Question policies of Federal Reserve

In the last two years, the entire national economy has been fueled by massive government deficit spending, i.e., from borrowing.

The United States has incurred additional trillions in the taxpayer national debt in order to facilitate policies of deficit spending. This tsunami of deficit spending dwarfs recently reported minuscule improvements in gross domestic product, and in reality the nation continues in a deepening widespread de facto depression.

It is evident that destructive financial policies incubated in the 1960s are the underlying causes of the depression:

1.) Repeal of Glass-Steagall investment banking restrictions by Gramm-Leach-Bliley.

2.) Unrestrained proliferation of pernicious derivative instruments.

3.) Federal Reserve extreme easy money policies.

4.) A general disregard of oversight, discipline and transparency.

Central to the economic scenario of the last two decades is the Federal Reserve, whose policies have been consistently questioned. A closed, clandestine organization with universal control over the nation's banking system, which is operating independently of the three branches of government articulated in the Constitution (Article 1, Section 9) is not what our Founding Fathers envisaged.

George Black

Iowa City