POLITICAL NEWSHerman Cain is a former Federal Reserver Chairman and is too damaged to be Our Nominee.
posted Tuesday, October 11, 2011 at 7:44 p.m. Save It
We have a problem when our supposed populist non politician front runner is a former Federal Reserve chairman. Herman Cain does have experience in the private sector, but a good portion of that private sector experience is working for the private corporation-The Federal Reserve.
Herman Cain believes that individual citizens can just call up the private corporation known as The Federal Reserve and ask them how they operate?
Who does he think we are? You cannot even step foot on the property of the Private Reserve. You can call the human relations department at the Federal Reserve and they will ignore your request.
Herman Cain says no need to audit The Federal Reserve.
Its not even a leading charge by just Ron Paul any longer.
The tide has turned, when even Gingrich sees the problem with The Federal Reserve.
Herman Cain is part of the problem. Herman Cain is damaged goods. He is an attractive candidate, but he is not the candidate that will turn this country around.
We need to understand that our monetary policy has been hijacked since 1913.
As long as a private corporation operates our monetary system and needs, we will not have sound money or a free economy for all Americans to dream or prosper.
The Kansas City Fed is one of twelve regional banks that advise the Federal Reserve Board and initiate changes in the discount rate. The Kansas City Fed in particular has a reputation for monetary conservatism and distrust of central authority. (Along with the Dallas Fed, it's one of only two Fed banks currently pushing for higher discount rates.) Curious about Cain's chairmanship, I requested an interview with Thomas Hoenig, the president of the Kansas City Fed (then and now), who is a famous inflation hawk. I didn't get to talk to Hoenig, but he sent along this statement:
From 1992 to 1996, Herman served as a director of the Federal Reserve Bank of Kansas City in the capacities of deputy chairman and then chairman of the Board. Fed directors are dedicated representatives of Main Street business, community development, organized labor and financial services sectors who agree to give their time to help the Federal Reserve understand the economy and to oversee our operations. It was my privilege to work with Herman very closely during his five years on the Kansas City board.
I appreciate the opportunity to provide greater understanding of the role of Federal Reserve Bank directors because they provide a tremendous service to our country.