I am watching on Drudge and elsewhere the proposals for a total Federal takeover of all things financial and for a carte blanch authority for the Federal Reserve to run in and intervene in virtual any financial operation it wishes with no limitations whatsoever. It even proposes to nationalize insurance regulation, which has been controlled by the states for many years.
The Federal Reserve has created the mortgage “crisis” and virtually every other crisis in the last 95 years. Now this monstrosity, which answers pretty much only to the banking industry, will have utter control of the economy. The only good part of this is that it may hasten the end of this fiat money hell.
If this had an eventual positive outcome (I don’t really see one), I would be for it. I see this as a warning of the (relative) calm before the storm ending, and where the storm of the state’s next power grab will occur. I see a terribly bleak future; I’m pessimistic to say the least.
I’m wondering, is this proposal to be submitted to congress, or directly to the president? Because if I remember correctly, the Fed doesn’t answer to congress anymore, right?
The Federal Reserve has already taken it upon itself to expand its powers. If you read the federal statutes regarding the Federal Reserve, there is very little to stop the Federal Reserve from granting itself even more powers. It does not formally answer even to Congress. The proposed legislation seeks to ratify authority that the Federal Reserve has already essentially granted to itself.
I’m assuming saving your coins would lessen the effect of inflation on your money?
I also might try and get involved with the local agora sometime this year; summer definitley, but would like to do that sooner…