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FOMC

The Constitutional Crisis at the Fed

"Throughout its history, the U.S. Federal Reserve has faced accusations, on the left and the right, that it is the mere institutional puppet of powerful bankers who control it from within. Marriner Eccles, the liberal Fed chairman during the 1930s and 40s, called it the “instrument by which private interests alone could be served.” Ron Paul, the former Republican Texas congressman, writes that through the Fed “our money and credit are constantly manipulated for the benefit of a privileged class.”

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