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In Troubled Times, the Federal Reserve Must Work for Everyone


In Troubled Times, the Federal Reserve Must Work for Everyone

Richard Eskow

It’s been a chaotic few days for the world’s markets. Recent events do not paint the picture of a stable economy guided by rational minds. Instead, the world of global finance looks more like a playground in need of adult supervision.

Like other nations, we have a central bank. What should the Federal Reserve do in troubled times? For that matter, what is the Fed’s role in preventing troubled times from occurring in the first place?

Global Shock


"The entire taxing and monetary systems are hereby placed under the U.C.C. (Uniform Commercial Code)." -- The Federal Tax Lien Act of 1966

"The few who understand the system, will either be so interested from it's profits or so dependant on it's favors, that there will be no opposition from that class." -- Rothschild Brothers of London, 1863

"Give me control of a nation's money and I care not who makes it's laws."-- Mayer Amschel Bauer Rothschild

"Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States." -- Sen. Barry Goldwater (Rep. AZ)

"Whoever controls the volume of money in any country is absolute master of all industry and commerce." -- James A. Garfield, President of the United States

"Banks lend by creating credit. (ledger-entry credit, monetized debt) They create the means of payment out of nothing." -- Ralph M. Hawtrey, Secretary of the British Treasury

"To expose a 15 Trillion dollar ripoff of the American people by the stockholders of the 1000 largest corporations over the last 100 years will be a tall order of business." -- Buckminster Fuller

"Every Congressman, every Senator knows precisely what causes inflation...but can't, [won't] support the drastic reforms to stop it [repeal of the Federal Reserve Act] because it could cost him his job." -- Robert A. Heinlein, Expanded Universe

"It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford

"The regional Federal Reserve banks are not government agencies. ...but are independent, privately owned and locally controlled corporations." -- Lewis vs. United States, 680 F. 2d 1239 9th Circuit 1982

"We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it." -- Congressman Louis T. McFadden in 1932 (Rep. Pa)


"Activist groups like the “Fed Up” coalition, led by the Center for Popular Democracy (and including the Campaign for America’s Future), are working to move the Fed toward that second objective. They’ve been pushing to change its governing boards, which are heavily dominated by big banks and other major financial interests, and have called for policies that focus on improving the economic lives of most Americans."

Great start!

Next up, put John Dear, Kathy Kelly, members of Ploughshares, and other Peace Proponents INTO the State Department and allow THEM to integrate the Joint Chiefs of Staff so that military policy is no longer designed by those whose lives center upon WAR.

Also apt! And imagine all of the out-of-work people who could be employed by these positive projects:

"Corbyn also proposes to “strip out some of the huge tax reliefs and subsidies on offer to the corporate sector.” The added revenue would go to “direct public investment,” including the creation of a ‘National Investment Bank’ to “invest in the new infrastructure we need and in the hi-tech and innovative industries of the future.”


Thank you for adding this (and other good quotes). I think Mr. Eskow is naïve about the composition and origin of The Fed and who it serves. Could it become other than a consortium of ruling bankers... probably not until after the now imminent global financial collapse.


Great Quotes there natureboy- You more or less stole Mr. Eskows thunder and saw through the smoke and mirrors of this article-


I have yet to see an intelligent explanation of why an advanced country does not need a Central Bank. You can disagree about who runs such a thing, and about whose interests it represents, but not-in my book-about the need for its existence.Putting it in the hands of our politicians-who clearly don't represent the people's interests anyway, is a really bad idea.


Are you intelligent enough to recognize an "intelligent" explanation?

