Re: Re: GREENSPAN ON FEDERAL RESERVE BOARD MONETARY

Could anyone suggest any resources that speak to "the tide of turning our
penitentiaries into slave labor camps"?

Thanks in advance,
Jonathan DeVore


----- Original Message -----
From: "Mark Douglas Whitaker" <mrkdwhit@wallet.com>
To: <wsn@csf.colorado.edu>
Cc: <bioregional@csf.colorado.edu>
Sent: Saturday, February 24, 2001 1:15 AM
Subject: Fwd: Re: GREENSPAN ON FEDERAL RESERVE BOARD MONETARY


> >From: JackCurtis@aol.com
> >Date: Fri, 23 Feb 2001 15:56:12 EST
> >Subject: Re: GREENSPAN ON FEDERAL RESERVE BOARD MONETARY
> >To: ajdobron@students.wisc.edu, dti-discuss@envirolink.org,
> >        alliance-democracy@lists.services.wisc.edu
> >X-Mailer: AOL 4.0 for Mac - Post-GM sub 147
> >Reply-To: JackCurtis@aol.com
> >Sender: owner-dti-discuss@envirolink.org
> >
> >
> >In a message dated 2/22/01 6:21:00 PM, ajdobron@hotmail.com writes:
> >
> >>>
> >>> >
> >>> >"Fed Changes Procedures On Securities," by
> >>> >Jonathan Fuerbringer in the New York Times,
> >>> >February 14, 2001, page C4.
> >>> >
> >>> >This article reports on testimony by Federal
> >>> >Reserve Board Chairman Alan Greenspan, in which
> >>> >he discussed the possibility that the Federal
> >>> >Reserve Board may start buying and selling the
> >>> >bonds of state and foreign governments as a means
> >>> >of conducting monetary policy. This will become
> >>> >necessary if the federal government continues to
> >>> >pay down its debt, since U.S. government bonds
> >>> >will become increasingly scarce.
> >>> >
> >>> >This issue received very little attention in this
> >>> >article. (It was not mentioned at all in the Post
> >>> >coverage of the testimony.) The implications of
> >>> >this change in policy are enormous. If it were
> >>> >instituted, the Federal Reserve Board could
> >>> >devastate a state or foreign economy, if the Fed
> >>> >dumped their bonds because it disapproved of
> >>> >policies they were pursuing.
> >>> >
> >>> >It is remarkable that Alan Greenspan would
> >>> >suggest that the Federal Reserve Board should be
> >>> >allowed this power. Two weeks earlier he had
> >>> >testified that he supported a tax cut because he
> >>> >felt the federal government should not be in a
> >>> >position where it accumulated the assets of
> >>> >private corporations. He argued that this would
> >>> >allow political interference in their operations.
> >>> >This testimony implies that he believes it is
> >>> >appropriate that the Federal Reserve Board (a
> >>> >creation of the federal government) should have
> >>> >the sort of power over state and foreign
> >>> >governments, which he believes is inappropriate
> >>> >for the federal government to have over private
> >>> >corporations. If Alan Greenspan and the Federal
> >>> >Reserve Board intend to assume this degree of
> >>> >power, the issue deserves far more attention than
> >>> >it was given.
> >>
> >
> >My conclusion is that the people in foreign lands will have to exercise
> >control over what bonds their govts issue BEFORE they get issued (ha ha),
> >rather than after by simply refusing to buy the bonds.  I agree the
U.S.Govt
> >seems more interested in controlling foreign countries than in
controlling
> >large corporations, for whatever reason, & find it interesting that even
the
> >greedy Feds could have such an embarrassment of riches in their treasury
that
> >they can't find something useful to do with it here at home, like
reversing
> >the tide of turning our penitentiaries into slave labor camps, perhaps.
> >[signed, From: JackCurtis@aol.com]
>
>
>