Federal Reserve Reform — It may be time for a new populist movement, one that returns the power to issue money to the government.
The Federal Reserve System (also known as the Federal Reserve, and as "The Fed") is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907. The video below gives a brief explanation of The Fed. The articles below the video offer the views of progressives on the topic of The Fed
Ellen Brown: For the central bank to satisfy its mandate to promote full employment and to become an institution that serves all the people, not just the 1%, the Fed needs fundamental reform.
Ellen Brown: The Fed could avoid collateral damage to the shadow banking system without curtailing its quantitative easing program by taking the novel approach of directing its QE fire hose into the real market.
John Peeler: Obama, if he could free himself of the Wall Street crowd, is the likelier buyer of Will’s prescription of breaking up financial institutions that are “too big to fail”.
Shamus Cooke: Aside from some sparse rhetoric, neither Democrats nor Republicans have offered a solution to job creation. Most politicians seem purposefully myopic about the jobs crisis, as if a healthy dose of denial might get them through the electoral season unscathed.
Karen FInney: Rather than helping to further understanding about the policy being announced, Munro engaged in exactly the kind of provocative-for-the-sake-of-it “journalism” that cheapens our national debate on important issues.
Ellen Brown: We are indentured to a Wall Street money machine that creates our money and lends it back to us at interest, money our sovereign government could be creating itself, with full democratic oversight and accountability to the people.
Of the Federal Reserve Bank, Wikipedia says, The twelve Federal Reserve Banks form a major part of the Federal Reserve System, the central banking system of the United States. The twelve federal reserve banks together divide the nation into twelve Federal Reserve Districts, the twelve banking districts created by the Federal Reserve Act of 1913. […]
Brent Budowsky: The sin of the supercommittee is that it has merely mirrored the old-think politics it was created to rise above.
Ellen Brown: What was sufficient for a simple agrarian economy does not provide an adequate framework for freedom and democracy today. We need an Economic Bill of Rights, and we need to end the privatization of the national currency.
Ellen Brown: Eliminating, reducing, or deferring student loan debt will free up the budgets of millions of students, allowing them to spend more on goods and services, increasing demand and creating jobs, and adding to tax revenues.
Steven Conn: For thirty years inflation has not been a serious threat to the American economy, yet politicians and pundits continually fret about it. The never-ending worry about inflation is like fighting the last war rather than the current one. What’s needed today is a war on unemployment and wage stagnation, not inflation.
Ivan Eland: The good news is that if the committee can’t reach an agreement on the fiscal changes, or if Congress rejects its work, defense (including homeland security) and domestic programs have to take equal cuts.