Abstract

The Myth of an Independent Fed
Nossiter, Bernard D. | December 31, 1990 issue

add to cart   close window

As the economy sinks deeper into a slump, the Federal Reserve Board, governor of the nation's money supply, makes feeble gestures of disapproval. Interest rates are sliced in cheese-paring steps, a token cut in required reserves swells profits for big banks by $1 billion. Its chairman Alan Greenspan, serves a critical constituency, the nation's large commercial banks. Since the board was established in 1913, his predecessors have also recognized that their allegiance is to the big commercial banks, the giants like Chase, Citibank and Manufacturers Hanover, which collect tens of billions in deposits and make tens of billions in business loans.

See Also:

FEDERAL funds market (United States); ECONOMIC policy; MONEY market; MONEY supply; INVESTMENT interest; ECONOMIC indicators; UNITED States
ARCHIVE HOME
Pricing
Articles are sold in 'packs,' which are priced as follows:

1 for 2.95
4 for 9.95
10 for 19.95
50 for 34.95
300 for 149.95
Refund Policy
Sales of archive individual articles, full issues or article packs are final and no refunds will be issued.
Access for libraries
help
Search
Browse
Sample Article

My Articles

You must be logged in to view your articles.

User name

Password

I don't have a login.

I forgot my user name/password.
Advertisement
Advertisement

Blogs

» The Beat

Reagan Would Fail "Purity Test" Proposed for GOP | RNC right-wingers say their ideological correctness standard for candidates is rooted in Reaganism. But the former president would flunk.
John Nichols
69 Comments
Posted at 1:19 PM ET

» The Dreyfuss Report

A Kingdom of Bicycles No Longer | China's ambassador for climate change speaks on the eve of the Copenhagen summit meeting.
Robert Dreyfuss
34 Comments

» Act Now!

Coal Country | "This is a civil war."
Peter Rothberg
83 Comments

» The Notion

A Blow to Privatization in Israel (and Perhaps Beyond) | A potentially historic ruling on prison privatization, in Israel.
Eyal Press
33 Comments

» Editor's Cut

Around the Nation | The week we went Rouge. Plus, Moyers on Afghanistan.
Katrina vanden Heuvel
110 Comments

» Altercation

Slacker Friday | The "Second Amendment" sale; the raving paranoids of the right.
Eric Alterman