Kalau pakar ekonomi pemenang nobel dah komplen tentang Federal
Reserve Bank, ini maksudnya apa ya? Biasanya orang-orang ini kan
akur-akur saja satu sama lain
http://www.washingtonsblog.com/2010/03/nobel-prize-winning-economist-federal.html
Joseph
Stiglitz - former head economist at the International Monetary Fund
(IMF) and a nobel-prize winner - said yesterday that the very structure
of the Federal Reserve system is so fraught with conflicts that it is
"corrupt" and undermines democracy.
Stiglitz
said:
If
we [i.e. the IMF] had seen a governance structure that corresponds to
our Federal Reserve system, we would have been yelling and screaming and
saying that country does not deserve any assistance, this is a corrupt
governing structure.
Stiglitz pointed out that - if
another country had presented a plan to reform its financial system, and
included a regulatory regime that copied the makeup of the Federal
Reserve system - "it would have been a big signal that something is
wrong."
Stiglitz stressed that the Fed banks have clear conflicts
of interest, since the banks are largely governed by a board of
directors that includes officers of the very banks they're supposed to
be overseeing:
So, these are the guys who appointed the guy who bailed them out ... Is that a conflict of interest?
They would say, 'no conflict of interest, we were just doing our job. But you have to look at the conflicts of interest"...
The
reason you talk about governance is because in a democracy you want
people to have confidence ... This is a structure that will undermine
confidence in a democracy.
Indeed, by all objective measures, the Fed has
performed horribly (and see
this).
As 6 congressmen
wrote
last November, there are at least 4 reasons to demand full transparency
of the Federal Reserve, and a change in the Fed's structure:
First
... how effective a regulator can the Federal Reserve be if it is
unwilling to strive for good public policy through its regulatory
powers?
Second, there is an inherent conflict in the manner in
which regional reserve branch presidents are selected – in that
representatives of the member banks select the regional president. It
seems counterproductive, yet the banking system has provided case after
case of regulated entities selecting their own regulator.
Third,
the Federal Reserve has continually resisted efforts to engage in
discussion on structural and governance reform at the System. Most
recently, Bloomberg reported yesterday that the Federal Reserve has
rejected a White House request that [the Federal Reserve] conduct a
public review of its structure and operations.
Despite a request
from the administration that provided ample opportunity for the Federal
Reserve to have input into its own reforms, the central bank has simply
refused. It is because of this attitude that I argue that real financial
regulatory reform cannot occur without an examination into the
structure of this entity.
Fourth, and most importantly, the
Federal Reserve has shown a repeated unwillingness to accept efforts to
improve transparency for the System.
