Right Thinking

In part 2 of my series about the federal reserve, I will go into exactly what the President’s mistruth was. Some readers apparently misunderstood my last post, it was not my goal to prove Obama’s lie there, but simply to lay the groundwork for that discussion. Its a complicated topic, so I thought I would discuss the pre-Obama fed in one post so you can see the change in bite size chunks.

The Obama Administration’s plan to increase the power of the Federal Reserve is described in detail in an 88 page brief which is very well hidden from the general public, but which comes out to this: give the Fed the authority to oversee all companies that are too big to fail and to regulate them accordingly. This is not a concentration of power, its a broadening of power. The President lied.

As we discussed in the first part, the Federal Reserve is just a cartel of powerful banks. And in the words of Dick Durbin (D-Ill) “And the banks … are still the most powerful lobby on Capitol Hill. And they frankly own the place,”

Part 3 will discuss the Constitutionality of the Fed in the first place, perhaps the most interesting part of all.  I’ll admit, the President’s lie is obvious and relatively small, but it did give me a jumping board to teach people about the soon to be super-powerful Federal Reserve. Please pardon the opportunism.

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