On November 11, YAL@VU attended a town hall meeting in Nashville where Senator Corker did a presentation on the national debt along with a Q&A session. Prior to his lecture, a few members from the YAL chapter at Vandy distributed fliers about Corker's voting record and his previous comments about the Federal Reserve. Local C4L members also aided in the Q&A session as approximately 2/3 of the questions ended up being related to the Federal Reserve.
The next Tuesday morning, Senator Corker "announced his desire to change the Federal Reserve’s overly broad dual mandate, which is currently to maintain full employment while also keeping inflation low. Corker believes the Federal Reserve should move to a single, more focused mandate that will direct the central bank to focus solely on price stability."
While this is nowhere close to a full audit of the Federal Reserve, it most certainly reflects the fact that our protests are not going unnoticed. Read a news report on the event here.
Yesterday the FOMC (Federal Open Market Committee) met to vote on moving more liquidity into the U.S. economy -- $600 billion more. While our Fed News usually waits until Friday, I believe we will have plenty to talk about within the next couple weeks on the vote that holds more significance than any vote from Tuesday's election.
The FOMC holds the "principal tool" for creating monetary policies. It's comprised of twelve members -- the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents (rotating a new set of four in every year). In essence, the FOMC makes the decision on how many treasury bonds they want to buy or sell. Yesterday when they met, the members of the committee were responsible for voting on the second round of quantitative easing as well as finding the amount of money they deemed appropriate to help the United States with unemployment and overall growth.
[Central Banks] will buy $600 billion in long-term Treasuries over the next eight months, the Fed said Wednesday. The Fed also announced it will reinvest an additional $250 billion to $300 billion in Treasuries with the proceeds of its earlier investments.
Our Director of Security, Ponzi Roberts, takes us on a beat-thumping journey through the world of Federal Reserve Notes. Symbolizing the Federal Reserve Note’s place in society, Ponzi expresses their elasticity. They can’t hold their value forever. Join us on Fridays to learn about the Federal Reserve and where this fiat currency comes from.
Until then, enjoy DJ Ponzi’s performance and share!
Here is a great clip from the Jimmy Fallon show where he imitates Justin Bieber while talking about the recent housing bubble. Though he mixes up Ben Bernanke with Alan Greenspan, he points to the Fed as the cause of the bubble.