These Are The People Who Do Not Want The Fed’s Veil Lifted
Posted by sakerfa on July 15th, 2009
The following individuals whose primary goal in life is getting tenure and publishing a textbook, yet believe they have a voice in deciding whether over 300 million American people should know just whose interests the Fed so staunchly protects, have issued an open letter to Congress and The Executive Branch, demanding that no one ever dare tinker or have audit powers over the private institution that is the Federal Reserve.
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| J. P. Morgan and the bankster elite want Federal Reserve opacity, not transparency. | |
Those who run hedge funds, operate semi-failed companies, work for an Investment Bank, especially taxpayer bailed out ones, or are otherwise conflicted, are highlighted in bold.
It makes sense to recall that the recent grassroots campaign to enforce the opposite – i.e., more transparency at the Fed, has been supported by over 5,000 individuals at this point. Zero Hedge recommends all who believe in transparency in this time when we have anything but, sign the petition to demonstrate their disagreement with the individuals below.
“Fed Independence” Petition Signatories:
Ricardo Caballero MIT
Kenneth French Dartmouth College
Robert Hall Stanford
Anil Kashyap Chicago Booth
Pete Klenow Stanford
Frederic Mishkin Columbia
Thomas Sargent NYU
Michael Woodford Columbia
Andrew Abel Wharton School,University of Pennsylvania
Daron Acemoglu MIT
Michael Adler Columiba University
Yacine Ait-Sahalia Princeton University
Fernando Alvarez University of Chicago
Scott Anderson Wells Fargo & Co.
Cliff Asness Managing and Founding Principal, AQR Capital Management LLC
Paul Asquith Massachusetts Institute of Technology
David Backus NYU
Dean Baim Pepperdine University/UCLA
Ravi Bansal Duke University
David Bates University of Iowa
Andrew Bernard Dartmouth College
Richard Berner Morgan Stanley
George Borts Brown University
Scott Brown Raymond James & Associates
Markus K. Brunnermeier Princeton University
Ralph C. Bryant Brookings Institution
Michael Carey Calyon Securities (USA) Inc. Credit Agricole Group
Christopher Carroll Johns Hopkins University
Martin Cherkes Columbia University
Diego Comin Harvard University
Jernej Copic UCLA
Dora Costa UCLA
Steven Davis University of Chicago Booth School of Business
Angus Deaton Princeton University
Davide Debortoli University of California, San Diego
Eddie Dekel Northwestern University
Harold Demsetz UCLA
Scott Desposato University of California, San Diego
Douglas Diamond University of Chicago Booth School of Business
Peter Diamond MIT
Francis X. Diebold University of Pennsylvania
Avinash Dixit Princeton University
Matthias Doepke Northwestern University
Darrell Duffie Stanford
Pierre Collin Dufresne Columbia
Martin Eichenbaum Northwestern University
Andrea Eisfeldt Northwestern UniversityKellogg School of Management
Jeffrey Ely Northwestern University
Eduardo Engel Yale University
Eugene Fama University of Chicago Booth School of Business
Henry Farber Princeton University
Roger Farmer UCLA
Jon Faust Center for Financial Economics, Johns Hopkins U.
Michael Feroli J.P.Morgan
Wayne Ferson U.S.C.