And there in lies the problem- You see the FED is owned by A Greedy bunch of Banksters that have been charging our Government and the Banks of this Nation "Interest" or "Rent" which is commonly known as USURY or is it USAry- All for the book keeping and printing press fees, which our Treasury can and should do-Our TREASURY is mandated to create and print this money by our CONSTITUTION, not for and by the Bankster Cabal!
Have you ever wondered about that Creature from Jekyll Island that suddenly and conveniently showed up just before WW-1, just in time for the Creel Commission and Woodrow Wilson's betrayal of his Campaign pledge that our boys would NOT be shipped off to Europe to be slaughtered in that stupid assed War-Just like all of the other Stupid assed Wars that have so easily been financed with that Rothschild and Cronies printed up, convenient, Usury Money- These thieves have had generations locked up in debt to them thanks to Woodrow Wilson's foolish idea, and Wilson even admitted as much-
Every President that fought off the Control of this Nation by the Foreign Banksters was either murdered or attempted assassination-
And if you don't believe that the politicians have any influence over the FED, you are just A bit confused- Who votes in War funding, who prints up the Money, who pays for it, what happened in 2007,2008, 2009????


Evidently, I have to keep it real simple: do you think there is no need for a Central Bank, and if so, why not? See: easy.
A rant is not an intelligent response.Maybe we need to reform the Fed.But as sure a God made little green apples, we need a Central Bank. As always, I'm open to an intelligent reply. No foaming at the mouth, please.


What did we need "foreign banksters" for when we had JP Morgan, Andrew Mellon-and industrialist like John D Rockefeller?


All agents or collaborators of the Rothschilds-


We don't need A Central Bank controlled by separate Foreign interests-
If we were to have A Central Bank, it should be one of and by the People of the United States-
Have you not read any Eustace Mullins or G, Edward Griffin-
And in what way was I "foaming at the mouth"?


I was hoping you'd say that. Didn't take long.


Well-as someone pointed out in an unrelated post on a totally different topic. "It's hard to prove that unicorns don't exist". Makes no difference if you haven't seen one.Over to you, voice of moderation.


Interesting headline, it begs the question of who does the Fed work for in good times?
"We are still paying the price for allowing big-money interests to dominate both lawmaking on Capitol Hill and monetary policy at the Federal Reserve."
I guess this statement answers my question. Argument, We aren't just still paying we have only started to feel the squeeze but it isn't we who are allowing this but the people who are paid with our tax money to work for us who allow and support these actions..


Sorry but there just isn't an intelligent reason. There is a reason however and it is who makes money with banks? Bankers. They sure as hell would not welcome a federal banking system.


Why are you being so vague and insulting- I answered your original post the first time-
Just what is your point? Voice of consternation...


You "were hoping I'd say that"-"didn't take long"- You brought these people up and I responded, so why were you hoping that I would say that? You are A tough nut to crack but I think I know where this is leading with you-


Have you never read or heard of Ellen Brown? Often she points out that the STATE bank of North Dakota weathered the fiscal storms of the past decade far better than any private bank.

A national bank is what's needed and too many people think The Fed is THAT. It isn't. It's a private set of bankers--heads of Chase, JP Morgan Chase, Bank of America and one or two others.

The FED charges interest on the money that it prints and distributes. Banks make a killing on that interest. But as Ellen Brown (with far more detail and expertise in this area) argues, a National Bank could do the same thing and thereby earn its own interest.

A good analogy is that of health care. When insurance companies get to play arbiter and distributor of health care as product, they take 30% for their own operational costs. But a system that leaves out private insurers delivers closer to 90% of money taken in TO actual health care.

Free market types argue that banks have a right to make ridiculous profits, and ditto insurance companies but both are STEALING from the economy and making most peoples' lives harder in the process.


Good luck with that. You don't even seem to be able to follow your own logic.


Thanks for that. I have heard of Ellen Brown, but I haven't read anything by her.I am aware of the state bank of North Dakota. Yes, a National Bank, or Central Bank is what's needed. The question is-who's on it, and in whose interest is it operated? Part of the problem here is that the people who run the bank have to have economic and banking expertise-which means-in a word, bankers and economists are required. Fish gotta swim, engineers gotta engineer, and bankers gotta bank.I'm for a reform of the existing Fed, but just what shape that reform should take -less bankers with direct ties to Wall Street, more academics/experts-I don't know. The Fed is supposed to be politically neutral (fat chance), and to focus entirely on adjusting the money supply, keeping inflation under control, while most importantly doing its best to maintain employment. This last part has been largely overlooked. I bank at a local Credit Union-a survivor of the New Deal-and that works just fine for me. Non-profit banking.