US Federal Reserve allows ruling elite to control monetary policy: Analyst
The US central bank, known as the Federal Reserve System and informally as the Fed, is an “anti-democratic” institution that has enabled a small ruling class to control the country’s financial system, according to an American journalist and radio host in New York.
“The Federal Reserve does allow the elite here control over monetary policy,” Don DeBar told Press TV on Wednesday.
“It’s anti-democratic that allows the 1 percent as they’re called to devalue the savings of everyone else,” DeBar said.
Dr. Ron Paul, a former US congressman and presidential candidate, has said unless the United States shuts down the Federal Reserve, the world will experience a major economic crisis.
Paul, the founder of the Ron Paul Institute for Peace and Prosperity, made the remarks in an article published on Monday while commenting on the US economy and the role the Federal Reserve plays in it.
“Allowing a secretive central bank to control monetary policy has resulting in an ever-expanding government, growing income inequality, a series of ever-worsening economic crises, and a steady erosion of the dollar’s purchasing power,” Dr. Paul wrote.
“Unless this system is changed, America, and the world, will soon experience a major economic crisis. It is time to finally audit, then end, the Fed.”
Dr. Paul has maintained strong positions against the military-industrial complex and the Federal Reserve, each of which he considers responsible for many of the ills afflicting the United States.
However, DeBar noted that the Federal Reserve, which serves as a central bank and monitors banking practices, is just one symptom of the “disease” of capitalism.
The Fed is “a problem, not the problem,” he argued. “The problem is this class that has that power in the first place and the control under very few private hands of the bulk of economic activity in the society.”
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