From the Rediff article:
Readers may be surprised to note that the US Fed system is neither controlled by the US government nor is it a private body, subject to oversight by a Regulator. Rather, as some analyst put it so succinctly, it is a cartel of private banks. And it is structured in such a manner that its functioning is absolutely independent and secret -- even the US President or the US Congress cannot interfere in its working.
Now the crucial question: who owns or controls these private banks that, in turn, control the US Federal system? Different studies, conducted at various periods of time, have repeatedly pointed out that the owners of these banks include some of the best and well-known global financial giants controlled by a few families.
Since these are private banks, ownership details are not disclosed to the public, there is considerable speculation about the ownership of Fed. This is part of historical arrangement within the US.
But why should these private bankers be interested in controlling an interest rate regime? The final piece in this global jigsaw puzzle: Approximately 75 per cent of the shares (another 10-15 per cent are with the pension funds) of Fortune 500 companies are with these investment bankers, who in turn own/control the Fed. No wonder, the Wall Street is interested in the Fed and the Fed is interested in Wall Street. It does take two to tango.
3 comments:
I have not read the linked article and I realize that you did not have any negative intentions when you wrote this, but this theory is usually found on viciously anti-semitic websites. This "theory" is used to claim that "Jews control the world". It is used to "prove" the "facts" mentioned in the "Protocols of the Elders of Zion"
We need to keep FAR FAR away from all of this stuff. This whole concept of "Few Families" (or Jews) for that matter comes out of paranoid Abrahamic mindsets. The world is far too big and complex a place to be "controlled".
The fact is that the Japanese, Chinese and Arabs are the richest and most powerful groups of people in the world (among others), and there are no Jews in any of those countries.
Considering the reluctance of media and academia to discuss Islam honestly it would be more fair to say that the Arabs control the world media (although that is also a simplistic paranoid construct).
Again I am sure you did not mean any of this stuff, but we need to be careful about allowing this type of thinking and memes from infecting our culture.
Hold on there, the article doesn't single out any particular ethnic community. The issue is the non-transparent and unaccountable nature of the US Federal Reserve. Whom do they report to? To whom are they held accountable? Who exercises oversight over them? Obviously, due to the Fed's ability to powerfully influence the US and global economies, these are questions worth asking.
I finally got around to reading the article. I now realize that what you posted was an excerpt from the article. So then my criticism applies to the author of the article and not to you - my apologies.
"Obviously, due to the Fed's ability to powerfully influence the US and global economies, these are questions worth asking."
I completely agree.
All I am saying is that till today I have not read a single article about who runs the Fed or its motives written by any respectable author. Everytime I read some article that starts of well, it eventually jumps off the deep end, or you dig up more about the author and find some weird stuff.
For an example here is an excerpt from another article by the same author
Naturally, given this scenario, this allowed lobbyists to play on the mind of one and sundry with the specious plea that this 'strategic natural resource of iron ore' of the country should not be allowed to be exported. And strangely to protect future growth of the country, these lobbyists seek to stymie the present growth -- a fact that is lost on many. The beneficiaries in the entire game, of course, are too obvious.
It may not be out of place to mention that this very idea of banning exports is an anachronistic idea in the liberalised era. Nevertheless old habits die hard. Government machinery, used as it was to the concept of 'controlling prices' in the distant past, assumes even today that it is its fundamental duty to control prices. What is lost in the melee is that every government intervention ends up compounding the confusion.
The apparent economic logic contained in the preposterous idea of banning or restricting exports of iron ore is contained in the plea that it does not contain sufficient value-addition, while export of steel does. Nothing can be more fallacious. By the same logic, exports of steel (again a primary product consumed by the common man) need to be banned as the value addition of steel is significantly lower when compared to a car!
Now will the government, by that logic, ban exports of steel from India?
Read it and judge for yourself.
I can also bet you that this author picked out that "few families" from some western web site. In my experience this "few families" is a code word, which implies something on western web sites. As to whether the author realized that he was picking these "code words" I do not know. As you know from reading about American politics there are "code words" which do imply something
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