| Subject: | ***** ROT In America: Systematic Discrimination and Exclusion In Federal Reserve (FOMC) Appointments? |
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| Date: | Mon, 15 Mar 2010 18:32:53 -0700 |
| From: | Jas Jain |
ROT In America: Systematic Discrimination and Exclusion In Federal Reserve (FOMC) Appointments?
Those of you who have read my commentaries for the past several years know that the biggest enemies of the honest and hardworking Americans are "bankers and financiers" of New York City (BFNYC), a class of parasites. In their deceptive schemes they are aided by the Federal Reserve, in particular, and the US government, in general. Now, everyone knows how those in the government, e.g., Obama, Pelosi, Barney Frank, etc., get their positions, but very few know who gets appointed to the Federal Reserve. I decided to do an investigation into the subject. I am sorry but this requires more than few short paragraphs.
For reasons I wouldn't get into, since 1970s economists rather than businessmen and bankers and financiers with real world experience (we did have mostly honest hard-money and sound-lending bankers and financiers back then!) started to get appointed to the Federal Reserve's main decision making body, Federal Open Market Committee (FOMC). America's economic problems also began roughly at the same time. Over time, the focus shifted more and more to academic economists, neo-Keynesians, e.g., Paul Krooksman, who promise that they have developed methods, "models," for manipulating the economy for the better (better for whom?!). The net result has been that the economic growth for the last 20 years, 1990-2009, was worse than that during the 20 years of the Great Depression, 1930-1949! This is a fact and the reason is very simple and fundamental—more debt now means less growth in the future! The worse is yet to come because we have far more debt today than 20 year ago and it is growing. A long Deflationary Depression is backed into the cake. Isn't it amazing that no economist dares to point this out. This is because the only solution that the neo-Keynesian economists have is more debt now (and we would worry about it later, if ever). The net result has been that the Debt Pushers took over the economic policy at the Federal Reserve and at the US government. This means that those who oppose pushing debt, on principles, would be excluded! Let us see who have been excluded since Clintons came to power and if there is any ethnic and gender bias (people forget that political appointments by race and gender was made an issue in 1992 election and Bush, Sr., was put on the defensive by the Clinton gang for not appointing enough blacks and women). Taking gender and ethnicity into account in appointments, and not the merit, had become a de facto policy in America since the Clinton years. GW Bush adapted it (Condoleezza Rice, a black woman, killing two birds with one stone!, was identified before GW decided to run in 2000!) and Obama has simply taken it into a high gear and no one dares to challenge that. Glenn Beck, Rush Limbaugh and Bill O'Rielly dare not talk about the ethnic and gender discrimination that Clinton, GW Bush and Obama have practiced, especially, in Fed appointments (no one would expect "liberals" to do it). These intellectually dishonest cowards want to make money more than anything else. Welcome to America! Yeah, yeah, "I am looking after the folks." Propagandists in America can't tell the truth and make hundreds of millions of dollars at the same time. Is this so hard to figure out? Sorry for the digression but the underlying climate—appointments based on ethnicity and gender— needed to be pointed out.
Before I could determine if there is any systematic discrimination in the Fed appointments I had to get a grip on the distribution of the top talent among economists. In this regard, Larry Summers was right in that women don't cut it (and he got fired from Harvard for that!). Neither do blacks. (This is the reality on the ground today; it may change in the future but I must stick to the facts on the ground). There has been no woman or black in the top 20-25 economists in America over the past 20 years to the best of my knowledge. All the top economists are men; 10-20% are Asians and the rest are white men, ethnic Christians and Jews. To identify the clearest case of systematic exclusion please refer to the attached Appendix for the list of the Fed appointments since 1993. Despite the fact that there are far more Asian men than blacks and women, combined, in the top of the economics profession in America not a single Asian, man or woman, was considered for appointment to the FOMC while one black and several women were indeed appointed. This is only possible within a regime of discrimination, under the guise of "diversity," and systematic exclusion of a minority that is powerless, or not politically important. Does this ring a bell how things were in America 60-70 years ago?!
But things get lot worse when we look at the two top positions that have essentially the controlling power. No Asian or white Christian, man or woman!, 70% of the population and at least 50% of the talent pool, has been appointed to the Chairperson, or Vice Chairperson, positions! To the best of my knowledge none was even considered. This completely negates any probability that the positions are filled based on merit and puts to rest the lie of "diversity." Excluding 70% of the population, including the majority, is "Diversity?" Mostly those who could be trusted to promote the interests of the bankers and financiers of New York City (BFNYC) were appointed to the Federal Reserve since 1993. The proof, as they say, is in the pudding.
An important thing to notice from the Appendix is number of resignations during 2005-08 (highlighted in red). No one knew the Crisis was coming? Nothing really bad happens in America without someone planning it thoroughly, mostly from within the top circles. The economic Crisis that began in 2007 was fully scripted. If not, how did some of us know years in advance? American system of political power is rotten and corrupt to the core and nothing can be changed, it seems. Fear suppresses the truth and truth tellers are few and without any influence. Propagandists, both on the left and the right, have the arena to themselves. Ignorance reigns supreme on both sides. Two parties simply mean getting screwed from both sides! And Americans are addicted to, or have gotten used to, getting screwed. No relief is in sight.
Jas
Appendix
Appointments and Reappointments Since 1993 (Clinton onwards):
Chairman (Gold!):
Alan Greenspan Reappointed in 1996, 2000 (Clinton) and 2004 (GW Bush)
Ben S. Bernanke Appointed by GW Bush in 2006 and Reappointed by Obama
Vice Chairman (Silver!):
Alan S. Blinder June 27, 1994-Jan. 31, 1996
Alice M. Rivlin June 25, 1996-July 16, 1999
Roger W. Ferguson, Jr. (Lone Black) Oct. 5, 1999-Apr. 28, 2006
Donald L. Kohn June 23, 2006-Retiring in June 2010
Janet Yellen Rumored Appointment to replace Kohn
Members Excluding Chairman and Vice Chairman (Bronze!):
Janet L. Yellen San Francisco Aug. 12, 1994 Resigned Feb. 17, 1997.
Laurence H. Meyer St. Louis June 24, 1996 Term expired Jan. 31, 2002
Edward M. Gramlich Richmond Nov. 5, 1997 Resigned August 31, 2005.
Susan S. Bies Chicago Dec. 7, 2001 Resigned March 30, 2007.
Mark W. Olson Minneapolis Dec. 7, 2001 Resigned June 30, 2006.
Kevin M. Warsh New York Feb. 24, 2006
Randall S. Kroszner Richmond Mar. 1, 2006 Resigned January 21, 2009.
Frederic S. Mishkin Boston Sept. 5, 2006 Resigned August 31, 2008.
Elizabeth A. Duke Philadelphia Aug. 5, 2008
Daniel K. Tarullo Boston Jan. 28, 2009
Sarah Bloom Raskin Rumored Appointment
Peter Diamond Rumored Appointment
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