Kristin Forbes MIT-Sloan School of Management
Mark Gertler New York Univiersity
Marc Giannoni Columbia University
Simon Gilchrist Boston University
Robert J. Gordon Northwestern University
Roger Gordon UCSD
David Greenlaw Morgan Stanley
Gene Grossman Princeton University
Steffen Habermalz Northwestern University
James Hamilton University of California, San Diego
Gary Hansen UCLA
Robert Hansen Tuck School, Dartmouth College
Gordon Hanson UC San Diego
Milton Harris University of Chicago Booth School of Business
Tarek Hassan University of Chicago Booth School of Business
Zhiguo He Chicago Booth
John Heaton University of Chicago
D. Lee Heavner Analysis Group, Inc.
Christian Hellwig UCLA
Gailen Hite Columbia Business School
Yael Hochberg Kellogg School of Management, Northwestern University
Stuart Hoffman PNC Financial ServicesGroup
Bengt Holmstrom MIT
Bo Honore Princeton University
Peter Hooper Deutsche Bank
Takeo Hoshi University of California, San Diego
Christopher House University of Michigan
Peter Howitt Brown University
Chang-tai Hsieh University of Chicago
Ellen Hughes-Cromwick Chief Economist, Ford Motor Company
John Huizinga University of Chicago Booth School of Business
Erik Hurst University of Chicago Booth School of Business
Ravi Jagannathan Kellogg School of Management, Northwestern University
Dana Johnson Comerica Bank
Karen Johnson Federal Reserve Board of Governors (retired)
Charles I. Jones Stanford University, Graduate School of Business
Paul Joskow MIT
Matthew Kahn UCLA
Juno Kang The Bank of Korea
Steven Kaplan University of Chicago Booth School of Business
Bruce Kasman J.P. Morgan Chase
Peter Kenen Princeton Uniiversity
Ralph Koijen University of Chicago Booth School of Business
David Kotok Chariman, Central Banking Series, Global Interdependence Center, Philadelphia, PA.
Arvind Krishnamurthy Northwestern University
Rafael La Porta Dartmouth College
David Lake University of California, San Diego
Bruce Lehman UCSD
Nan Li Ohio State University
Hilarie Lieb Northwestern University
John Liew AQR Capital Management
Juhani Linnainmaa University of Chicago Booth School of Business
Andrew Lo MIT
Kevin Logan Dresdner Kleinwort
Guido Lorenzoni MIT
Hanno Lustig UCLA Anderson
Louis Maccini Johns Hopkins University
Burton Malkiel Princeton University
Eric Maskin The Institute for Advanced Study, Princeton University
Robert McDonald Kellogg School, Northwestern University
Daniel McFadden University of California, Berkeley
Doug McMillin Louisiana State University
Rajnish Mehra UC Santa Barbara
Robert Mellman J.P. Morgan
Robert Merton Harvard University
Laurence Meyer Macroeconomic Advisers, LLC
Atif Mian University of Chicago
Gregory Miller Suntrust Banks, Inc.
Robert Moffitt Johns Hopkins University
Stephen Morris Princeton University
Dale Mortensen Northwestern University
Giuseppe Moscarini Yale University
Tobias Moskowitz University of Chicago, Booth School of Business
Stefan Nagel Stanford
Maurice Obstfeld University of California,
Berkeley Lee Ohanian UCLA
Maureen O’Hara Cornell University
Stavros Panageas University of Chicago BoothSchool of Business
Dimitris Papanikolaou Northwestern University
Robert Parry President & CEO, Federal Reserve Bank of San Francisco, Retired
Lubos Pastor University of Chicago BoothSchool of Business
Lasse H. Pedersen NYU
Monika Piazzesi Stanford
Keith Poole University of California, San Diego
Giorgio Primiceri Northwestern University
Valerie Ramey University of California, San Diego
Enrichetta Ravina Columbia University
Esteban Rossi-Hansberg Princeton University
Michael Rothschild Princeton University
Tano Santos Columbia Business
School Ulrike Schaede University of California, San Diego
Richard Schmalensee MIT
Martin Schneider Stanford
Kermit Schoenholtz NYU Stern School of Business
Jay Shanken Emory
Robert Shiller Yale University
Hyun Shin Princeton University
Stephen Shore Johns Hopkins University
Costis Skiadas Northwestern University
Matthew Slaughter Dartmouth College
James F. Smith Kenan-Flagler Business School, UNC-Chapel Hill
Chester Spatt Carnegie Mellon University
James H. Stock Harvard
Rene Stulz The Ohio State University
Amir Sufi University of Chicago Booth School of Business
Joseph Swanson Northwestern University
Vefa Tarhan Loyola University Chicago
Edwin M. Truman Peterson Institute for International Economics
Harald Uhlig University of Chicago
Andrey Ukhov Northwestern University
Sergio Urzua Northwestern University
Chris Varvares Macroeconomic Advisers, LLC
Pietro Veronesi University of Chicago
Paul Wachtel New York University, Stern School of Business
Richard Walker Northwestern University
Mark Watson Princeton
Shang-jin Wei Columbia
David Weil Brown University
Pierre-Olivier Weill UCLA Economics
Burton Weisbrod Northwestern University
William Wheaton MIT
Michael Whinston Northwestern University
Mirko Wiederholt Northwestern University
Mark Witte Northwestern University
Tiemen Wouteren Johns Hopkins University
Jonathan Wright Johns Hopkins University
Wei Xiong Princeton University
Stanley Zin New York University
And here is the text of the endorsed letter:
Open Letter to Congress and the Executive Branch
Amidst the debate over systemic regulation, the independence of U.S. monetary policy is at risk. We urge Congress and the Executive Branch to reaffirm their support for and defend the independence of the Federal Reserve System as a foundation of U.S. economic stability. There are three specific risks that must be contained.
