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The Fed and Freedom

February 24, 2012

By Douglas Smyth, on

What needs to happen: the Fed must become more transparent and responsive to the needs of the American people, not banks, possibly by fully nationalizing it, so that it’s no longer a public-private monster. Then people will be able to hold it responsible, and prevent it from endlessly financing wars. People can insist, instead that it serve their needs, to facilitate lives that are good and long, and civilized, not brutish.

After all, in the Fed’s Humphrey-Hawkins mandate, passed by Congress and signed in 1978 by Carter, the Fed is supposed to manage the economy and balance TWO needs: stability of the currency, or inflation, and employment.

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