Author and consumer advocate Ralph Nader, the 1996 and 2000 Green Party presidential nominee, 2004 Independent presidential candidate and Reform Party presidential nominee, and 2008 Independent presidential candidate and the Peace and Freedom Party presidential nominee, published the following editorial yesterday on his website Nader.org.
The Federal Reserve Board – our unaccountable Central Bank – needs more citizen and Congressional supervision. Fees from financial institutions fund its operations, not Congressional appropriations. It is as secret as it wants to be and that’s plenty. (See Secrets of the Temple: How the Federal Reserve Runs the Country by William Greider). Plus, the Fed can print money at will. In the past several years it has “produced” trillions of dollars that juiced the stock market’s speculation.
Back nearly 90 years ago, the influential British economist, John Maynard Keynes, warned about stock markets veering into speculation and away from investments to build the real economy. Today, he might view stock markets as the epitome of wasteful “casino capitalism.” They have very little to do with raising money for useful investments and everything to do with making bets, as in multi-tiered derivatives, puts, and options to make money from money. Most often using, in Justice Louis Brandeis’s phrase, “other people’s money,” the Wall Street gamblers reap lucrative fees from unproductive speculation.
Fed Chairman, Jerome H. Powell, has chosen to instill “confidence” in the stock markets and credit markets by injecting trillions of dollars into the financial system to reassure the Wall Street speculators that the Covid-19 pandemic won’t crash the money markets into chaos and bankruptcies.
Continue reading at Nader.org