Son. I hate to break it to you but the Federal Reserve has never been independent ever. The fiction that the Fed has been Independent is repeated over and over again as if it’s a magical chant. If you say something over and over again you can make a lie Truth. Sort of like Vaccines are safe and Effective. Trump is a facist and Racist. Etc etc.
The Federal Reserve has been either the source or has made every financial depression or recession worse by their own policies. They have failed us in every way imaginable and they will continue to f it up.
"as well as former Treasury secretaries from both parties."
Thought when I read this that by including it Matt was essentially admitting that de facto the fed is just one more political institution.
Have always felt the same. Independence a known illusion that the elites try and sell to the public, and the lie works for the most part, as do the majority of their lies.
I worked at Volcker’s Fed in my first job, and in the financial industry for much of my career. I remember well the 2007-2008 crisis when the Fed balance sheet ballooned in days.
Most economic crises and recessions have their origins in government action (remember the idea that EVERYONE should be a homeowner under Clinton’s 2nd term? This birthed the 2007-2008 crisis) So many other examples in my lifetime.
BTW, the investigation of Powell was prompted by his (arguably) perjurious testimony to Congress re. the “renovation” of the Fed building. Powell is incompetent. Some of the other governors (looking at you, Lisa Cook, of the multiple “primary residences” claimed on your mortgages) are equally suspect.
That's right! It should be noted that the Fed has never been anything more than reactionary. The Fed governors aren't paid for their balls. Or they would be broke.
True, all buildings are constructed and renovated on time and under budget. Sure they are. Powell was seen down at the site personally directing the workers. Sure he was. Every peccadillo of each Fed member should be selective prosecuted until they march to the President's tune because Presidents are always balanced and prudent about wanting lower interest rates. Sure they are. Massive inflation isn't really a problem, what's important is that the government get to borrow money at a low rate. Sure it isn't.
'Transitory' was the buzz word until 'affordability' suggested it wasn't so 'transitory'.
Andrew Cuomo HUD Secretary Jan. '97-'01 pushed for 'mortgages for everyone' and your credit rating is somehow racist. 2001/06 housing boomed and the first sign I saw as a problem was when a landlord I new was dumbfounded that a renter, that never paid by the first, bought a home. How do unelected people have such power over OUR economy? END THE FED and let the markets do their job. Privatizing profits and socializing looses is Un-American.
It is not technically POSSIBLE to "end the Fed." The economy runs on dollars and all the dollars that actually exist are the liquid liabilities of the Federal Reserve. We can and should force the Fed to define and stabilize the real value of the dollar, however.
Those aren’t dollars which is .77 oz of Troy silver - The Fed has Federal Reserve Notes. Separating the weight of the commodity from the name of the currency was a crucial step in fleecing the masses.
The definition of "the dollar" is set by law. Right now, dollars are Federal Reserve Notes. Other forms of dollar payments will only be accepted if they can be converted at par to Federal Reserve Notes.
Yes, I think you missed the real point of my post. The names of currencies are derived from and represented a weight in gold/silver. The mark, pound, franc, dollar, etc. FRNs are fake and gay dollars.
A dollar is already defined and an FRN doesn’t meet that criteria. It’s tranny-loving applied to monetary units.
I'm not making a value judgment, just pointing out "what is." Silver has not been money in the U.S. since "The Crime of 1873." However, if you don't believe me, take a bar of silver to the nearest Walmart and try to buy something with it.
You’re maybe intentionally obtuse here - that’s not what we’re discussing. I’m talking about where the names of these currencies originated. I’m saying separating the name from the weight was a big moment in human history - as illustrated by your inability to acknowledge that historical fact - I’m not arguing with the truth of your replies.. you are right.
Besides, Gresham’s Law states an artificially overvalued currency will chase an artificially undervalued currency (actual money) silver quarters, dimes, etc out of circulation.
I am making a value judgment - if “what is” is out of sync with the laws of God and nature and demonstrably enriches the politically connected while robbing the common man - destroying the storage of value of the monetary unit - then it’s all fucked.
The Fed is a fake organization to allow bankers to control our economy. It is completely and totally anti-constitutional,and should have been shoveled into the dustbin of history a long time ago.
There's no such thing as an independent executive agency, and the government cannot outsource its functions in such a way that it loses oversight. The Fed is not and never has been independent, even though the federal government has done its best to abdicate its constitutionally mandated responsibilities.
"Independent" sounds better than "unaccountable." I'm old enough to be collecting Social Security and I think the Fed has been, all things considered, pretty good for most of my lifetime. But nothing lasts forever.
$600 Million over budget? And the budget estimate was $1.9 Billion. The $1.9B was obscene. Another $600 million overrun is beyond the pale. It's disgusting.
The FED is made up of expert economists who never make mistakes!
