One of Bob Woodward’s many books was entitled “Maestro” and discusses the Federal Reserve and its then Chairman. This hagiography has been so refuted by events that it stands as a condemnation of the entire career of Mr. Woodward and his efforts.
Another take on the FED was William Greider’s book entitled “Inside the Temple” a devastating take on the FED that is still worth reading.
If Barack Hussein Obama wanted a second term in the position of President of the US he never should have reappointed the current Chairman and by doing so he and all US Senators voting for reconfirmation have demonstrated their total incompetence and lack of understanding of what the FED has done since 2007 and even before to the American economy. In saving the corrupt US banking system and large banks the FED has destroyed the prospects for American power projection for the rest of the century and also destroyed the middle class of the United States.
You might think the statements above have no foundation in fact, reality or truth but in fact they fall short of the mark in condemnation of the FED.
First always remember that the FED is not a democratic institution but in fact is owned by US and foreign bank interests. Even as Greece faces bankruptcy because its bond holders will not contribute to the future of Greece democracy, the FED has consistently bailed out and protected who–the bondholders of the world’s banks.
President Andrew Jackson in destroying the Second Bank of the United States was reputed to have said “It is not the job of government to make men rich”!
The FED by charter has the role of protecting full employment and guarding against inflation.
In fact its still unknown backdoor bailout of various banks estimated to be between $17-$28 trillion dollars has enriched the corrupt US banking system. This story will dominate the financial picture of the US for many years. A sad story of the demise of government of the people, by the people, and for the people.