Today was slow at work and I had some time to meander my way through the web focused generally on the Federal Reserve to see what I’d turn up. One interesting fact I discovered is that the Federal Reserve has its own police forces that are treated the same way as other Federal law enforcement officers, like the AFT. And no, the use of the plural form, “forces.” is not a typo. Each of the regional reserve banks have their own force, independent from the others and largely independent of the Federal Government. All of this policing is courtesy of the Patriot Act, with Obama normalizing the Federal Reserve forces with the others in 2012.
Perhaps I am the only one who did not know this little factoid about the Federal Reserve. But I find it rather shocking (and inappropriate) that the US Congress would consent to arming an institution comprised mostly of bankers and Wall Street fat cats on the public dime. I am not talking about the Board of Governors. I am talking about the regional Reserve Banks having their own police forces, the unelected and unaccountable, who at least a handful of them should be behind bars themselves, are running their own police forces. As if they aren’t militant enough intellectually and financially… we have to arm the bankers and give them the same authority as departments in the Executive Branch too?
Excuse me for saying so, but the concept of Federal Reserve “independence” is completely out of control. Until today, I thought independence in monetary policy, though arguments for it might have some superficial plausibility, was simply bad governance. But it has been taken to extremes I’ve never before imagined possible. The Federal Reserve appears to have been made a state unto itself, governed by unaccountable, unelected bureaucrats, bankers, and opportunists, sprinkled with a handful of morons.
This just can’t end well.
PS: This brings the idea of ivory towers to a whole new, spectacular level of tyranny.