To: Merlo who wrote (39784 ) 5/31/2001 4:48:22 PM From: Crystal ball Read Replies (2) | Respond to The Fed as we know it, as our central bank, took shape AFTER Bretton Woods, that is where the abuse and unaccountability set in. Same problem with the UN versus the League of Nations, none of those will be truly effective as long as INDIVIDUALS have no standing, where only indirect indirect democracy exists, where only nation states or International Organisations have standing there is abuse, same holds for the WTO and IMF. and the International Court of Justice ICJ "The Hague". Let Individuals, (which includes corporations) have standing and representation, especially individuals, then it will be accountable. Same for the FED, you can not appoint someone, a Federal Judge for life, or a Federal Reserve Governor or Chairman for 5 years with no accountability. The FOMC should be a bureau under the US Treasury so that the President is accountable, and the President's Treasury Secretary can hire and fire unaccountable Fed members like Greenspan, who as a sole person has caused more economic disruption and destruction than the last world war WW2, Greenspan cost the US and World Economy over $10 Trillion Dollars so far and growing.....where and when will this money, this liquidity, be put back to work, which is what capital and capitalism is about...you can't have one without the other, and the future is built, like every business, on capital, the blood sweat and tears of savers, earners, and investors. Greenspan lacks the moral courage or economic sense to lower rates to parity,that is "positive carry" of 3% to un-invert the inverted Treasury Bond yield curves that would allow for banks to create liquidity.
