Claims: in greenspan quote

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22 Nov 2018
Alan Greenspan's statement that the Federal Reserve is 'above the law' was a cherry-picked quote misrepresenting his explanation of the Fed's independence from political dictates.

So what he's saying there, you know, fuck Alan Greenspan all you want. Hate him all you want. I do. And I will. But that's secondary to the issue at hand. Alex is saying that he went on this PBS show with Mick Neal. God rest in peace, Lair. But he's saying that Alan Greenspan came on and said that he's above the law. That is not what he's saying. Right. He's explaining, basically. That on a day-to-day basis, the Congress and President do not dictate the actions of the Federal Reserve. That's a specific feature of the public-private nature of the bank, to make sure that no political force would be able to dictate monetary policy. Would Alex prefer the President have, like, complete control over the monetary system and be able to tell them what to do? Is that a preferable system to him? Doesn't he realize how easy that would be to turn into, like... Exactly what we talked about over and over again. This is nonsense. What Alan Greenspan is saying there isn't that we're above the law. It's a cherry-picked quote. But also what he's expressing is that as long as they're not asking us to do anything inappropriate, it really doesn't matter what our relationship is. We exist as our entity. It's bullshit.