Federal Reserve Bank of Dallas President Richard Fisher said the central bank’s independence is under attack from both ends of the political spectrum in Congress, and he singled out two of the critics by name.
“We are being attacked from the right and from the left, and I don’t see much difference between a certain congressman from Texas named Ron Paul and a certain congressman from Massachusetts named Barney Frank,” Fisher said in response to audience questions after a speech in Dallas. Paul is a Republican and Frank is a Democrat.
“The few who understand the system, will either be so interested from it’s profits or so dependant on it’s favors, that there will be no opposition from that class.”
— Rothschild Brothers of London, 1863
“Give me control of a nation’s money and I care not who makes it’s laws”
— Mayer Amschel Bauer Rothschild
Fisher’s remarks are uncommon among central bank officials, who tend to defer to Congress and its members, said Sung Won Sohn, former chief economist at Wells Fargo & Co. (Oh GAADS LOL)
The Dallas Fed chief is the only member of the Federal Open Market Committee to have run for Congress, losing as a Democrat to Republican Senator Kay Bailey Hutchison twice, in 1993 and 1994.
His comments are “true as a factual matter,” said Sohn, (Oh GAADS LOL) who served as a White House staff economist under Richard Nixon from 1973 to 1974 and is now a professor at California State University-Channel Islands. “But a person in the position of president of a Federal Reserve bank should be careful about what he says and how he says it because the Fed actually reports to Congress and Congress can do anything it wants to the Fed.” (Oh GAADS LOL)
‘End the Fed’
Paul, now a Republican presidential candidate, advocates limited government and has written a book titled “End the Fed.” In 2010, the House passed his legislation requiring audits of central bank interest-rate decisions. The (Democrat Controlled) Senate rejected the measure, and Congress ended up approving a compromise that requires disclosure of details of the Fed’s emergency lending and monetary-policy actions during the financial crisis. (Oh GAADS LOL)
Frank, who has served in Congress since 1981, says regional Federal Reserve bank presidents shouldn’t be allowed to vote on interest rates because they aren’t appointed by elected officials. He said this month he will submit a new version of legislation to cut the voting rights of five rotating regional representatives from the 12-member Federal Open Market Committee. (YAWN)
“I don’t see any difference between them,” Fisher said, referring to Frank and Paul. “They (Pure Lie Only Ron Paul Does) believe we have too much independence. They (Pure Lie Only Ron Paul Does) believe that Congress should be in charge of monetary policy.” (So Does The Constitution)
Amendment X states in its entirety, “The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.” Again, since the power to give away Government power to institutions not accountable to even Congress is not a delegated power, then it does not legally exist.
IN 1935 THE SUPREME COURT RULED THAT CONGRESS CANNOT CONSTITUTIONALLY DELEGATE ITS POWER TO ANOTHER GROUP. (Reference 22, P. 168)
Rothschild Bank of London Warburg Bank of Hamburg Rothschild Bank of Berlin Lehman Brothers of New York Lazard Brothers of Paris Kuhn Loeb Bank of New York Israel Moses Seif Banks of Italy Goldman, Sachs of New York Warburg Bank of Amsterdam Chase Manhattan Bank of New York. All privately owned banks that run America.
These bankers are connected to London Banking Houses which ultimately control the FED. When England lost the Revolutionary War with America, they then planned to control us by controlling our banking system, the printing of our money, and our debt.
Woodrow Wilson, who passed the FED in 1913, “I have unwittingly ruined my country.”
Fed bank presidents are chosen by the bank’s boards, unlike members of the central bank’s Washington-based Board of Governors, who are nominated by the U.S. president and confirmed by the Senate.
Substance Versus Structure
Fisher “gets the fundamental thing wrong because my point wasn’t about the substance of policy, it’s about the structure,” Frank said in a telephone interview today. “I would like to see more independence. In fact, I’d like to see more independence from the business community and from the financial community.”
“Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States”
—Sen. Barry Goldwater (Rep. AR)
Rachel Mills, a spokeswoman for Paul, said the congressman “prides himself on his ability to build coalitions with people across the aisle on issues they agree on.” She said Paul and Frank have a “respectful” and “cordial” relationship even when they disagree on how they would change the Fed.
Fisher served under two administrations. He was an assistant to Treasury Secretary W. Michael Blumenthal in the Carter administration, during the dollar crash of 1978, and deputy U.S. trade representative under President Bill Clinton with the rank of ambassador from 1997 to 2001. Today, he described himself as “apolitical.”
Dodd-Frank Act Perpetuates Jimbo Carter’s Failed Department Of Energy Fiasco Of 1977!
To contact the reporters on this story: Vivien Lou Chen in San Francisco atvchen1@bloomberg.net; Margot Habiby in Dallas at mhabiby@bloomberg.net
Political Vel Craft 