Warren is ‘Fed-Up’ ... and why aren't the rest of us?

 

Sen. Elizabeth Warren (D-MA) and her colleague Sen. Jeff Merkley (D-OR) called out the Federal Reserve for being too lax on financial reform, and urged the Obama administration to fill two open seats on the Fed's seven-member board with candidates committed to cracking down on Wall Street… They wrote in a joint letter: "As the events of 2008 showed, when the Federal Reserve and other financial regulators failed to engage in appropriate financial regulation, the results were the worst financial crisis in 80 years… Financial regulation and oversight obligations must be front and central to the Board's work." (View Source)

Many of us had hoped that when the new, now older, President Obama took office there might be some major changes in the way government seemed to protect the interests of the banking industry. Elizabeth Warren was embraced by the President in an attempt to protect “we the people” (consumers of banking services) from practices that were highly suspect if not illegal.

Of course, Obama may have had high hopes that he could effect change at the highest levels and bring some common sense to working for the good of the people. I think what he discovered is what all presidents in the last 100 years have found out… their influence and power to change things is limited by greater powers that be. And I’m not just talking about the limitations of each branch of government.

In order to understand more fully what we are dealing with here, it seems a necessity to realize that the “US central bank”…the Federal Reserve… is not a bank of the US government. It is not “federal” and it is not a “reserve”… It, the “Fed,” was the idea of one Senator from RI along with the world’s leading banking families when they came together in a secret meeting in a resort island off the coast of Georgia (US) in the early 1900s (See Jekyll Island and here for video). Through various trials in the senate and after some deceptive practices that even saw the banking industry come out against the idea of the “Federal Reserve,” the “Fed” became a reality in 1913.

The Federal Reserve System is supposed to act in the interest of the American people, yet it is a private, not publically owned corporation and all the member ‘banks’ are owned by private banks [corporations]... so, the main interest for the Fed may be 'we the people' as defined by the Supreme Court recently as including corporations... [how can corporations be people?]

While the ‘Fed’ chairperson gives reports to congress, the control lies within the banking leaders and not in the government. In passing the “Currency Bill” in 1913, the congress gave away the constitutional obligation of the government to regulate and coin money to a private corporate structure that can be controlled more by international banking families with little interest in the common good. By an act of Congress, the government could regain the constitutional right to control currency... but other than a few who are schooled in these matters, there seems little interest to make a change.

It seems obvious to some that there are certain areas in which the President has little or no influence or control. It is most likely that he did not find out about these areas until he was placed in office. So, promises made for election purposes often are placed on the back burners or abandoned once the reality of the situation becomes apparent. And of course there is always the opposition party which seems to have gone to new lows to try to ensure there are no changes to the status quo....business as dysfunctional usual...

Warren is ‘Fed’-Up with the ‘Fed” …and rightfully so in my opinion, Yet, while I love Elizabeth Warren with her spunk and common sense approach, I would guess that there are many around her, including the President, that have become deaf to the thought of regulating the banking industry, since it is the main corporate structure that controls monetary policy… even when it is only monopoly currency… it’s what we have to work with in the year 2014. Perhaps the President and others need to get hearing aids to expand what they will hear!

John Hutchinson – May 29, 2014

john@sunhutch.com
Sundance Center for Conscious Living – www.sunhutch.com