New York City activist

September 26, 2007

Some of the rhetoric against the Federal Reserve System

In the right wing anti-establishment alternative media, there’s a lot of focus on the Federal Reserve System as the alleged root of many of this country’s ills.

I’m inclined to agree that the Federal Reserve System puts too much power in the hands of bankers and that that’s probably a bad idea. However, some of the anti-Fed rhetoric I’ve been reading lately strikes me as greatly exaggerated.

It is alleged by some people that the Federal Reserve System is, in reality, nothing but a private banking cartel, “as federal as Federal Express.” (See, for example, JFK vs. The Federal Reserve by Anthony Wayne and Proof of the Banking Conspiracy: A Message from the Past by Randy Lavello.) Some have alleged, further, that the Fed’s sole real purpose is to make money for the banks by putting the government and all the rest of us deeper and deeper in debt. And it is alleged that at least some of the big bankers, in order to maintain their deadly grip via the Fed, are the main conspirators behind various crimes such as the JFK assassination, 9/11, etc.
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