Just like the CDC experts who told us the Wuhan lab leak was an impossible conspiracy theory, and we needed just two weeks to flatten the curve.
And just like the 1200 medical professionals who told us we couldn't hold a funeral for Grandma, but that we should join mass protests against the greatest public health scourge, racism.
All these many Robert S. McNamaras, ever ready to tell us not to believe our lying eyes as they fail upward and expert us to death.
Perhaps Ron would be willing to go in just to end it. But the problem are those left on the federal reserve board. They are all reasons just to end the fed from the outside.
The real bad guys would kill him. Dr. Ron Paul has done enough by educating the next generation. I want him to die peacefully after a life served in service of others. I couldn’t refer another human being more than I do Dr. Ron Paul!
Jim Grant would be the perfect Fed Chair. Dr. Ron Paul would be amazing as well. Judy Shelton (who I don’t know much about) is at least a sound money advocate and would’ve provided some much needed intellectual diversity on The Fed Board - she was being eyed for a position maybe during Trump’s first term? Can’t remember… as is there’s a bunch of Keynesians and MMTs using economic fairy tales to lead us to ruin.
There are those that believe that when Woodrow Wilson gave over the authority to issue the country’s money to a private bank, he made worrying about the nation’s sovereignty irrelevant, because it was lost at that moment. Wilson later stated he unwittingly destroyed his nation by signing the federal reserve act.
And now in this era where there is no memory of why the founding fathers opposed international reserve banking as well as Presidents like Andrew Jackson that managed to take the issuing of money back the federal reserve is very effective spinning any challenges to its dominance over the country’s money and by extension the economy the equivalent of an insurrection against the government, which they aren’t even a part of. They must just laugh how stupid we are.
Excellent comments from all; part of the wonderful TFP experience. That said, TFP and others need to focus more on the relationship with the big investment banking firms and private equity. These folks gamble with our money (Warren Buffet called this weapons of mass destruction), and when they win, they buy bigger jets, boats and beach homes while lecturing us about society and culture.
When they lose, WE PAY. The Feckless Fed is a bank window clerk who dishes out our money for their errors. And now they build palaces and take media victory laps!?
Was Obama’s TreasSec nominee on the NY Fed, and he had unpaid taxes of $14,000.00? Because, “so what”for a Fed governor. Or how about transitory 9% inflation. Or the San Fran Fed not preventing the failure of Republic Bank. All this must have been someone else’s fault. Pay no attention to the quantitative easing behind the curtain.
Meanwhile, may we have someone tell us the money spent on The Taj Mapowell. Why these Importants need such a grandiose new structure that only THEY will ever have access to. Do you think you will have DC tourists getting a walk through Fed HQ? And, I can’t believe they have their own flag? Maybe each Fed Gov has their own flag. Wouldn’t be surprised.
Why should this unelected body have so much power? End the fed? Let the markets dictate rates with no artificial rate setting (even if only at the short end) and no money printed funds to assert QE?
This article fails to note that "the reported criminal inquiry into Federal Reserve Chair" is specifically related to perjury came via Congress Oversight Committee who sent the referral. These would be Tillis' fellow representatives. Congress has oversight of the Federal Reserve and during oversight hearings, there were irreconcilable statements within Chairman's Powell's testimony. These irregularities were included in the referral. See below.
As a result of the referral, the DOJ sent numerous requests for information to Powell - who ignored them. As a result a subpoena was sent to Powell for information.
If sufficient evidence of perjury comes to light in the DOJ investigation, then Powell will be indicted and he can defend himself in a Court of Law. Should a jury determine that he committed perjury, then and only then do Tom Tillis' thoughts on the matter become important.
If there is not sufficient evidence of perjury, the Fed has been put on notice that Congressional testimony must be faithful.
Either determination is a win for the American public.
Tillis reminds me of the bitter John McCain as a RINO that has lost power in the 'Party' and as he 'retires' from office will tip the trash can over as he heads out the door.
Funny how Powell was lowering rates as Biden was campaigning for his second term but is refusing to now. The magical 2% inflation mark is a made up guideline especially when GDP is humming at 3% or higher. It’s nothing but game really because nobody has any idea what can happen quarter to quarter. Remember Powell said inflation was “transitory”? He was wrong and still kept his job. He should have been fired for that. If that’s not cause I don’t know what is. He’s a bag of shit and they all suck. Abolish the Fed.
Son. I hate to break it to you but the Federal Reserve has never been independent ever. The fiction that the Fed has been Independent is repeated over and over again as if it’s a magical chant. If you say something over and over again you can make a lie Truth. Sort of like Vaccines are safe and Effective. Trump is a facist and Racist. Etc etc.
The Federal Reserve has been either the source or has made every financial depression or recession worse by their own policies. They have failed us in every way imaginable and they will continue to f it up.
"as well as former Treasury secretaries from both parties."
