Thursday, August 13, 2015

New Evidence The Federal Reserve Vote is Rigged and Controlled by the Banksters

By Robert Wenzel

The Federal Reserve Bank of St Louis has published a fascinating chart detailing the history of dissents to monetary policy moves by the Federal Reserve Open Market Committee (see above).

The FOMC is the interest rate and general monetary policy setting body of the Federal Reserve. If the Fed decides to raise rates in September, it will very likely be done at the September 16-17 meeting of the FOMC.

Here's the thing. The FOMC consists of twelve members--the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis.

The Board of Governors, all work out of the The Marriner S. Eccles Federal Reserve Board Building in Washington D.C. If they vote in unison, they wipe out any influence of the Federal Reserve branch bank presidents, who are less tied to the Washington D.C./New York City bankster power corridor.

Prior to 1996, dissents were common by both the Federal Reserve bank branch presidents and Fed board governors. But this came to pretty much to a halt in the middle of the Alan Greenspan Fed chairmanship. In the 19 years since 1996, there have been only 2 dissents by Fed governors. During the same period, despite the fact that there are far fewer voting Fed branch presidents on the FOMC, they have dissented more than 50 times.

Something clearly happened under the Greenspan chairmanship. The Fed governors do not now stray, at all, from what is essentially chairmanship policy.

There, of course, has always been strong bankster influence at the Washington D.C. and New York offices of the Federal Reserve, but in the last two decades that influence appears to be absolute. The branch presidents in the hinterlands, don't have a chance at influence. The NYC banksters, who fly in private jets between NYC and Washington D.C., the way every day New Yorkers take the subway. appear to be in absolute charge. They certainly can target the Fed chairman, when they want to influence, and be very comfortable that dissent from the chairman by the governors will be near zero.

As I say, the absoluteness of the control started under the Fed chairmanship of Greenspan, who just so happened to have worked early in his career at the powerful Wall Street investment bank Brown Brothers Harriman (Prescott Bush was a general partner), and he sat on the board of directors of the bankster firm JPMorgan, just before he became Fed chairman.

 Robert Wenzel is Editor & Publisher at EconomicPolicyJournal.com and at Target Liberty. He is also author of The Fed Flunks: My Speech at the New York Federal Reserve Bank. Follow him on twitter:@wenzeleconomics