In a recent letter Harvey Rosenblum, head of the Dallas Fed, says that the big banks have “increased oligopoly power” and “remain difficult to control because they have the lawyers and the money to resist the pressures of federal regulation.”
Yes the big banks are corrupt. But the Federal Reserve saying this is laughable. The Fed is the biggest bank of them all, the capo dei capi.
The Fed is not above the economic fray. It is subject to the same laws of supply and demand (sooner or later) that the rest of the universe is subject to. For the Fed to say that Bank of America, JPMorgan, Citi, Wells Fargo, and Goldman Sachs are too large is ridiculous. The Fed has helped these banks consolidate power. It’s more efficient for the Federal Reserve you see.
In the attached essay in The Daily Bell Richard Fisher makes the case that if the Fed is concerned with too much centralized banking power perhaps it should break itself up.
(From The Daily Bell)
“This is actually part of a larger elite dominant social theme, that central banks are a public good and that the quasi-private banking system beneath them is where the problems reside.
This simply isn’t true. As we’ve often pointed out, the current Western banking system is nothing but a distribution channel for the elite’s monopoly fiat money. That’s why the world is so overbanked.”