Stephen Friedman, the chairman of the Federal Reserve Bank of New York, abruptly resigned on Thursday, days after questions arose about his ties to Goldman Sachs.Mr. Friedman was chairman of the New York Fed at the same time he was a member of Goldman’s board. He also had a substantial stake in the firm as the Fed was crafting a solution to keep Wall Street banks afloat.
His resignation at this time is what’s known as closing the barn door after the horse has escaped.
Perhaps it is time to calculate what these board members have been paid by their banks in salary and bonuses over the years and seek to have them return it to the public as small compensation for their failed oversight of the N.Y. Fed. And more fundamentally, perhaps it is time to take a hard look at the governing structure and supposed independence of this institution that actually controls the use of our tax dollars and, heaven help us, the fate of our economy.
Perhaps it’s time for people to read The Creature from Jekyll Island to see just how and why the Federal Reserve came into being - from its secret inception to its secret agendas. I have this book, and I was just starting to peek at it again yesterday. I don’t share some of the same concerns (New World Order – One Government) as the author, but it’s still fascinating reading. These guys truly are the masters of the universe, if you define the universe down to the global economy. And they've been smart enough until now to keep it all under wraps.
....but hey, do what you want....you will anyway.
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