COTD: The Creature

clipped from www.lucianne.com WASHINGTON — The Obama administration is proposing that the Federal Reserve serve as an all-seeing regulator to detect activities that could pose risks to the entire financial system. I am reading "The Creature from Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin. If accurate, it describes the concept of the "Fed" as a banking cartel set up by wealthy bankers and politicians in 1910. The cartel was designed to suppress competition from the new crop of banks sprouting up away from the old New York hub. The "bosses" wanted a secure hold on power, and the ability to inflate the money supply to enrich themselves and enable "The Government" to fund its favorite schemes invisibly. All this is a lengthy intro to this idea of "The Fed" as "risk regulator" as: "the foxes guarding the chicken coop". The Fed should not be the regulator, rather it should be regulated out of existence, thus stopping the monetary inflation that is destroying the dollar.