First, central bank independence has been shown to be essential for controlling inflation. Sooner or later, the Fed will have to scale back its current unprecedented monetary accommodation. When the Federal Reserve judges it time to begin tightening monetary conditions, it must be allowed to do so without interference. Second, lender of last resort decisions should not be politicized.
Finally, calls to alter the structure or personnel selection of the Federal Reserve System easily could backfire by raising inflation expectations and borrowing costs and dimming prospects for recovery. The democratic legitimacy of the Federal Reserve System is well established by its legal mandate and by the existing appointments process. Frequent communication with the public and testimony before Congress ensure Fed accountability.
If the Federal Reserve is given new responsibilities every effort must be made to avoid compromising its ability to manage monetary policy as it sees fit.
Source: InfoWars
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July 15th, 2009 at 9:34 pm
“Frequent communication with the public and testimony before Congress ensure Fed accountability.”
What a joke. These people are literally saying, don’t do anything, keep everything the way it is. If not the whole system will collapse. The Fed will be accountable by testimony not an audit. I wish I can say that to the IRS. Just trust me IRS man, everything is okay because I say so.
By the way, if the whole system does collapse from the audit, well then, we know exactly who and which institutions to go after; meanwhile, Congress can revert back to the US Constitution to coin money with a national bank.
July 15th, 2009 at 10:15 pm
Several Greek last names on this list….
If you’re Greek you know that “What’s the matter with you?” is one word, just like “you’re sick in the head” and “get out of here”…
Skata nafas, however, is two words!
July 15th, 2009 at 10:21 pm
It’s so simple! If the fed has nothing to hide, why then are they trying so hard to hide it??
July 15th, 2009 at 11:01 pm
Here is a short / FREE book detailing exactly why the Fed needs to be abolished. http://StopTheLie.com/meet_the_system.html
July 15th, 2009 at 11:06 pm
“First, central bank independence has been shown to be essential for controlling inflation.”
To any of the University Professors who have signed this open letter . . . How or where exactly has this been “shown”? History is clear that the United States of America recorded price stability, unprecedented growth, and zero inflation from 1776 until 1913. Since 1913 – the year the Federal Reserve was created, the dollar has lost 96% of it’s purchasing power. The loss of the US dollar’s value (inflation) has quite obviously NOT been “controlled” by the Fed. In fact, in it’s 96 year history the Fed has performed an abysmal job of “controlling” inflation and rather has actually been primarily responsible for “CAUSING” inflation through it’s expansion of the money supply and it’s loose monetary policies that manipulate interest rates, lending and saving practices, and free markets.
You have signed a letter that is a blatantly false. You either know that and are complicit, or you are abject fools.
July 15th, 2009 at 11:19 pm
yes, Mr. Dimitrakis, there are a few Greeks, but as long as we’re looking at ethnicity, you can’t help noticing that most of them are Jews, which ethnic group only makes up less than 2% of the population.
July 15th, 2009 at 11:19 pm
Rod, you are dead on. Up until the creation of the Federal Reserve, the United States operating under the Constitution, had a budget SURPLUS, no income tax and a military that did nothing but protect our own borders. There was no reason for a military industrial complex. Skip the audit, ABOLISH THE FED!!
July 16th, 2009 at 12:17 am
Here’s you choice America: Abolish the Federal Reserve or the Federal Reserve will abolish the Democratic Republic.
The Federal Reserve and the owner’s accomplices has a long history of MURDER, ASSASSINATION, BRIBERY, BLACKMAIL, and GRAFT.
It is ESSENTIAL that Congress ABOLISH the “institution” known as the Federal Reserve, or I call for Revolution. If the Federal Reserve is not abolished, then American Citizens will continue to be ECONOMIC SLAVES to the owners of that diabolical “institution”.
Either abolish it, or we organize for Revolution.
It is INTOLERABLE that Congress give away the power to produce the necessary money for the nation to a private banking institution foisted upon the American public in 1913 by secrecy.
Enough is enough. You will either FIGHT for your freedom, or you will BE A SLAVE to the owners of the Federal Reserve.
July 16th, 2009 at 1:25 am
See the traitors. See the disease. Tell others. That is your task.
July 16th, 2009 at 6:32 am
Looks like we got a short list of 182 perfessers an’ banksters on the take.
