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Pam and Russ Martens: New study says Fed is captured by Congress and presidency, not megabanks
But what if the megabanks have captured Congress and the presidency as well?
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By Pam and Russ Martens
Wall Street on Parade
Thursday, August 15, 2024
A fascinating new academic paper has been released. Its title is "The Myth of Fed Political Independence." Its premise is this: "The much-vaunted independence of the Federal Reserve is a myth. The Fed is not the bastion of sound monetary policy. Rather, it is just another politically co-opted agency of the federal government."
The study asserts further that "something like the Stockholm syndrome seems to describe the institutional relationship that exists between the U.S. Congress and the White House (the captors), and the Federal Reserve (the captives)."
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The paper is written by Thomas Joseph Webster, professor emeritus of economics at Pace University's Lubin School of Business, who has written extensively on the Fed and the role that its quantitative easing has played in ballooning budget deficits, the national debt and inflation.
Dr. Webster previously worked as an international economist with the Central Intelligence Agency and the U.S. Department of Defense -- which suggested to us that he might have insights into the workings of the U.S. government that we were missing in our analysis of the Fed.
Based on our analysis over three decades of research, the Fed has been captured by the Wall Street megabanks. But is it possible that both our premise and that of Dr. Webster could be simultaneously correct?
If Wall Street has also captured key components of the executive branch and the U.S. Congress, then there is actually no conflict between these premises. ...
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