COMMENT: It is very convenient that the poll is in perfect harmony with Bernanke’s position that if Congress were to meddle with the Fed, it would undermine economic stability, etc. This position is just a tactic to keep prying eyes from the real, unconstitutional influence of the Fed in issuing money that comes with debt (See video below).
January 21, 2010
Investors say Congress would undermine the U.S. economy by clamping down on the Federal Reserve and predict that taxes on bank bonuses would persuade companies to move to friendlier jurisdictions.
[efoods]More than half the respondents in a quarterly poll of investors and analysts who are Bloomberg subscribers said that increased congressional oversight would open the U.S. central bank to political influence and hurt the Fed’s ability to conduct monetary policy.
The House of Representatives has approved a proposal to submit the Fed to monetary policy audits, while the Senate is considering legislation that would remove the Fed’s authority to supervise banks.
“God forbid further political meddling with one of the few institutions that functioned during the crisis,” said poll respondent Giovanni Conti, a treasury officer for the International Fund for Agricultural Development, a United Nations agency based in Rome. “This crisis has proven the need of a central control over both monetary policy and monitoring of the structure of the financial system.”
FLASHBACK: Bernanke warns that meddling with Fed’s monetary policy cause harm economy
This article was posted: Thursday, January 21, 2010 at 2:06 pm