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US Federal Reserve ‘undermining’ dollar’s value: Policy adviser

Wednesday, 11 February 2015 9:30 AM [ Last Update: Wednesday, 11 February 2015 9:30 AM ]

The US Federal Reserve System is acting as a “secret organization” that is undermining the dollar.

The US Federal Reserve System is acting as a “secret organization” that is undermining the credibility of the dollar, according to an author in Maryland.

The Federal Reserve, the central banking system of the US, “has been so out of control for a long time, but especially during the last 12 years,” said James Bovard, who serves as a policy adviser to The Future of Freedom Foundation, a nonprofit libertarian foundation.

“It’s helped cause a boom and bust in American real estate values and it could be doing the same thing again,” Bovard said during a phone interview with Press TV on Tuesday.

Americans must know “how the Federal Reserve is using its power and what the Federal Reserve has done to undermine the value and credibility of the US dollar,” he noted.

“You have a bank that acts like a private, secret organization that has huge power over the US economy and unfortunately a lot of power over the entire world economy, and American taxpayers, American citizens, have little or no idea where that power came from or how it’s being used.”

Bovard criticized US Senator Bernie Sanders for calling on the Federal Reserve to bail out the “corrupt” Greek government.

Greece nearly went bankrupt in 2010. It survived, however, on international rescue packages. Athens has received 240 billion euros (USD 330 billion) in international loans in return for the enforcement of austerity measures.

Sanders, the ranking member of the Senate Budget Committee, wants the US government to help the cash-strapped country to end its austerity programs that have caused widespread suffering of Greek citizens.

On Monday, Sanders, an Independent from Vermont, asked Federal Reserve Chair Janet Yellen to provide guarantees that US lending policies will not make the horrific economic situation in Greece even worse.

“This is one more terrible idea from socialists,” Bovard said. “It makes no sense for the US Federal Reserve to throw money at the Greek government which has been famous for squandering money for a long time. It’s one of the most corrupt governments in Europe.”

AHT/AGB

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