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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: ForYourEyesOnly who wrote (3928)3/6/1999 10:33:00 PM
From: Hawkmoon  Read Replies (2) of 81085
 
THC,

The FRB Chairman is appointed by the President of the United States. He is a political appointee. He is confirmed by the Senate.

Seems to me that exerts considerable control.

But the very problem with many CBs is the fact that they HAVE been tools of a gov't. When you subvert the independence of monetary policy by making it completely subservient to the political process, then you have created a recipe for disaster. Why do you think the FRB was structured as an INDEPENDENT organization in the 1st place??

Now you claim that the FRB is the only CB that does not belong to the gov't of the country in which it resides.

How do you account for the ECB? Which of the 11 separate European gov'ts does it belong to?

Btw, if you fear the FRB that much, have you ever heard of something called "Nationalization"?? That gold is in the US and it wouldn't take anything for the gov't to nationalize the FRB and reclaim ownership of that gold.

Gov't ALWAYS retain the ultimate sovereignty. This issue is what leads them to a drastic enough situation to exert it.

Don't you think you're being a bit less than objective in your analysis? The FRB was created by act of congress. It's Chairman is appointed and confirmed through political means, and it would only take another act of congress to abolish it.

Funny how politics and national sovereignty work, isn't it?

Regards,

Ron
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