the fed--does anybody pay attention in school or anywhere else anymore?
oh, if only kids these days, or their parents for that matter, or anybody else at all while we're asking, actually paid attention in history class, or read the actual source documents instead of the populist publishers who spread ignorant misinformation like manure...
in point of fact, as i mention in my comment to the post, the fed is not required to do a single thing under federal or any other law. the sole influences wielded over this private bank (that is legally empowered to print our money) is that its chairman and board of governors are appointed by the president, and that its existence is enabled by a federal law (the federal reserve act of 1913) which congress would theoretically be able to change. (as they did in 1930 when establishing the FOMC–federal open market committee). no other oversight exists–it is not audited, and it does not share its books with any entity.
to wit: the fed is not required to print money.
it's authorized to do so, surely, but not required. nor is there anything the president, the congress, or rick perry, or you and i could do to make them do or print a single thing. federal reserve notes (our dollar bills) are authorized by section 411 of title 12, and issued by the fed at the sole discretion of the fed board of governors. period. the actual printing is done by a department of the department of the treasury (the bureau of engraving and printing) but only at the direction of the fed, not our own government.
there is no system like it anywhere in the world, and we americans are staggeringly ignorant about the whole racket. (for it is, indeed, the world's largest legally-authorized racket). our entire financial system, including the federal treasury, is vulnerable to any and every nuance spoken by the fed chairman, and decided to do with his cabal of fed governors. but we pretend that there's some reason behind such sweeping and unaccountable power, even though there is clearly not.
rick perry was not, in his intention, wrong, even though he was chillingly un-presidential in his phrasing. the fed needs to be addressed sooner rather than later, if we are ever to regain control over our financial house and put it in order. or, put in a way that liberals might understand--if we are to be able to afford to pay for our great society, we have to stop the fed from undermining it at every step along the way in favor of our bankers.
it's something upon which righties and lefties SHOULD be able to agree.