The Fed Is Not Independent and Never Has Been
By Daily Bell Staff - February 16, 2017

Yellen defends independence of Federal Reserve … Federal Reserve Board Chair Janet L. Yellen defended the central bank’s independence Wednesday from Republican lawmakers pushing for major changes in how the Fed operates and how regulators oversee the nation’s banking system.

The Federal Reserve is not independent and never has been. It is part of the Bank for International Settlements for one thing. The BIS coordinates central banks around the world. That’s one of the reasons many central banks seem  to do the same things at the same time.

But that’s not the opinion of a House committee which seems to believe that Janet Yellen can do what she wants. GOP lawmakers “challenged Yellen’s handling of the economy and her leadership in implementing the 2010 Dodd-Frank Act.”

“After eight years, there is zero evidence that zero interest rates and a bloated Fed balance sheet lead to a healthy economy,” House Financial Services Chairman Jeb Hensarling (R-Tex.) told Yellen.

Hensarling is going to try to bring legislation that will force Yellen to follow a specific formula requiring the bank to set interest rates in a certain way and then have those rates further scrutinized by the Government Accountability Office.

Yellen  is against this. She says the Fed would be badly crimped by the use of just one single formula.

But the larger issue is that for political reasons the House is wrong about Yellen. She is fully controlled, but the control comes out of England’s square mile city.

The BIS helps coordinate central bank actions around the world. It is for instance so many central banks are trying to keep rates down, even though Yellen may move up a few points.

Meanwhile, London’s city itself is run by the same central bankers and others who ultimately run the Fed. They helped set up central banking some 500 years ago. They still control central banking in the larger sense from what we can tell.

Conclusion: So rather than being free to do what she pleases, Yellen is constrained on all sides. She basically does what she’s told. The only trouble is that it’s not what the current administration wants her to do. But that’s a great deal different than doing what she wants.

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  • rahrog

    A revolution is brewing. Let us hope that the people of the world are focused enough to bring an end to central banking during the coming upheaval.

  • Doc

    I believe they would have to define “independent” before discussing it. Independent from what? Very few can claim indepenence from everything around us, so in what way would independence be important for a central bank?

    A discussion without defining the terms is kind of useless. Maybe that’s the point, maybe that’s why they keep addressing it.

  • LawrenceNeal

    The Federal Reserve Counterfeiting Scam is a long, Racketeer Influenced, Continuing Criminal Organisation. It is a Vampiric Cabal that is sucking the life blood out of the US.

  • ICFubar

    No doubt the BIS and its member central banks hire the best and brightest minds. Independent thinkers and not your everyday yes men-women, to analyse economic data and use the most relevant, realistic and empirical modeling known to human kind to arrive at what moves by the central banks are best for the economy as a whole. People like “Bubbles” Greenspan and his protege “Helicopter” Bernake (heli money for insiders only).

    What inquiring minds want to know is who are the preferred stock owners that own the member banks that control the Fed, that control the BIS?

    Professor Steve Keen and others have been working tirelessly for years developing a complex model of the capitalist system based on the FACT that capitalism is inherently an unstable system that is prone to gyrations and with its own Circadian rhythms. Watch and learn something.

  • thefinancedude

    read martin armstrong’s analysis of the history of the fed – originally they were only allowed to buy government debt…eventually the government demanded they buy corporate debt…

    btw we Americans/colonists invented fiat banking that we enjoy blaming on “banksters” 🙂 the banksters simply married that to the hard money system and eventually drove all the good money out (true wealth, the gold hordes you hear about in the east) b/c the East was tired of the West’s games and started hoarding their wealth instead of trading it…the FRN was necessary to keep the entire western financial system afloat…now you see why its the crucial reserve world currency…for the moment…

  • timothy adams

    I thought the Federal reserve’s charter was over in 2013 by what athority do they still function ?