Nice speech, but he’s being far too nice and politically-correct.
We now know that The Fed — at all levels from the NY Fed to the entire Board of Governors, knew LIBOR was being diddled in early 2008. If the allegations are true this was fraud — and therefore, their failure to act, failure to refer to law enforcement, failure to refer to Congress (Bernanke said nothing about this in his testimony before Congress at the time) and more is active co-conspiracy with the banks that committed these acts.
And that’s just the start. The fact of the matter is that The Federal Reserve Act of 1913 lacks any sort of “or else”, and The Fed hasintentionally violated the Price Stability mandate for one hundred years on an intentional basis and yet nothing has been done about it.
Why not? Because there is no sanction in the law such as “or go to prison for 20 years.”
Were the law on bank robbery simply “Don’t rob banks” and the “or else go to prison for 20 years” was missing there would be a line of masked men toting guns out the door of every bank in America.
Confidence comes from the knowledge that the law will be followed and those who break it will face actual and enforced sanction.
So close, and yet so far….. will the Libertarian Party pick up the torch? The Democrats and Republicans will not, and if the Libertarians will not then perhaps the people of this nation need a new political party that will.
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