What is Digg?1 Comments
- czernel, on 06/19/2008, -0/+4I am shocked by this. Keep in mind the Fed is NOT a transparent government agency accountable to the public (not that being so would give them the authority to do this anyways). The Federal Reserve can act on it's own without prior approval from Congress, yet they have their hands on our economy (and I might add, our plummeting dollar).
When you read this article, each time you see Fed, Federal Reserve, or Central Bank, substitute in the phrase "a quasi-government entity comprised of 12 private banks accountable only to themselves". Then try to tell me it's a good idea to force all businesses by mandate of law, to give this entity unprecedented deep access to essentially all financial records for everything.
From the article, from a government hack in support of this terrible idea: "We should quickly consider how to appropriately give the Fed the authority to access necessary information from highly complex financial institutions and the responsibility to intervene in order to protect the system". Let me translate: "Let's rush through a new set of laws that would mandate all businesses to turn over all financial information to some quasi-government entity so they can do whatever they want to protect THEIR system." (and profit in who knows how many countless ways by all the information they would be getting, but maybe we're not supposed to think about that part)
Sounds like a power grab to me, I hope people are paying attention to this...
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