Federal Reserve Protest
To reinvigorate democracy we must liberate ourselves from the control of money and special interests. Liberty begins by reducing the power of the Federal Reserve.
We demand that the Fed be stripped of its independence and made accountable. The Fed should conform to the American Democratic principle of checks and balances--policy setting should be separated from supervision. The Fed should set policy with the best interests of all Americans in mind. No more bailouts!
It is time for all concerned with peace, justice and the American way to unite and realize that there is a common root cause for the problems we face: Federal Reserve Chairman Alan Greenspan. Why Greenspan? óItís the money, the money he created plus the nationís apparent obsession with the market that are causing many of our ills here and abroad. The money that has helped fund USA multinational corporations, created records levels of wealth inequality and became a cash cow for initiatives and think tanks to push their own special interest(s) óall of which have undermined democracy. Click to read
"How can it be, at a time of unprecedented faith in free markets, that we even think a government authority might have such strength? And how can it be that the worldís monetary order rests on the shoulders of an individual, much admired but still fallible economist?
"The answer is Americaís uniquely flawed and outdated monetary law, which gives the nationís monetary chief the sort of discretion of which his peers in other developed countries can only dream. Mr. Greenspan is so powerful that today he is perceived as a loving dictator. This is only natural. For as we know from history, wherever the law is weak-in any area of politics-public credibility tends to vest itself in an individual.í
Amity Shlaes, ĎFinancial Times of Londoní, January 9, 2001, COMMENT & ANALYSIS: A fitting legacy for Americaís beloved dictator: The legislation guiding US interest rate policy is flawed. Alan Greenspan should lead a reform effort before he retires.
"They (congress) have created a very unusual agency in the whole Fed system".
"And so itís got this mystery to it".
Doris Kearns Goodwin, "The News Hour with Jim Lehrer", PBS, March 20, 2001
STRATEGY--Why activism can affect change of the Federal Reserve. Click to read.
New York City
Every six weeks the Federal Reserve Board of governors gather for their policy meeting in Washington DC, called the FOMC Meeting (Federal Open Market Committee), to determine whether there should be any changes in monetary policy. We protest these meetings to raise awareness about the injustices served up by the Fed.
The Fed is headquartered in Washington DC and has twelve district offices in cities across America: Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, New York, Philadelphia, Richmond, San Francisco, St. Louis, Fed Map. We are interested in having actions in all cities that have district offices and other cities for protesting speeches by Fed governors across the nation. If you are interested in helping organize an action in your city contact national coordinator madis senner 315-463-5369 or email him at: Fed Head Protest!
Federal Reserve Links Links to Federal Resources on this page and others.
Upcoming SpeechesFor the calender of upcoming speeches by Fed Govenors Click here.
If you would like to protest an an upcoming speech by a Fed Govenor in your home town please email us Fed Head Protest!
The Fed Head blog Commentary on Fed speeches, policy decisions and economic data.
It is not exactly that he lies, but Alan Greenspan certainly ranks among the most duplicitous figures to serve in modern American government. Using his exalted status as economic wizard, the Federal Reserve chairman regularly corrupts the political dialogue by sowing outrageously false impressions among gullible members of Congress and adoring financial reporters. These distortions are not harmless; they become solemn writ for lawmakers and opinionmongers. Greenspan is especially destructive when he opines on public matters outside his supposed expertise as a central banker. His thinking is still anchored by Ayn Rand's brittle social philosophy: Let the strong prevail, let the weak pay for their weakness. Read More
The Poor Don't Rate a StatisticBy Madis Senner
Federal Reserve Chairman Alan Greenspan's recent announcement that he would ac- cept President Bush's re-nomination for a fifth term is an insult as well an impediment to all of us who care about economic/social injustice and democracy. Under Greenspan's tenure, the Fed has pursued a policy of prejudice to the benefit of the rich and the detriment of the poor.
Unfortunately, those most dedicated to the fight for social and economic injustice have not focused their careers on economics - meaning in some ways the complicated world of economics goes unnoticed. So to put Greenspan in perspective an analogy is an order.
Greenspan is noted for his mind-numbing study of numbers. There is a story that Greenspan, while attending a party, happened to notice that the host had the latest U.S. Statistical Abstract. He snatched it up, plunked down in the corner, and was lost to the world. It is well known in the financial community that Greenspan rises 5:30 each morning to spend two hours in the bathtub poring over economic statistics.
The Federal Reserve employs hundreds of economists to churn out data. But do the data recorded reflect the habits of all Americans? Under Greenspan, financial deregulation has exploded, leading to a plethora of new financial products and institutions. The wall between banking and underwriting has fallen. Deregulation to the middle and upper classes has meant new and convenient ways of banking, the opportunity to invest in global financial markets and lower costs. For the poor, elderly and people of color, deregulation has meant the departure of banks from our inner cities and in its place, the rise of fringe banking. Fringe banking - financial services to the un-banked - includes such things as predatory loans, payday loans, pawnshops and rent to-own-stores: high-cost operations, all using clever legal ploys to circumvent usury laws. For a first-hand view of fringe banking, visit any of the rent-to-own stores that litter North and South Salina Streets.
When it comes to the poor, the Fed's cupboards are bare of statistics - out of sight, out of mind. The Fannie Mae Foundation noted in August 2001 that fringe industries engage in at least 280 million transactions each year, for gross revenues of more than $78 billion that extract fees of at least $5.5 billion. The Fed keeps no record of this. And what records it does keep, as with the Chicago Fed's statistics on the un-banked, are grossly incorrect, as they themselves admit.
The advent of the computer age brought the fear that we would lose our humanity by relegating people to the status of a statistic. In our new world order of market capitalism, as ushered in by Greenspan, the poor don't even rate the status of a statistic.Published in the Syracuse Post Standard on Tuesday, April 29, 2003