Comments on: The Bankers’ Bank

By: Willie

Willie — Thu, 14 May 2009 20:29:09 +0000

Extremely old news. No one has a prayer – we’re all subjects to a criminal cartel. YES WE CAN – ROFLMAO

By: David Spellman

David Spellman — Wed, 13 May 2009 01:03:02 +0000

The Federal Reserve system is an ingenious ploy to rob us of a few percent of our wealth every year. What we call inflation is merely theft. The “bankers” plan is to skim a small fraction off the economy, which amounts to a vast fortune for their coterie. Alas, they are killing the goose that laid the golden egg.

The tragedy is that inflation robs the widows and the fatherless and the pensioner. Pardon me for striking a religious tone, but God has pronounced woe upon those who rob the widows and fatherless. The people who support this system are going to wish they had never participated when they face the wrath of God for their evil.

By: Tim Kelly

Tim Kelly — Sat, 09 May 2009 14:43:54 +0000

Bravo! It is no coincidence all the great libertarian thinkers of the 20th century opposed central banking, while statist “mainstream” have embraced it. Central banking is the principal method by which the government manipulates the economy for the benefit of favored special interests. The recent orgy of government bailouts has exposed our political economy for the kleptocracy it is but this game has been going on for long time.

Ivan Eland of the Independent Institute had an excellent article yesterday recounting how throughout US history the federal government has manipulated the banking sector to facilitate the financing of it wars and how these wars have contributed to the country’s economic problems.

Central banking in Europe and United States has played a key role in the cancerous growth of the State in the 20th century. If governments were deprived of the power to inflate the currency, wars and other government boondoggles would face much more political opposition from the taxpaying public.

By: william white

william white — Fri, 08 May 2009 20:11:05 +0000

I agree with your article but as the “shadow banking” system demonstrated in the bust I’m not sure that banking can be usefully defined.

By: Sheldon Richman

Sheldon Richman — Fri, 08 May 2009 19:56:03 +0000

Larry, that is the aspect I most wanted to highlight. Thanks for reinforcing it.

By: Larry Miller

Larry Miller — Fri, 08 May 2009 14:31:29 +0000

I believe the term used at the beginning, “regulator/protector” of the banking industry is the key that needs to be emphasized in telling the story of the Fed. People think it is a government operation working for their interests, which it is not.

We need to realize that the efforts, both by the government and Fed to prop up overly inflated prices are to protect collateral values, not home owners. We also need to realize that the encouragement given to businesses and consumers to keep spending and keep borrowing is more of the same that got us into this mess. We need to stop taking the advice of those who have agendas contrary to the good of the country and its citizens.

As with much that comes from our government and educational system, the truth is almost always the opposite of what we are told. The Fed was not created to protect us from big business, as you say, it was created to protect big business.