Nominations That Really Matter

Mallory Factor
Common Sense

What if I told you that there is a secretive organization that operates in America and influences geopolitics more than almost any other organization on earth? An organization that controls trillions of dollars—and affects many aspects of your daily life, whether you own a home, how much your mortgage is, and how much your money makes in the bank? An organization that holds its meetings in secret and that is ruled by people who, once appointed, are basically accountable to no one? Without meaning to sound conspiratorial, there is such an organization: the Federal Reserve. Its seven Governors are some of the most powerful people on earth.

The American people are highly critical of the Federal Reserve and of the Fed’s policy of quantitative easing in particular, which received only a 27 percent favorable rating in a recent Bloomberg poll. Many economists say that the Fed’s easy credit in the 1990s and early 2000s created the dot-com and housing market bubbles. And we just recently learned details of how the Fed secretly bailed out foreign central banks using billions of our dollars. But despite these sharp criticisms of the Fed, America still is not paying sufficient attention to what the Fed does and how it does it.

For example, did you know that Kevin Warsh is resigning from the Federal Reserve Board of Governors, seven years before the expiration of his term? This should be big news because it means that President Obama will have filled every Presidentially-appointed seat on the Federal Reserve Board, except for one. Given the Fed’s impact on every aspect of our economy and our prosperity, you’d think this would be at least as big as the Super Bowl or the Oscars…

The article continues at Forbes.

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