July 16th, 2009 at 6:36 am
Oh, I forgot to mention: The light at the end of the economic tunnel may not be a freight train barreling down at you; it may just be in the form of an I.O.U!
California Governator Arnold Shwartzenegger is about to issue I.O.U.s in lieu of money (the state’s got none) for services it buys.
Thing is, if California accepts her own I.O.U. issue as legal tender for paying taxes, those pieces of paper instantly become ‘Sovereign’ money created by the state, not banks and therefore interest and debt free.
It’s dangerous game, though, because it leaves out the all-powerful banks, especially The Fed.
One of the few successes of sovereign money was in colonial America, a very prosperous British colony (French, Dutch, Spanish and the rest failed) to which the Brits sent a delegation to find out why: Ben Franklin said, “Sovereign currency we call Colonial Scrip – not taxed, no interest, and no debt attached.
The British Banking Act of 1774 put paid to that and we know the Americans’ reaction.
Later, ‘Honest Abe’ issued a sovereign currency, the Greenback Dollar after refusing to pay 39% interest to banks for his Civil War. After the war it became apparent that the greenback was there to stay; Lincoln wasn’t. The three chief conspirators in his assassination were pardoned by Lincoln’s successor, Andrew Johnson, the rest hanged.
In 1963, five months before his assassination, J.F. Kennedy issued just under five hundred billion dollars worth of Silver Certificates, a sovereign currency backed by silver, which bypassed the privately-owned Federal Reserve Bank.
After his death, the Silver Certificates were withdrawn from circulation.
Here’s where Schwartzenegger’s light turns into great conspiracy:
One other chap, called Adolph Schickelgruber, (not a very nice guy) took over a broken, bankrupt Germany that had been further eviscerated and then financially hog-tied by the Versailles Treaty, issued a sovereign currency, hired every able person in the land and, four short years later Germany was the most powerful economy in Europe.
The entire world came down on his sorry butt.
Let’s see how Arnie does?
It’s NOT a movie, Gov, but good luck anyway!
July 16th, 2009 at 10:10 am
Regardless of one’s political or religious background; Regardless of one’s economic ideology; there is one fact that NO ONE can dispute: the MONEY BELONGS TO THE PEOPLE!!!!!
The money does NOT BELONG to the federal reserve. Have these people gone crazy? THIS is MY MONEY, I have been paying taxes for over 30 years. And by GOD I want to know EXACTLY what is going on with MY MONEY!!! BY that I mean the who, what, when, where, how and how much of every single damn thing they are doing with MY MONEY!!!!. AND you can bet that every other taxpayer feels exactly the same way. The bottom line here people is that the Federal reserve has effectively stolen over 10 TRILLION of our tax dollars in the last 18 months. And now they don’t want to tell us whats going on. It seems to me the simple solution here is to issue subpoena’s to every single officer of every single member bank of the Fed. Demand under oath to be told all the facts. When they refuse, put every single member in jail. And keep them there until they tell us what THEY did with OUR money.
July 16th, 2009 at 10:26 am
In 1492, Chemor, chief Rabbi of Spain, wrote to the Grand Sanhedrin, which had its seat in Constantinople, for advice, when a Spanish law threatened expulsion.2 This was the reply:
” Beloved brethren in Moses, we have received your letter in which you tell us of the anxieties and misfortunes which you are enduring. We are pierced by as great pain to hear it as yourselves.
The advice of the Grand Satraps and Rabbis is the following:
1. As for what you say that the King of Spain obliges you to become Christians: do it, since you cannot do otherwise.
2. As for what you say about the command to despoil you of your property: make your sons merchants that they may despoil, little by little, the Christians of theirs.
3. As for what you say about making attempts on your lives: make your sons doctors and apothecaries, that they may take away Christians’ lives.
4. As for what you say of their destroying your synagogues: make your sons canons and clerics in order that they may destroy their churches. [Emphasis mine]
5. As for the many other vexations you complain of: arrange that your sons become advocates and lawyers, and see that they always mix in affairs of State, that by putting Christians under your yoke you may dominate the world and be avenged on them.
6. Do not swerve from this order that we give you, because you will find by experience that, humiliated as you are, you will reach the actuality of power.
(Signed) PRINCE OF THE JEWS OF CONSTANTINOPLE.”
2. The reply is found in the sixteenth century Spanish book, La Silva Curiosa, by Julio-Iniguez de Medrano (Paris, Orry, 1608), on pages 156 and 157, with the following explanation: “This letter following was found in the archives of Toledo by the Hermit of Salamanca, (while) searching the ancient records of the kingdoms of Spain; and, as it is expressive and remarkable, I wish to write it here.” — vide, photostat facing page 80.
