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Pam and Russ Martens: Americans don't trust the Fed because it's too secretive

Section: Daily Dispatches

By Pam and Russ Martens
Wall Street on Parade, New York
Wednesday, April 8, 2015

Having defeated the Crown in a bloody revolution some two centuries ago, Americans don't like living under a patriarchy, oligarchy or kleptocracy. Unfortunately, the U.S. central bank, the Federal Reserve, is a little of all three.

On Monday this week the president of the Federal Reserve Bank of New York stated in a speech that "the Federal Reserve already is very transparent and accountable to Congress and to the public." Two days later Wall Street On Parade attempted to get one piece of very basic information from the Fed and got the royal runaround.

We wanted to know if JPMorgan Chase, a bank operating under a deferred prosecution agreement for two felony counts and under a criminal investigation for currency rigging, was still the custodian of $1.7 trillion of mortgage-backed securities owned by the Federal Reserve, as we had reported on November 3, 2014.

Other basic information from the Fed is also off-limits to the press.

Each day the president of the United States posts his daily schedule on the Internet. Trying to find out whom the chairman of the Federal Reserve has met with is far more secretive. ...

... For the remainder of the commentary:


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