Submitted by Charles Hugh-Smith of OfTwoMinds blog,
Even if they knew these changes would ultimately profit the banking sector and the economy as a whole, could they withstand the pressure that would be exerted by everyone benefiting from the Status Quo?
I have long maintained that the Fed’s vaunted independence is actually contingent, i.e. the Fed is a political entity and as a result it responds to political pressure like any other political entity. And like any hierarchy, it is prone to group-think and the urge to conform to norms.
This raises another question: even if the voting members of the Fed wanted to fix the nation’s broken financial system, do they have the ability to do so?
I have posited that whatever consensus/group-think dominated the various factions that comprise the Deep State has eroded, and the cracks of profound disunity are opening between powerful factions in the Deep State.
Rather than Masters of the Universe, the Fed’s governors are increasingly looking more like deer caught in the headlights of a transformation they cannot understand, much less control.
Is the Deep State Fracturing into Disunity? (March 14, 2014)
Why Is Our Government (and Deep State) So Incompetent? (March 6, 2014)
The Fed Has Failed (and Will Continue to Fail), Part 1 (March 11, 2014)
How The Fed Has Failed America, Part 2 (March 12, 2014)