The Forum > Article Comments > Obama honeymoon still hearts and roses? > Comments
Obama honeymoon still hearts and roses? : Comments
By Margaret Ann Williams, published 3/4/2009Barack Obama: graceful, thin, refined, polite, mixed-race, intelligent, thoughtful, lovely family, did I say thin? What party-pooper could complain?
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for the Fed comes under the rules of Congress. If these hundreds
of members and their hundreds of millions of electors are all being
duped as you claim, I am sure that they will wake up one day or
that far more likely, you, like many other conspiracy theorists,
have your wires crossed.
http://www.geocities.com/CapitolHill/Senate/3616/flaherty7.html
answers many questions, for many don't understand the system.
The Fed operates not so differently to our RBA, the point being
that one wants a Central Bank which is at arms length from politicians.
In the US they have simply contracted out the job
to private enterprise, as their distrust of Govt is larger then
ours. If that is a good thing or a bad thing, is debatable.
The worst accusation against the Fed that I have read is that
they pay interest of 6% to member banks who deposit money there.
Well duh, if our banks deposit money with the RBA, they too are
paid interest, only IIRC it varies, unlike the US fixed rate.
Annual profits from the Fed are paid back to the treasury, annual
profits from the RBA are paid back to the treasury.
Should the Fed or RBA paying interest be seen as a scandal?
Absolutaly not, for it is a bankers bank after all.
So what is your problem?