Comments by "Animal Farm" (@animalfarm7467) on "Richard Wolff on The Vicious Cycle Of Crash, Regulation, Corruption and Crash" video.

  1. Thomas, I do enjoy Professor Wolff’s message and I have to agree with much he has to say; BUT he tends to avoid any in-depth analysis of the US Federal Reserve. When he said, 07:44 “The banks are free to do what they want; the burden is now on the Government, the Federal Reserve and other branches of Government to find that they’re doing it, catch them at doing it; prove that they’re doing it”. How I understand the FED is it is either a totally private entity or a private entity in some type of working partnership with the Government. Those who manage the FED and its 12 branches (Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco) are mostly the same executives that that manage the private banks (Goldman Sachs, Citi Group, etc.). The FED cannot be investigated because it is a private entity and Congress or any branch of Government has no say in the FED’s monetary or fiscal policy. There are also questions about its origin in 1913 and how it is involved in manipulating markets. So when Professor Wolff says, “The Federal Reserve and other branches of Government”, am I missing something and has all my analysis of the FED been in vain. Why does Professor Wolff through his historical statements always infer the FED is Government owned and controlled? Is there some reason Professor Wolff doesn’t want to admit the Government has no control over monetary policy and that monetary policy is in the hands of those who control the private banks? But, then again, I forgot to mention those executives who control the private banks also control the Government; so there might be some truth to the idea the Government controls the FED after all.
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  2. I have watched all of Wolff's "Democracy at Work" videos and each time the FED was mentioned there was no real analysis of the function or ownership of the FED. I would have thought more people (including Wolff) would be using this as the number 1 push back against capitalism if private entities were ever actually able to control monetary and fiscal policy. If it is correct that the FED controls policies that are usually designated as government treasury functions of other nations, how can you describe the private control of the FED as "capitalism"? Have you a reference where he explained, " it does not really matter, as long as the overall system is capitalism". Sure, there might be a few mindless idiots watching that don't understand the implications of a privately controlled central bank, but that shouldn't include Professor Wolff.
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