Working Life

   A fundamental right of a functioning democracy is the right of the people to know what the government is doing–particularly with the peoples money. Let’s not be naive: we all have lived through many chapters in the country’s history where we do not know, in advance or in real-time, what the government does in […]

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I want to try to make a subtle distinction here: between something that I’m glad is happening, on the one hand, and changes that fundamentally reshape economic power in the country, on the other hand. The first does not necessarily bring about the second. And it’s important, I would argue, for us to keep our […]

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We don’t talk about poverty in our country. Our political discourse, guided by pollsters and consultants, directs leaders to refer to "the middle-class", not to the millions of people who live in conditions that do not get much better, whether we are in something called a "recession" or we are in "recovery". And it is […]

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   Some momentum on opening up the Fed to more scrutiny, via The Wall Street Journal: Rep. Ron Paul said he has a commitment from the chairman of the House Financial Services Committee, Barney Frank, to advance the Texas Republican’s legislation opening the Federal Reserve to broader federal audits. In an interview Friday, Mr. Paul […]

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People are missing the point about the reappointment of Ben Bernanke to head the Federal Reserve Board. Appoint him or not, choose a Republican or a Democrat or not–until we decide to change the way we see the role of the Federal Reserve Board, and how the economy is structured, the power over our lives […]

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   As is pretty common when it comes to the traditional media and the political insiders talking about the Federal Reserve Board, there is way too much deference given the Fed. Today, The New York Times has a story raising the question about whether Ben Bernanke should be reappointed as the Fed chair: In Washington […]

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    Apparently, Timothy Geithner threw a fit. Fascinating. Mainly because it says a lot about the power struggle underway for control over the economic system. Here is a snippet from The Wall Street Journal article: Friday’s roughly hourlong meeting was described as unusual, not only because of Mr. Geithner’s repeated use of obscenities, but because […]

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   One of the enduring myths of Washington insider language is the need for the Federal Reserve Board to be "independent". This is utter nonsense and is, to a great extent, the reason our economy has collapsed–not just over the past year but over the past 30 years as it has failed to translate the […]

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   No institution ever gives up power willingly. It has to be taken from it by force–not necessarily armed force, but certainly political force. To wit, the battle over the power of the Federal Reserve Board. Two different takes floated around the business/mainstream media today–both of which miss the point, which I’ll get to down […]

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   I may be wrong about this but, excuse me, why exactly is the president extending new powers to the Federal Reserve Board as part of his new proposal to reregulate the financial services industry? The New York Times doesn’t even bother to dig into this but The Wall Street Journal does: The Fed emerges […]

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