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Ralph Nader: The Federal Reserve Dictatorship Runs Amok Against Savers

Author and consumer advocate Ralph Nader, a 1996 Independent presidential candidate, 2000 Green Party presidential nominee, 2004 Independent presidential candidate and Reform Party nominee, and 2008 Independent presidential candidate and Peace and Freedom Party nominee, published the following editorial today on his website Nader.org. 

If you are a saver in a money market account or in a bank, you’ve already noticed your dwindling interest income as interest rates have been at their lowest in modern American history. Well, brace yourself. Your saving account has just become little more than a lock box, thanks to the supreme dictatorship of the Federal Reserve.

On Sunday, March 15, The Federal Reserve announced that it would cut interest rates to “near zero.”

After ignoring the largely unproductive spiral in corporate debt, now a staggering $9.3 trillion, the risk of a domino effect from underwater “zombie companies” is pushing the Fed toward an orgy of printing money for an anticipatory bailout of profitable corporations – not depleted savers.

The Federal Reserve is our version of what other countries call a Central Bank. The Fed is not funded by Congress; its budget comes primarily from interest on government securities and fees from financial institutions. Bankers influence who gets appointed to its Board of Governors. Bankers can also elect three directors directly to the boards of the Fed’s regional Boards.

The Fed decides in secret the fate of the monetary policy, which includes the interest rates paid on your savings. There are no public hearings or open dockets for submission of views.  No real explanations by the Fed; just dictates. It is a government of its own inside our government – the epitome of corporate socialism.

For the rest, visit Nader.org.

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