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'Lucky Bastard' wrote:
> The Federal Reserve's duties fall into four general areas: .........(1)
> ........stable prices; (2)
Surprise moves like today tend to destablize, and almost seem
to be an intent by the Fed to use the positions of professioal
market participants to its advantage. Try making the case to
specialists and hedge funds, all of whom provide key market
liquidity, the case that sudden action intent on surprise is an
act of stablization.
>
> .................(3) maintaining the stability of the financial
> system
Both sides of market postions by professionals--short and long--
deserve consideration by the Fed. And in no instance should
the Fed ever use the position of any key market players to
to its own disruptive advantage.
> ....... and (4) providing certain financial services to the U.S.
> government, the public, financial institutions, and foreign official
> institutions, including playing a major role in operating the nation's
> payment systems.
All this suggests that the Fed is a public servant, and therefore
responsible to the private sector which lends it's authority to
government and not vice versa. I believe the Constitution
aptly begins "We the people...". And if the concurrent language
of the Fed Reserve does not in fact reflect this, I would humbly
submit that it is long overdue. An added section to such charter
might begin "First, do no harm..."
Thanks for the url and your contribution, I'll take a look. Maybe
they have a complaint box....
Scheier~
>
>
> http://www.federalreserve.gov/pf/pdf/frspf1.pdf
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