FEDERAL RESERVE NATIONALIZED? HR 748 MAY HAVE DONE JUST THAT. . .SAD OR GLAD?
Federal Reserve Nationalized! Really? Kirk Elliott PhD is interviewed on News Behind the News with John Michael Chambers discussing the obscure language in the HR 748 Cares Act that point to a marriage between the Treasury Department and the Federal Reserve.
Why is the Federal Reserve being nationalized a big deal?
Since the inception of the Federal Reserve it has been autonomous, independent, and supposedly politically agnostic. In reality the Fed generally follows the policies of the Presidential administration as the Chairman of the Federal Reserve is appointed by the President, but for the first time ever it appears that they MAY be subservient to the desires of the Treasury Department. This would be a tectonic shift in monetary policy, and would also have an impact on fiscal policy.
Watch the video above to find out more. Another related interview you need to listen to is ECONOMIC IMPLICATION OF THE CORONA VIRUS with Pete Santilli.