Fed Minutes Reveal a Dangerous Power Grab by New York Fed

"Just how long will it take Congress — that body in Washington with a 9 percent approval rating from the American people — to figure out that “just trust us” has been a killer policy when it comes to Wall Street and other people’s money."

The real power is the entity called the NY Fed, answerable to who?




Wall Street On Parade
By Pam Martens
21 November 2013
 

Simon Potter, Markets Group Head 

at the New York Fed

Just when it seemed one could no longer be shocked by the corruption, hubris and lack of accountability in the American financial system, along comes yesterday’s release of the Federal Reserve’s minutes for the October 29-30 meeting of its Federal Open Market Committee (FOMC).

While mainstream media focuses on what the minutes revealed about when the Fed might begin to reduce its monthly $85 billion in bond purchases, receiving scant attention is a brazen power grab boldly stated on page two of the eleven pages of minutes.
 
Back on October 31, wire services reported that the temporary dollar and foreign currency swap lines that had been put in place between central banks on a temporary basis during the financial crisis had been turned into standing arrangements.

The Associated Press explained the action as follows: “Six of the world’s leading central banks, including the U.S. Federal Reserve, say they will provide each other with ready supplies of their currencies on a standing basis, extending arrangements set up to steady the global financial system during post-2007 turbulence.”

Read the rest of the article here: http://wallstreetonparade.com/2013/11/fed-minutes-reveal-a-dangerous-power-grab-by-new-york-fed/