No not angry; but in Moroccan dirham, better known to the locals of Morocco as MAD money! Just when you think all of the foxes have been installed as hen house monitors, bingo it happens again. The Bush administration has made it a point to outsource as many government functions as possible, and come Monday one of the last major hurdles of turning government over to big business will be initiated with the outsourcing of the people who watch over and our responsible for monitoring our banking system. What could it cost us, how about your money!
Alleging that no one did anything to prevent this crisis we now face in the banking industry, the Bush elite have decided to put the FED in charge. That is kind of like a fireman setting fires to the houses in your neighborhood then coming around demanding that you need to pay more in taxes because the fire company needs to get bigger because of all the demand.
It seems the FED has done such a good job of monitoring the current crisis according to the Bush administration that they are going to put an initiative forward to give the FED even more control. Never mind that independent observers have stated that everyone saw this mess coming a long time ago, and the FED did little to stop it.
Now if you’re thinking, “hey why is this bad idea,” lets review some thing’s. Number one the only thing Federal about the Federal Reserve is its name. It is not a government agency! The President appoints someone to head their board and he gets a vote; a vote that is supposed to represent your input. Yeah right and usually the guy the President appoints comes from the ranks of the bankers that make up the rest of the board.
Number two; this is quintessential Naomi Klein (the Shock Doctrine) politics. Wait for a crisis, and then instill your own people or plan of action in place. Just like what was done with the New Orleans school system. After Katrina all of the teachers got fired, the union got busted and suddenly everyone was in a Charter School. Now the new plan is to give the FED more of the powers that the SEC is presently in charge of doing. The Bush plan would merge the SEC with the Commodity Futures Trading Commission. Allowing for the FED to step in when a problem arises that might effect the banking system. Additionally whereas the FED has been in the past basically a supervisor int will now be an official regulator of what goes on in the banking system. .
Sure this is not your fathers banking system anymore. American markets are world wide markets now. You, Joe citizen can now trade and buy in every time zone in the world from your desk top. Get a mortgage from a bank in Sri Lanka and invest your 401k in Rubles if you want. But the idea that there is less and less government monitoring of your money, is scary.
One day we may all be saving in Moroccan dirham (MAD) money rather than dollars, whether we want to or not, and it will be nobody’s fault but our own! But we can be assured it will be a decision made for us, in our own best interest; yeah right.