Who has the Fed been nurturing for nearly 99 years?

Prof Michael Hudson has a great piece on the blog Naked Capitalism about the US Federal Reserve, its origins, purpose and mindset (March 29, 2012). Here's a taster:

'Under Mr. Greenspan’s tenure and that of his successor, Ben Bernanke, the Fed has overseen the greatest shift of wealth in American history since the Robber Barons.

Finally, the Fed has taken over the functions of government by threatening to close down the economy if the government does not bail out the banks at taxpayer expense, and protect the wealthy 1% against losing money.'

Sobering reading for anyone wanting a clear account of arguably the most powerful institution in the world financial system and whom it primarily serves.

Hudson also assesses Ron Paul's monetary proposals (gold standard, et al) and warns: 

'So what he [Ron Paul] actually advocates is not only the end of the Fed, but the end of a functioning credit and tax system. The idea is otherworldly and has no possible chance of being enacted, because it would cause a vast debt default as a result of plunging prices, incomes and employment.'

Posted by Charles Bazlinton. Author: The Free Lunch-Fairness with Freedom which describes how wealth moves in society and points to a fairer paradigm.