Thought when I read this that by including it Matt was essentially admitting that de facto the fed is just one more political institution.
Have always felt the same. Independence a known illusion that the elites try and sell to the public, and the lie works for the most part, as do the majority of their lies.
I worked at Volcker’s Fed in my first job, and in the financial industry for much of my career. I remember well the 2007-2008 crisis when the Fed balance sheet ballooned in days.
Most economic crises and recessions have their origins in government action (remember the idea that EVERYONE should be a homeowner under Clinton’s 2nd term? This birthed the 2007-2008 crisis) So many other examples in my lifetime.
BTW, the investigation of Powell was prompted by his (arguably) perjurious testimony to Congress re. the “renovation” of the Fed building. Powell is incompetent. Some of the other governors (looking at you, Lisa Cook, of the multiple “primary residences” claimed on your mortgages) are equally suspect.
We deserve better. Thom Tillis should back off.
Or else the president should discuss Tillis and Powell during a short walk in the rose garden with the cia director.
That's right! It should be noted that the Fed has never been anything more than reactionary. The Fed governors aren't paid for their balls. Or they would be broke.
I don't think they're paid for their brain power either. I think they are more akin to useful idiots or tools.
True, all buildings are constructed and renovated on time and under budget. Sure they are. Powell was seen down at the site personally directing the workers. Sure he was. Every peccadillo of each Fed member should be selective prosecuted until they march to the President's tune because Presidents are always balanced and prudent about wanting lower interest rates. Sure they are. Massive inflation isn't really a problem, what's important is that the government get to borrow money at a low rate. Sure it isn't.
'Transitory' was the buzz word until 'affordability' suggested it wasn't so 'transitory'.
Andrew Cuomo HUD Secretary Jan. '97-'01 pushed for 'mortgages for everyone' and your credit rating is somehow racist. 2001/06 housing boomed and the first sign I saw as a problem was when a landlord I new was dumbfounded that a renter, that never paid by the first, bought a home. How do unelected people have such power over OUR economy? END THE FED and let the markets do their job. Privatizing profits and socializing looses is Un-American.
Have you ever asked yourself what exactly the FED is? It is essentially the Creature from Jekyll Island. I think it's way past time to END the FED.
It is not technically POSSIBLE to "end the Fed." The economy runs on dollars and all the dollars that actually exist are the liquid liabilities of the Federal Reserve. We can and should force the Fed to define and stabilize the real value of the dollar, however.
Those aren’t dollars which is .77 oz of Troy silver - The Fed has Federal Reserve Notes. Separating the weight of the commodity from the name of the currency was a crucial step in fleecing the masses.
The definition of "the dollar" is set by law. Right now, dollars are Federal Reserve Notes. Other forms of dollar payments will only be accepted if they can be converted at par to Federal Reserve Notes.
Yes, I think you missed the real point of my post. The names of currencies are derived from and represented a weight in gold/silver. The mark, pound, franc, dollar, etc. FRNs are fake and gay dollars.
A dollar is already defined and an FRN doesn’t meet that criteria. It’s tranny-loving applied to monetary units.
I'm not making a value judgment, just pointing out "what is." Silver has not been money in the U.S. since "The Crime of 1873." However, if you don't believe me, take a bar of silver to the nearest Walmart and try to buy something with it.
You’re maybe intentionally obtuse here - that’s not what we’re discussing. I’m talking about where the names of these currencies originated. I’m saying separating the name from the weight was a big moment in human history - as illustrated by your inability to acknowledge that historical fact - I’m not arguing with the truth of your replies.. you are right.
Besides, Gresham’s Law states an artificially overvalued currency will chase an artificially undervalued currency (actual money) silver quarters, dimes, etc out of circulation.
I am making a value judgment - if “what is” is out of sync with the laws of God and nature and demonstrably enriches the politically connected while robbing the common man - destroying the storage of value of the monetary unit - then it’s all fucked.
The Fed is a fake organization to allow bankers to control our economy. It is completely and totally anti-constitutional,and should have been shoveled into the dustbin of history a long time ago.
“Andy Jackson” it!!!
There's no such thing as an independent executive agency, and the government cannot outsource its functions in such a way that it loses oversight. The Fed is not and never has been independent, even though the federal government has done its best to abdicate its constitutionally mandated responsibilities.
"Independent" sounds better than "unaccountable." I'm old enough to be collecting Social Security and I think the Fed has been, all things considered, pretty good for most of my lifetime. But nothing lasts forever.
$600 Million over budget? And the budget estimate was $1.9 Billion. The $1.9B was obscene. Another $600 million overrun is beyond the pale. It's disgusting.
The IRS/credit card companies/our local lending institutions would NEVER grant any of us that grace.
The FED is made up of expert economists who never make mistakes!
Just like the CDC experts who told us the Wuhan lab leak was an impossible conspiracy theory, and we needed just two weeks to flatten the curve.
