On Wed, Jun 19, 2013 at 12:27 PM, Jim Devine <[email protected]> wrote:
> raghu wrote: > > I wouldn't be too quick to denounce central banks run by technocrats. Do > you > > really want the Fed to be controlled by the present Congress infested > with > > Tea Party crazies? > > Congress doesn't _really_ want to control (or abolish) the Fed, since > it's so useful to have someone to blame for whatever goes wrong. > This is certainly true of the saner members of Congress, but then there are the Ayn Rand nuts like Paul Ryan and Ron Paul who really do seem to want to go back to the gold standard. > BTW, I think when people talk about central banks being "run by > technocrats," that's code for "run in the interests of the banking > industry and other financiers." The Fed, for example, is a cartel of > bankers. > This is too simplistic. "Cartel of bankers" is an accurate description of the NY Fed, but the regional Feds and the Board of Governors are rather more complicated beasts. -raghu.
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