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Rick Sanchez
Huffington Post
The royal wedding was last week, in case you missed it. Newsrooms here in the US nearly went dark with virtually every reporter embedded in key locations around Hyde Park and Buckingham Palace. It was the century’s first “wedding of the century,” but we’re only a decade in so there could be others.
As newsmen and anchors discussed the minutiae of Kate Middleton’s dress, we missed something pretty historic: the Federal Reserve held its first open press conference after a policy meeting. I wonder what the Founding Fathers would have said about our fixation with British royalty at a time when our economy is rotting from the inside out.
When the news media does report on our economy, a lot is usually said about China owning so much of our country’s debt. Yes, China’s central bank is the largest holder with over $1.1 trillion. And yes, foreigners own more of our national debt than ever before — 32%, or $4.45 trillion, of our over $14 trillion national debt. But the real threat to our economy isn’t China.
We have seen the enemy and he is us.
Congress is spending tomorrow’s money today, throwing us into economic oblivion. But Congress isn’t the only culprit in the crime of grand larceny of our future. The Federal Reserve — a quasi-public institution that includes privately-owned US banks — is a more than willing accomplice.
As Thomas Jefferson warned, “…banking establishments are more dangerous than standing armies; and… the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”
For an entity that wields so much power, we know relatively little about the Fed. Would you trust an unknown banker to decide what happens with your paycheck every week? Why do we accept this for our country?
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