Herman Cain is a former Federal Reserve...... (and Poster is Zotted Paultard Retread)

We have a problem when our supposed populist non politician front runner is a former Federal Reserve chairman. Herman Cain does have experience in the private sector, but a good portion of that private sector experience is working for the private corporation-The Federal Reserve.

Herman Cain believes that individual citizens can just call up the private corporation known as The Federal Reserve and ask them how they operate?

Who does he think we are? You cannot even step foot on the property of the Private Reserve. You can call the human relations department at the Federal Reserve and they will ignore your request.

The tide has turned, when even Gingrich sees the problem with The Federal Reserve.

Herman Cain is part of the problem. Herman Cain is damaged goods. He is an attractive candidate, but he is not the candidate that will turn this country around.

As long as a private corporation operates our monetary system and needs, we will not have sound money or a free economy for all Americans to dream or prosper.

>>Every candidate that I seem to like has major baggage.

In this day and age, any American who has accomplished enough to be a serious contender for POTUS will have some baggage. Some baggage is going to be a private matter and some will be professional. We will let Cain’s role at a Federal Reserve Bank derail his candidacy because he has not led a perfect life and then we’ll wind up with Romney, the only GOP candidate endorsed by the three big networks and by the corporate/socialist Republican Party Establishment. He will go up against the most evil and dangerous occupant of the White House and lose because we won’t be very enthusiastic about our choice of third-world communism vs European-style socialism.

You know what is also funny, this article was posted at 7:44 on the source you posted from and you posted it here at 7:54 according to post time, but everyone knows that FR’s clock is about 8 minutes off.. so somehow you discovered this article just a few minutes after it was written at the source. Wow, what an amazing coincidence, especially considering the author only shows one subscriber.

You know what is also funny. The only other article posted by this author was also trashing Cain and you happened to just stumble upon it and post it here within a few minutes of that article being written as well.

http://www.freerepublic.com/focus/f-bloggers/2787146/posts

Wow, with odds like that, you should play the lottery.

Cain understands what the Fed is, how it operates, and where it commonly goes wrong. Cain's criticisms echo those of Milton Friedman and other conservative economists that the Fed's governing statute should be amended to give it price stability as its sole primary mission, with a steady expansion of the money supply of about 3% per year as its declared policy.

The most cogent criticisms of Bernanke and the Fed are that: (1) they failed in their regulatory oversight of banks and other major financial intermediaries, letting them engage in reckless lending and derivative transactions that caused systemic risks and helped cause the recession; and (2), that the Fed has repeatedly pumped up the money supply to boost economic activity in downturns, leading to recurrent destructive cycles of asset inflation and distorted investment choices.

Other, more radical criticisms of the Fed are that it was formed due to a secret effort by America's financial elite in 1913, that it has too much power, that it is too tied to Wall Street, and that it is part of a system of fiat money and fractional reserve banking that cause economic instability. Such critics often urge a return to the gold standard and the adoption of a one hundred per cent reserve requirement.

On balance though, such criticisms, whatever, their merit, are less about the Fed than about the current US financial system and its reliance on fiat money. On the whole, since fiat money more or less requires a central bank, we are better served to make reforms to the Fed along the lines suggested by Cain and leave the radical proposals for another day -- if ever.

In any event, adopting or even giving serious consideration to radical changes now would compound the policy uncertainty that is impeding economic recovery. And, politics and government being what they are, there is no guarantee that junking even a flawed system will lead to something better.

The conservative choice here is as it almost always is: to make practical, well-considered reforms. And that is what Cain has proposed for the Fed.

The Federal Reserve now houses at its expense, the Consumer Financial Protection board with almost unlimited rule making capacity via its self-appointed Council of 5 or 10 not answerable to the Congress in any manner short of an existential threat to the country (the Fed funds the CFPB so Congress has no overseeing authority).

The Council, of, by and for the Fed by Fed appointment without any Senate approval, will make all the rules, not just on mortgage and credit products, but the entire management of the population on an inconceivable number of matters. The just confirmed Director will husband the decisions of the Council as recommendations to the sitting President for implementation, and the Director will cross-integrate all executive branch agencies to focus on each consumer through his medical (Obamacare) and financial accounts. The Congress becomes irrelevant in a massive degree to the Fed or the Executive Branch. No one sees it except a few Reps such as Sen. Shelby, but he has not spoken out on it in the media to raise an alarm.

The Dem Congress outsourced us all, including illegals, to the data gathering functions, financial and medical behavior functions, house purchasing functions, etc to the management of the Fed Reserve as it desires. The Fed is now, with the CFPB directly involved in all our lives other than clearing our banking transactions, and is in fact, the most important Executive Branch Bureau (how Soviet)we have ever encountered.

The Fed has expanded from monetary policy to leadership in fiscal policy, and now to data collection, behavior modification and manipulation of the entire popuplation. Breathtaking, and no one has noticed.

The Fed and Wall St. and the Congress created the sub-prime monster, deligitimizing property by the loss/destruction of original titles, and investors all over the world know they cannot ownership of the properties they invested in. Wall St and the banks wish to keep securitizing mortgages. They need new mortgage instruments that the CFPB will offer to the public as their only choices, and will need to control the pubics credit habits to lend credibility to any new mortgage securitizations that they desire to sell the world.
By accessing everyones micro-financial facts, they will be better able to justify Triple AAA ratings, as they can access and control the lives of citizend for bond issung purposes. Oligarchy on steriods is the expanded, new, form of govt.

The Fed matters. We as taxpayers are responsible for the nations and the banks gambling debts. To reassure the world that the US tax base is under control for bond underwriting and tax collection, we are all in a kind of black bag of receivership witin the CFPB. Thank DODD-Frank for the new reality. Republicans talk of repealing D-dd-Frank if they win the Senate and the House again along with the PResidency. No one is thinking of reclaiming the CFPB back to the Congress which has washed its hands of us completely, or of repealing the Consumer Financial Protection Bureau. I think Dodd-Frank was a Trojan Horse for the implementation of the CFPB, PERIOD, as it provided not a single banking reform at all. THe shining jewel of the Dodd-Frank bill to the Dems is the CFPB.
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The Federal Reserve is an agency of the US government. Banks that are members of the Federal Reserve System are required to contribute toward interest bearing stock in the Federal Reserve System, but it is not stock in a conventional sense of representing genuine, unfettered ownership.

The stock of member banks in the Federal Reserve cannot be sold, transferred, or pledged. The stock is actually in the nature of forced interest bearing loans from banks. Some nonprofit organizations like apartment co-ops and private clubs have a similar structure, with members required to put money in when they join and getting it back when they leave. In both cases, part of the reason for such a system is to weed out those who are unable to spare significant money to become and remain a member.

Congress could abolish the Federal Reserve member stock system. Doing though so would require paying the member banks back for what they had put in and would tend to open Federal Reserve membership to weaker and less substantial banks that had an interest in diminishing the regulatory oversight of banks and other financial intermediaries.

The creation of the Federal Reserve System was hotly debated at the time. I do not know what the vote in Congress was.

The following two papers provide useful accounts of the origins of central banking in the US and of the formation of the Federal Reserve System:

Historical Beginnings… The Federal Reserve

New York and the Politics of Central Banks, 1781 to the Federal Reserve Act

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