Its statutory responsibility is <http://federalreserve.gov/generalinfo/fract/sect02a.htm>:
>The Board of Governors of the Federal Reserve System and the Federal
>Open Market Committee shall maintain long run growth of the monetary
>and credit aggregates commensurate with the economy's long run
>potential to increase production, so as to promote effectively the
>goals of maximum employment, stable prices, and moderate long-term
>interest rates.
By contrast, the European Central Bank's only mandate is price stability. And the difference shows in the practice of the two institutions.
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CB: I know that the stock and bond markets are still there, but seems U.S. central bank purports to get more involved in things than the European ( Continental/"German") one. (:>))
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In practice, the Fed won't allow the labor market to get so tight that labor gains the upper hand in bargaining with capital. That means provoking recessions to restore enough slack to keep capital on top. But they wouldn't tolerate, as the ECB does, 8-10% unemployment rates either. No one could seriously accuse Greenspan of running an austere ship over the last 17 years. So, if I had to boil it down to a phrase, I'd say that their mission is to maintain the status quo of the American class structure.
^^^^^^ CB: Makes sense. The bourgeoisie have stayed in power by optimizing balance of their exploitating and compromising with working class, not driving the workers to the wall and revolution. I bet the top rulers are planning a New New Deal right now.
I'm trying to figure how to frame a debtor's protest demonstration at a Fed building, how it might make _common_ sense. How can we protest the finance sector directly ? Demonstrating in D.C. at the Congress and White House is fine. But don't we all agree that they are the agents of "Wallstreet" (not so much a place as a sector of capital) ? Lets protest the principle, not just the agent.
What are acts by the Fed or other financial institutions that can be said to impact adversely large numbers of debtors and other commoners ?