tag:blogger.com,1999:blog-4900303239154048192.post6854486724999237060..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: Will Obama's Fed Picks Change The Fed?Unknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4900303239154048192.post-35592301534056913652010-03-19T11:37:14.802-04:002010-03-19T11:37:14.802-04:00Barkley,
It seems that members of the Fed Bd of G...Barkley, <br />It seems that members of the Fed Bd of Governers would do well to familiarize themselves with the Fed's self stated responsibilities,<br />which can be found here on their own web site:<br />http://www.federalreserve.gov/aboutthefed/mission.htm<br /><br />It appears that monetary policy is only one of four areas of concern, as stated on that page:<br /><br />Today, the Federal Reserve's duties fall into four general areas:<br />*conducting the nation's monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates, *supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers,<br />*maintaining the stability of the financial system and containing systemic risk that may arise in financial markets, <br />*providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system.Jackhttps://www.blogger.com/profile/12971442888151627894noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-77095001636400515112010-03-19T09:59:37.583-04:002010-03-19T09:59:37.583-04:00It doesn't seem to matter who is on the Fed wi...It doesn't seem to matter who is on the Fed with respect to this institutions lack of control over the global US dollar glut.<br /><br />Implications of this glut:<br />* selective interest rates in favour of transnational corporations;<br />* selective access to credit (TNCs the winners again);<br />* lack of control over speculative activities (TNCs again - carry trade and other currency-related in particular);<br />* now we see, with the very long history of taxpayer-funded bailouts that selectivity has gone to its ultimate extreme. <br /><br />Poor nations, small businesses and households are being continually squeezed by the Fed to counteract the inflationary activities of those 'too big to fail'.<br /><br />What, if anything, do the Fed staff have to say on this subject?<br /><br />Thanks for the helpful background info, Barkley.Myrtle Blackwoodhttps://www.blogger.com/profile/07427043367624101075noreply@blogger.com