President of the Federal Reserve Bank of Kansas City Warns of Oligarchy

As I have previously pointed out, two top IMF officials and the former Vice President of the Dallas Federal Reserve have all warned that the U.S. has been taken over by an oligarchy.

Wednesday, the head of the Federal Reserve Bank of Kansas City, Thomas Hoenig, agreed:

If we hesitate to make needed changes, we will perpetuate an oligarchy of interests that will fail to serve the best interests of business, the consumer and the U.S. economy…

In discussing any aspect of financial reform, one of the most significant changes that must be accomplished is the end of “Too Big to Fail” . . . Institutions must be allowed to fail, no matter their size or political influence…The effect is to lower the costs to these firms and significantly raise costs to the taxpayer and, ultimately, to fundamentally weaken our financial system.

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  • http://Anonymousnoreply@blogger.com Anonymous

    and this will be reported where? On the Evening news, cable news? Of course not.

  • http://127.0.0.1 Ken R

    Interesting, with Hoenig being one of the oligarchs. Perhaps he smells what's on the wind…

  • http://www.blogger.com/profile/12886649539758133191 Jr Deputy Accountant

    It's not Hoenig you need to watch. It's Richmond's Lacker and Dallas' Fisher.However, this WAS a very refreshing break from the madness and obscurity.between you and I, watch the Fed unravel in coming weeks. The Board of Governors in DC has hired on PR, meanwhile, they will happily throw the regional Fed presidents under the bus just to make themselves (and likely the NY Fed, since they are the ones in the bed with "the big boys" i.e. Goldman, JP Morgan, ad nauseum) look better.This is about to get much more interesting. The regional Fed presidents have a lot to offer. Bernanke, meanwhile, will continue to spew the same old obscure BS.don't miss the catfight :)

  • http://Anonymousnoreply@blogger.com Anonymous

    Better than expected. Markets rise 500 pts! (again)

  • http://Anonymousnoreply@blogger.com Anonymous

    great blog mate keep up the great work

  • http://Anonymousnoreply@blogger.com Anonymous

    the solution abolish the privately owned federal resrve.

  • http://Anonymousnoreply@blogger.com Anonymous

    The amazing part is that the oligarchy is completely concealed. The Congress and POTUS are merely actors. How many people see the controllers of the Fed and Wall Street as rulers ??

  • http://Anonymousnoreply@blogger.com Anonymous

    Good ol Wreckafella said that competition is sin. Well, there is competition on the horizon. When the Fed finally gets fully audited and the crimes of the bankers over the last 100 years are fully exposed, Americans will be furious. The peasants will be at the door step sooner than the banksters think.

  • http://Anonymousnoreply@blogger.com Anonymous

    The peasants are already at the doorstep, and the first step is awareness. Check out Brown's Web of Debt- not close to being perfect, but otherwise shows the way out, using the Bank of North Dakota, and the public banks in Switzerland (which exist and prosper side by side their private counterparts.) We need public banks ourselves as of yesterday. Individual states, large universities and cities could combine revenues and create old school, Jimmy Stewart-like regulatory environments that thrive under public scrutiny and provide a safe banking and credit system (that laugh at the use of derivatives, just like the present day Norwegians!)If you want to smell what's on the wind, google Endgame and Peter Dale Scott. We had better increase the competition of money suppliers to include public institutions, and allow failure for incompetence, even if its your buddy up a floor at JP Morgan.

  • http://Anonymousnoreply@blogger.com Anonymous

    Good points, Anonymous 6/28/09 1:17pmBut be aware that China just yesterday called for a supra, international, over-arching world currency. We must resist. The private banks (Rockerfeller, Rothschild, and the International Bank of Settlements) are all pushing for it behind the scenes. Imagine, the private bank owners not just owning America's money supply and credit system, but the entire planet's!!! No lending without their say so, and all interest going into their pockets.Amiel Rothschild (sp?) once said "give me a nation's money supply and I care not who makes its laws." It's ungodly. I looked at Bank of North Dakota and I see what you mean by Jimmy Stewart-like. Looks a little corny compared to Morgan or Citi, but this kind of basic fundamental banking is exactly what we need in our banking system right now! That is: SAFE, with real reserves to protect depositors, and the interest going to North Dakota itself! Perfect. (Why haven't CDSs and derivatives been banned? Oh yeah, our "administration of change" is bought, staffed, and owned by the bankers.)

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