And just like the 1200 medical professionals who told us we couldn't hold a funeral for Grandma, but that we should join mass protests against the greatest public health scourge, racism.
All these many Robert S. McNamaras, ever ready to tell us not to believe our lying eyes as they fail upward and expert us to death.
Short of Ron Paul, I don't know who'd get in there that would make any damn difference.
There is absolutely no reason for them to exist.
They will keep on stealing from us no matter what.
Perhaps Ron would be willing to go in just to end it. But the problem are those left on the federal reserve board. They are all reasons just to end the fed from the outside.
The real bad guys would kill him. Dr. Ron Paul has done enough by educating the next generation. I want him to die peacefully after a life served in service of others. I couldn’t refer another human being more than I do Dr. Ron Paul!
Jim Grant would be the perfect Fed Chair. Dr. Ron Paul would be amazing as well. Judy Shelton (who I don’t know much about) is at least a sound money advocate and would’ve provided some much needed intellectual diversity on The Fed Board - she was being eyed for a position maybe during Trump’s first term? Can’t remember… as is there’s a bunch of Keynesians and MMTs using economic fairy tales to lead us to ruin.
Also the “financing” of the Covid spending binge was de facto fiscal policy. Incredibly inflationary!
There are those that believe that when Woodrow Wilson gave over the authority to issue the country’s money to a private bank, he made worrying about the nation’s sovereignty irrelevant, because it was lost at that moment. Wilson later stated he unwittingly destroyed his nation by signing the federal reserve act.
And now in this era where there is no memory of why the founding fathers opposed international reserve banking as well as Presidents like Andrew Jackson that managed to take the issuing of money back the federal reserve is very effective spinning any challenges to its dominance over the country’s money and by extension the economy the equivalent of an insurrection against the government, which they aren’t even a part of. They must just laugh how stupid we are.
Excellent comments from all; part of the wonderful TFP experience. That said, TFP and others need to focus more on the relationship with the big investment banking firms and private equity. These folks gamble with our money (Warren Buffet called this weapons of mass destruction), and when they win, they buy bigger jets, boats and beach homes while lecturing us about society and culture.
When they lose, WE PAY. The Feckless Fed is a bank window clerk who dishes out our money for their errors. And now they build palaces and take media victory laps!?
Was Obama’s TreasSec nominee on the NY Fed, and he had unpaid taxes of $14,000.00? Because, “so what”for a Fed governor. Or how about transitory 9% inflation. Or the San Fran Fed not preventing the failure of Republic Bank. All this must have been someone else’s fault. Pay no attention to the quantitative easing behind the curtain.
Meanwhile, may we have someone tell us the money spent on The Taj Mapowell. Why these Importants need such a grandiose new structure that only THEY will ever have access to. Do you think you will have DC tourists getting a walk through Fed HQ? And, I can’t believe they have their own flag? Maybe each Fed Gov has their own flag. Wouldn’t be surprised.
Why should this unelected body have so much power? End the fed? Let the markets dictate rates with no artificial rate setting (even if only at the short end) and no money printed funds to assert QE?
We dont hate Central Bankers enough. But I have a feeling, as the price of gold and the Japanese bond market are signaling, that we soon shall.
This article fails to note that "the reported criminal inquiry into Federal Reserve Chair" is specifically related to perjury came via Congress Oversight Committee who sent the referral. These would be Tillis' fellow representatives. Congress has oversight of the Federal Reserve and during oversight hearings, there were irreconcilable statements within Chairman's Powell's testimony. These irregularities were included in the referral. See below.
https://d12t4t5x3vyizu.cloudfront.net/luna.house.gov/uploads/2025/07/APL-Referral-Letter-on-Powell.pdf
As a result of the referral, the DOJ sent numerous requests for information to Powell - who ignored them. As a result a subpoena was sent to Powell for information.
If sufficient evidence of perjury comes to light in the DOJ investigation, then Powell will be indicted and he can defend himself in a Court of Law. Should a jury determine that he committed perjury, then and only then do Tom Tillis' thoughts on the matter become important.
If there is not sufficient evidence of perjury, the Fed has been put on notice that Congressional testimony must be faithful.
Either determination is a win for the American public.
Tillis reminds me of the bitter John McCain as a RINO that has lost power in the 'Party' and as he 'retires' from office will tip the trash can over as he heads out the door.
Funny how Powell was lowering rates as Biden was campaigning for his second term but is refusing to now. The magical 2% inflation mark is a made up guideline especially when GDP is humming at 3% or higher. It’s nothing but game really because nobody has any idea what can happen quarter to quarter. Remember Powell said inflation was “transitory”? He was wrong and still kept his job. He should have been fired for that. If that’s not cause I don’t know what is. He’s a bag of shit and they all suck. Abolish the Fed.