A Quote by Gerald Epstein
The right wants to destroy the power of the Fed to increase the power of finance; and the progressives want to reorient the Fed so that it will stop protecting the interests of finance and protect the interests of the broader population instead.
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Most progressive critics don't want to destroy the power of the Fed to regulate the macroeconomy and finance. They want to regain control over it so that it better serves the interests of the whole population.
By the aristocracy of finance must here be understood not merely the great loan promoters and speculators in public funds, in regard to whom it is immediately obvious that their interests coincide with the interests of the state power. All modern finance, the whole of the banking business, is interwoven in the closest fashion with public credit.
Many of those on the right distrust the Fed and want to eliminate its power in the belief that the private economy, including the private banks, will be much more efficient, productive and even democratic if they are left to themselves: in other words, the criticism of the Fed really reflects a desire to cripple the government in the service of increasing the power and authority of the market.
I think that the influence of people with power and money to distort democracy and have their interests served before the rest of the population is the biggest problem. That is caused by two things: campaign finance and the way that's structured, and by the Citizen's United supreme court decision. So those two things are keeping democracy from working right.
We must recognize that as the dominant power in the world we have a special responsibility. In addition to protecting our national interests, we must take the leadership in protecting the common interests of humanity.
Critics, often for good reason, are concerned that the Fed is wielding its vast powers in the interests of the banks and not in the interests of the people. After the financial crisis, Americans have perceived that the banks have been bailed out, but a significant proportion of the population is still in serious economic trouble.
The Fed's organization reflects a long-standing desire in American history to ensure that power over our nation's monetary policy and financial system is not concentrated in a few hands, whether in Washington or in high finance or in any single group or constituency.
We'll have a public power authority, which will also have the ability to build power or finance power. And more importantly, we'll have more power than our economy provides. All of that will give us leverage we don't have today.
Each state claims the right to control interests foreign to itself when those interests are such that it can control them without putting its own interests in danger. ... other powers only recognize this right of intervening in proportion as the country doing it has the power to do it.
People in America get really angry at the Federal Reserve and at the "money system" in general during economic crises. The Fed draws hostility because of its power, its insulation from democratic accountability, its lack of transparency, and because of its historical and structural connections to finance.
What's more, sharia finance is another tool of Islamic separatism; instead of assimilating into American society, Muslims are demanding, and receiving, parallel financial institutions that reinforce the idea that they are unique, not subject to the laws and norms to which the rest of us are subject-a privileged class. At the same time, sharia finance initiatives are giving Islamic interests increased control over Western economic life.
I think we're so addicted to bubble finance at the Fed that they can't get out of the corner they painted themselves into. I think the Fed is making federal debt so cheap that Congress has no interest, Washington has no incentive to ever face up to our massive fiscal gap that is going to grow, and grow as we go forward in time and so we have a paralyzed system.
I remember being 18 and being fed up with everything - fed up with society, fed up with the political system, fed up with myself - and then you kind of go, 'Actually, this voting thing is amazing,' because you have a chance to change it, right?
The great interests of an agricultural, commercial, and manufacturing nation are so linked in union together that no permanent cause of prosperity to one of them can operate without extending its influence to the others. All these interests are alike under the protecting power of the legislative authority, and the duties of the representative bodies are to conciliate them in harmony together.
Let no one ever shy away from the claim that Jews have power, that Jews have influence. We have learned the terrible lesson of history; that unless we have influence and power, disproportionate to our small numbers - immoral results will occur. We need power. And we must continue to use our power. Power which we earned, power which no one gave us on a silver platter, power which we worked hard for - use that power in the interests of justice.
If you look at capitalism and patriarchy, they're both such hierarchical, competitive, oneupmanship systems. They've trained us all [to think] that power means having all the goods or having the most money or having the most attention or having the most fame. That's not the power that interests me. Actually, the deconstruction of that power is what interests me.
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