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Federal Reserve Doesn’t Work for You 14 November, 2008

Posted by David Anderson in Uncategorized.

Open government does not exist in the shadowy world of the Federal Reserve Bank. The Federal Reserve is a quasi private bank. It is independent and not under Freedom of Information and open government rules. Now that it has spent 2 trillion dollars and is potentially inflating the money supply, Congress has decided to ask some questions.

“During the bipartisan negotiations between Congress and the administration, members of both parties made clear that Congress must have meaningful oversight over the use of taxpayer dollars,” Boehner said. “Transparency is even more important now, given that the program appears to have been implemented in some ways that were given little to no discussion as Congress was being urged to pass the rescue plan.”

Senator John Cornyn of Texas, a member of the Republican leadership, said the lack of disclosure “should trouble taxpayers and policymakers alike.”

“There cannot be accountability in government and in our financial institutions without transparency,” he said. “Many of the financial problems we are facing today are the direct result of too much secrecy and too little accountability.”

Representative Scott Garrett, a New Jersey Republican who serves on both the Financial Services and Banking committees, said “it’s impossible to get to the bottom of where we are because we don’t have transparency.”

Too bad no one thought of that before.  I am more concerned with the fact that they just came up with the money out of no where.  Calculations are indicating that they have tripled our money supply by printing 2 trillion dollars.  Where it goes should be less on our leader’s minds then where did it come from.  I think I will just buy a small wheel barrel now.



1. I.F. Stoner - 15 November, 2008

David Anderson said:
“The Federal Reserve is a quasi private bank. It is independent and not under Freedom of Information and open government rules.”
This is simply NOT correct. The FOIA applies even to “private” and “quasi-private” entities who are doing the public’s business or operating under a federal charter for the purpose of carrying out public policy. Go to http://www.rcfp.org to learn more.

2. David Anderson - 17 November, 2008

We shall see. The Fed doesn’t believe it applies, but now it is up to the courts. Congress certainly doesn’t have the courage to get involved.

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