US Federal Reserve allows ruling elite to control monetary policy: Analyst

The US central bank, known as the Federal Reserve System and informally as the Fed, is an “anti-democratic” institution that has enabled a small ruling class to control the country’s financial system, according to an American journalist and radio host in New York.

“The Federal Reserve does allow the elite here control over monetary policy,” Don DeBar told Press TV on Wednesday.
“It’s anti-democratic that allows the 1 percent as they’re called to devalue of savings of everyone else,” DeBar said.
Dr. Ron Paul, a former US congressman and presidential candidate, has said unless the United States shuts down the Federal Reserve, the world will experience a major economic crisis.
Paul, the founder of the Ron Paul Institute for Peace and Prosperity, made the remarks in an article published on Monday while commenting on the US economy and the role the Federal Reserve plays in it.
“Allowing a secretive central bank to control monetary policy has resulting in an ever-expanding government, growing income inequality, a series of ever-worsening economic crises, and a steady erosion of the dollar’s purchasing power,” Dr. Paul wrote.

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