outcome.
Read the full article here…
Beyond Money 