Our malignant banking system

I read in Financial Times, July 9th, that congress is essentially being blackmailed by our "Federal" bank.



Ron Paul, the Texas Republican who keeps running for president, has brought a resolution into the House of Representatives to create an oversight commitee called the Consumer Financial Protection Agency. I advocated the development of this agency by signing a petition organized by the Consumer's Union.

In response, the vice-chairman of the Fed responded that any "congressional threat to curtail its independence would destabilise markets and raise the cost of servicing US debt for “current and future generations”."
The factor that was not specified in the article is that the fed determines interest rates, thus if congress decreases the Federal Reserve's unilateral control over the U.S. economy, the Fed is going to effectively punish the american people by increasing interest on our debt that we unconsititutionally maintain with our OWN federal bank, and increasing our income taxes.
The article closed by saying that Obama had put the Fed in charge of greater responsibilities under the supervision of the FDIC. I am diasppointed with Obama's decision, but understand that his idealism has encouraged him to bite-off more policy changes then he can chew, so until the healthcare issues get worked-out in congress he's putting the monetary fate of our nation on the back burner- a decision that doesn't make much sense since without a functional economy we can't provide healthcare: or maybe doctors will start taking government issued IOUs.