Federal Reserve - private or government owned?

Doug Henwood dhenwood at panix.com
Wed Oct 4 13:10:09 PDT 2000


Charles Brown wrote:


>On the fitting into a large conference room, yea, but even though
>this is a ruling _class_, so numbering in the 100,000's, doesn't it
>have a sort of central committee/board of directors to carry out its
>business ? An e-mail list or something ? In other words, something
>of a representative action group ( I mean above national and local
>states as "executive committees") ?

Well, they've got two political parties, though Nathan assures us that the Dems are wonderfully responsive to their grassroots base. And they've got newspapers and other organs of opinion formation. Academics and pundits who do their thinking for them. Portions of the elite gather from time to time at Jackson Hole and Davos, including our very own Brad De Long, to reflect, plan, and inflate each other's egos. But the process of class formation and consensus formation is really complicated: how what's "obvious" or "unreasonable" come to be defined as such - the production of ideology - well you could devote a lifetime to figuring all that out.

Doug



More information about the lbo-talk mailing list