2009-08-02 — lewrockwell.com
This thought of depositors finding out which banks are at risk is what the Federal Reserve was created in 1913 to prevent. The banking cartel must prevent bank runs from spreading. If the public had explicit information on what the FED did and why, the public would be in a position to pull their money out of illiquid, economically insolvent large banks.
Bernanke feigns a fear of Congress setting policy. What he is afraid of is depositors setting policy. He does not want depositors to see which banks are at risk.
Now you see why the Fed is desperate enough to hire former Enron-lobbyists to advocate for them in public, for the first time ever. The anti-competitive banking cartel, which controls the banking system and entire money supply of this country, is being questioned.
Note: Comments may take a few minutes to show up on this page. If you go to the forum thread, however, you can see them immediately.