Bloomberg News reports that the Federal Reserve is refusing to disclose how $2 trillion of taxpayer money is being used under provisions of a recent bill bailing out financial institutions, specifically banks. The article linked here tells the story.
It is outrageous that we are not being told how our money is being used! Of course there have long been parts of the Pentagon's budget which are secret, and that is outrageous enough. But this is an affront to democracy. As one commenter said, We fought a revolution over this sort of thing.
The Federal Reserve was established essentially to protect the private banking system. So what it is doing is in line with its original purpose. That, of course, does not justify its secrecy in this case. It is time to establish a national bank, not for the purpose of replacing private banks but to help regulate the system and prevent crashes. This new national bank must operate with appropriate transparency and over-sight. It must be part of a far-reaching reform of our entire banking and financial system.
http://www.truthout.org/121408A
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