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Gold/Mining/Energy : Gold Price Monitor
GDXJ 96.88+0.9%4:00 PM EST
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To: long-gone who wrote (57716)8/30/2000 3:18:10 PM
From: Hawkmoon  Read Replies (7) of 116762
 
the IMF is accountable to no one. anywhere

Not true.. but it's just that they are not accountable to the average voter, but to the one's that control the purse strings, namely the Congress and your duly elected state representatives. They can't lend out money on special projects overseas unless they are given the means to do so by their member nations.

Btw, making any agency accountable to populist voter pressures is the quickest way to create a tyranny of special interest politics.

That's why the US is a republic and not a democracy. We don't directly vote on every governmental bill that goes through to become a law. We elect representatives that we believe will best defend our interests and our desires.

It's no different with the Fed Chairmanship, or even with the election of its board of governors.

The last thing you want to do is turn banks into democracies. Then of course we'd see interest rates perpetually sitting at 1% or lower, and ample credit for everyone.... They'd have to provide it in order to retain their jobs.

After all, corporations are not democracies. You can't make a CEO do something. But you CAN apply indirect pressure by selling your shares or raising hell at shareholder meetings... or filing a class action lawsuit if you have the means and a reasonable claim.

Regards,

Ron
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