Regulating the Fed

“A number of the legislative proposals being circulated would
significantly reduce the capacity of the Federal Reserve to
perform its core functions,” the Fed chairman said in a
commentary in today’s Washington Post. The measures
“would seriously impair the prospects for economic and
financial stability in the U.S.”

Is this a joke of some kind? The dollar has lost over 95%
of its purchasing power since the Fed took over in 1913 and
that somehow shows stability? Bernanke is a kook or liar of
the first class.
This little excerpt from the Market Oracle's Robert Bradshaw's exposé
will help understand why so many want the Fed abolished.
"In theory, the Fed was established to stabilize the economy,
smooth out the business cycle, manage a healthy, sustainable
growth rate, and maintain stable prices. In fact, it failed
dismally. It contributed to 19 US recessions (including the
Great Depression) and significantly to the following equity
market declines that accompanied them as measured by the
Dow or S & P 500 average; - 40.1% (Dow) from 1916 - 1917;
- 46.6% (Dow) from 1919 - 1921; the 1929 (Dow) crash in two
stages - 47.9% in 1929 followed by a strong, temporary rebound and
then - 86%; -89% peak to trough total from October 1929 to July 1932;
- 49.1% (Dow) from 1937 - 1938; - 40.4% (Dow) from 1939 - 1942;
- 25.3% (S & P) from 1946 - 1947; - 19.8% (S & P) in 1957;
- 26.8% (S & P) from 1961 - 1962; - 19.3% (S & P) in 1966;
- 32.7% (S & P) from 1968 - 1970; - 45.1% (S & P) from 1973 - 1974;
- 20.2% (S & P) from 1980 - 1982; - 32.9% (S & P) in 1987;
- 19.2% (S & P) in 1990; - 18.8% (S & P) in 1998;
- 49.1% (S & P) from 2000 - 2002; and - about 50% (S & P)
and counting (excluding a bear market rebound) from October 2007."
Read his entire, very excellent article on the website at
http://www.marketoracle.co.uk/Article8909.html which I strongly
recommmend you do soon before the article disappears.
Remember all the support for a Federal Reserve Systems resulted
from market "panics" that "had to be controlled". Later, the
powers that be decided that the word "panic" was too strong so
they substituted the word "depression". The idea was to keep
the public from "panic". Later, the same public policy makers
decided that the word "depression" was now too strong so it was
time to use a less offensive word and they chose "recession".
That's rich isn't it? What it really means is the conditions
of "recession" we now have used to be called a "panic".

The only thing controlling the Fed would impair is the banksters
ability to earn interest on money they create from thin air.

Time to end the Fed and print currency without debt.
Say, "No!" to interest on circulating currency.