What does the Federal Reserve do? Theoretically, it has a dual mandate of keeping inflation low and employment high, with the goal of promoting the “effective operation of the U.S. economy”.
It’s “about” page , describing that goal, what it’s supposed to be doing, and how it theoretically does those things, provides that the Fed: conducts the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy;
promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad;
promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole;
f osters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments; and
promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of emerging consumer issues and trends, community economic development activities, and the administration of consumer laws and regulations.
Well, former Trump White House advisor Steve Bannon, one of the masterminds of Trump’s 2016 victory and the man behind most of Trump’s more New Right-type policies, has a different perspective on what the Federal Reserve has really been up to: in his view, it’s a tool that a small coterie of bankers have used to enrich themselves at the public’s expense.
According to him, the Federal Reserve has usurped the power of the American people and has worked as a small cabal of bankers to funnel assets from the lower and middle class to the unfathomably wealthy oligarchs.Further, according to Bannon, the time has come not to audit the Federal Reserve and find out what balance sheet […]
They’re Trying to Shut Us Down
Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.
For us to continue to deliver the truth that Americans need to read and hear, we ask you, our amazing audience, for financial assistance. We have a Giving Fuel page to help us pay the bills. It’s brand new so don’t be discouraged by the lack of donations there. It’s a funny reality that the fewer the donations that have been made, the less likely people are willing to donate to it. One would think this is counterintuitive, but sometimes people are skeptical because they think that perhaps there’s a reason others haven’t been donating. In our situation, we’re just getting started so please don’t be shy if you have the means to help.
Thank you and God bless!