domenica, luglio 10, 2005

Un pò d'americano..

A letter written by professor emeritus, Seymour E. Harris, famous Harvard economist who served as advisor to President Kennedy, printed July 16 in the Washington post says in part:

"On no issue of economic policy has more nonsense been written than on the independence of the Federal Reserve System. And no one has proclaimed this independence more insistently than Mr. William McChesney Martin, Chairman of the Federal Reserve Board. ... We cannot afford, in these days of crisis, the luxury of the Executive going one way and the Fed another.
Under President Kennedy, there were threats of restrictive monetary policy; e.g., at one point Mr. Martin would VETO the tax cut by not financing the deficit out of additional money. The Board itself gives too much attention to the wishes of the financial interests. The banks even more so. ..."

The Fed "... could - if it so desired - reduce or even

retire all of our publicly held national debt

by providing banks with reserves.

But bankers cannot exist without debt.

No debt, no money.

Government paper is wonderful to have around. The clipping of coupons is profitable - and

no risk exists."

No government or independent audit has ever been made of the 12 Federal Reserve banks.

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