Reich: Secretive Fed Has No Place In A Democracy
[I'm surprised that Robert Reich agree on anything, but here we are.]
Economist Robert Reich claims that the secretiveness of the Federal Reserve means it has no place in a democracy.
"The Fed is not part of the legislative branch," Reich recently wrote in his blog. "Its secret deals … violate the democratic process, if not the Constitution itself."
Reich, who served in three national administrations and was a secretary of labor under President Bill Clinton, says that “Thomas Jefferson put a stop to Alexander Hamilton’s idea of a powerful central bank out of fear it would be unaccountable to the public. The Fed has just proven Jefferson’s point.”