~ The above was quoted from Waters Flowing Eastward by Paquita de Shishmareff, pp. 73-74
July 16th, 2009 at 10:28 am
When a suspect is reluctant to answer questions put to him by the police they think he is hiding something material to the subject of the enquiry.
The Fed having illegally come into existence could not have had other than evil intent by so doing.
So to be a servant of the people and not their master it must respond to all questions in the manner of a job applicant, or a employee, when they are put by the people as master.
July 16th, 2009 at 3:53 pm
It’s time to bring back shunning.
If you know any of these people or their families, if they are your neighbors or collegues, it is your responisbility as an American to ignore them under all conditions. They are traitors and common theives and should be cast out from polite society. Actually, they should be hanging from lamp posts, but that’s for the future. Refuse to serve or sell to them, to greet them on the street, or to accord them any recognition at all. Same for all the rest of the traitors who have hijacked the country. I am in medicine, and there are people I will refuse to serve. If Bush, Cheney, Kissinger, a corrupt judge or cop, or any other assorted sexually transmitted disease showed up on my door step for help, I’d kick them down the stairs and slam the door shut. They myth that you have to help every slithering piece of sh*t who asks for it is a lie designed to con the good into helping the undeserving. Screw them. They’ve sure screwed us.
July 16th, 2009 at 5:42 pm
To Ddearborn:
You want to know where your money is going? Please read the Grace Commission Report of 1984:
http://www.uhuh.com/taxstuff/gracecom.htm
to summarize:
* One-third of all their taxes is consumed by waste and inefficiency in the Federal Government as we identified in our survey.
* Another one-third of all their taxes escapes collection from others as the underground economy blossoms in direct proportion to tax increases and places even more pressure on law abiding taxpayers, promoting still more underground economy-a vicious cycle that must be broken.
* With two-thirds of everyone’s personal income taxes wasted or not collected, …
*****100 percent of what is collected is absorbed solely by interest on the Federal debt and by Federal Government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services which taxpayers expect from their Government.
July 16th, 2009 at 9:11 pm
Two books that should be required reading for every U.S. Citizen who is able to read: The Creature From Jekyll Island by G. Edward Griffin and The Web Of Debt by Ellen Brown. Read these and create a “CITIZEN BAILOUT” Gary
July 16th, 2009 at 9:35 pm
The problem is the Fed is not independent of its private owners who pocket the “interest” causing the boom-bust cycles, nor could it be workably independent of Congress ( the second-in-line beneficiaries of the FRS).
Only when the interest generated voluntarily in the private sector is recirculating in the economy will there be prosperity w/o the boom-bust cycles.
Congress needs to be cut out of the picture entirely, the thieving leeches.
For the solution see:
http://groups.yahoo.com/group/whoru (message # 285)
http://www.ericwhoru.bravehost.com
http://www.talkshoe.com show ID# 27767
July 17th, 2009 at 12:37 pm
#15 ANON well stated. The worms emerge from the decayed woodwork. We’ve always known the academic world was infiltrated with traitors but they now begin to identify themselves. Ditto, if you know any of these people, ostracize them.
July 17th, 2009 at 7:08 pm
Please do not ignore these professors. They may like it that way.
These professors must be challenged in their own localities to come and debate their opponents in front of their students and general public. Any person from the neighbourhood of their universities can question these professors. Please write letters in your local newspapers challenging the views of these so called professors and ask them to answer.
Some of them try to hide behind highly complicated mathematical mumbojumbo borrowed mostly from theoretical physics. They themselves cannot explain each and every step. They just blindly write line after line. I know because I have a PhD in physics from an American university and I have seen economics professors trying to use mathematics. But do not let them get away with that.
Economics is not Physics. Laws of Physics are natural. They can only be discovered. Laws of economics are man made. These are not laws but peoples own views. There is a vast difference between using math in physics and same type of math in economics.
Economics is not rocket science though some of these professors will try to make it look so. Challenge each one of them openly to explain every line of the letter to the public with evidence not what they think should happen.
July 17th, 2009 at 11:39 pm
We will always hold the power to lose faith in there systems of economic slavery.
We should also be shouting about what is happening in North Dakota.
Shine the spotlight on alternatives to the fed.
Push the benefits of local interest free currencies.
Showing folks the reasons why they should reject the Fed should always be coupled with alternatives.