Ralph Nader Destroys the Federal Reserve in Open Letter – Calls it “Out of Control, Private Government”
- Ralph Nader Destroys the Federal Reserve in Open Letter – Calls it “Out of Control, Private Government”
by When it comes to the Fed, Congress is mired in hypocrisy. The anti-regulation, de-regulation crowd on Capitol Hill shuts its mouth when it comes to the most powerful regulators of all – you and the Federal Reserve. Meanwhile, Congress goes along with the out-of-control, private government of the Fed—unaccountable to the national legislature. Moreover, your massive monetary injections scarcely led to any jobs on the ground, other than stock and bond processors.
– Ralph Nader in his letter to Janet Yellen
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Ralph Nader gets it. In fact, he get it so much that he published a book last year titled: Unstoppable: The Emerging Left-Right Alliance to Dismantle the Corporate State.
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Nevertheless, in case you need more proof of just how profoundly he understand how this neo-feudal gulag economy functions, read the following letter he wrote to Federal Reserve Chairwoman, Janet Yellen, on behalf of savers. Here it is, in its full glory:
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Dear Chairwoman Janet Yellen:
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We are a group of humble savers in traditional bank savings and money market accounts who are frustrated because, like millions of other Americans over the past six years, we are getting near zero interest . We want to know why the Federal Reserve, funded and heavily run by the banks, is keeping interest rates so low that we receive virtually no income for our hard-earned savings while the Fed lets the big banks borrow money for virtually no interest. It doesn’t seem fair to put the burden of your Federal Reserve’s monetary policies on the backs of those Americans who are the least positioned to demand fair play.
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