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Posts Tagged ‘agency’

One of the misconceptions bandied about in the alternative media is that Former Federal Reserve Chairman Alan Greenspan claimed in 2007 that the Fed was above the law, as this popular video indicates.

Here’s what he actually said:

The Federal Reserve is an independent agency, and that means, basically, that there is no other agency of government which can overrule actions that we take.

He didn’t say that the Fed is above the law — he made the true claim that no other *agency* of government can overrule it, where agency means some other body created by Congress. Congress itself can get rid of the Fed, and should, because its purpose was to serve the big financial interests and not the interests of the people, such as limited state banking and usury-free community currencies would.

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