General

Re: If the Federal Reserve Was 100% Controlled By Gov., Would it Change Anything?

John Ess — Thu, 18 Oct 2012 22:36:20 GMT

Banking Act of 1935 says that the president chooses the seven guys. Those guys then get a 14 year term.

Re: If the Federal Reserve Was 100% Controlled By Gov., Would it Change Anything?

Jargon — Thu, 18 Oct 2012 21:34:53 GMT

The President chooses the governors from a list of candidates provided to him by... the current board of governors. Wow!

These were the first ones:

"First Board of Governors of the Federal Reserve System. Front row: Charles S. Hamlin (Chairman), W.G. McAdoo (ex-officio, Secretary of the Treasury), Frederick Delano. Back row: Paul M. Warburg, John Skelton Williams (ex-officio, Comptroller of the Currency), W.P.G. Harding, A.C. Miller"

One might do well to learn who they were.

Re: If the Federal Reserve Was 100% Controlled By Gov., Would it Change Anything?

John Ess — Thu, 18 Oct 2012 20:31:52 GMT

The president chooses the seven members of the board of governors. These are then confirmed by the Senate. And the President can choose the chairman among these governors. Obama nominated Bernanke and it was confirmed by the Senate.

They also must appear before congress to testify twice a year about their policies, as well as hold meetings with the Secretary of Treasury.

It seems they are part of government. But a government full of people that are usually too stupid to question anything about it.

Re: If the Federal Reserve Was 100% Controlled By Gov., Would it Change Anything?

grant.w.underwood — Thu, 18 Oct 2012 18:11:35 GMT

limitgov - oh i agree that they would make that arguement, but i would argue that it is 100% controlled by government. that only thing private about it is its secrecy. If someone were to make a quasi-private case ask them what the fed does that government doesnt want them to do? ask them what the government would do that the fed isnt doing? ask them does the government have the authority to abolish them? what cant the government do to the fed now that they could under their '100%' government control.

Re: If the Federal Reserve Was 100% Controlled By Gov., Would it Change Anything?

Clayton — Thu, 18 Oct 2012 18:07:19 GMT

To whatever extent the Fed is actually independent of USG, it doesn't matter since both USG and the Fed are controlled by the Establishment.

Next question.

Clayton -

Re: If the Federal Reserve Was 100% Controlled By Gov., Would it Change Anything?

limitgov — Thu, 18 Oct 2012 17:58:06 GMT

"You are making the assumption that the federal reserve isn't already 100% controlled by the government."

the suckers will tell you that the federal reserve is quasi-private. which is correct. they'll go on to say, government doesn't control the federal reserve's descisions.

Re: If the Federal Reserve Was 100% Controlled By Gov., Would it Change Anything?

Neodoxy — Thu, 18 Oct 2012 16:51:17 GMT

It would probably be a little worse at doing what it's supposed to do.

Re: If the Federal Reserve Was 100% Controlled By Gov., Would it Change Anything?

grant.w.underwood — Thu, 18 Oct 2012 16:16:00 GMT

You are making the assumption that the federal reserve isn't already 100% controlled by the government.

If the Federal Reserve Was 100% Controlled By Gov., Would it Change Anything?

limitgov — Thu, 18 Oct 2012 15:41:18 GMT

If not, explain why it would not. Speak in 9th grader terms.

I believe there are alot of suckers out there who think this could change everything. If they are wrong, please explain in detail why a federal reserve controlled 100% by government would operate pretty much the same way.