Sen. Elizabeth Warren vs NY Fed's William Dudley @fistfullproduction

Alberto Veronese | Sen. Elizabeth Warren vs NY Fed's William Dudley @fistfullproduction | Uploaded November 2014 | Updated October 2024, 18 hours ago.
Excerpts – Senate Banking Subcommittee hearing in Washington, D.C., U.S., Nov. 21, 2014.
"Improving Financial Institution Supervision: Examining and Addressing Regulatory Capture"
Financial Institutions and Consumer Protection
banking.senate.gov

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“I don’t think anyone should question our motives or what we are attempting to accomplish.” William Dudley

"Change has to come from the top. Either you need to fix it Mr. Dudley or we have to get someone who will." Sen. Elizabeth Warren

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"New Scrutiny of Goldman’s Ties to the New York Fed After a Leak"
by Jessica Silver-Greenberg, Ben Protess and Peter Eavis, New York Times, Nov 19, 2014
dealbook.nytimes.com/2014/11/19/rising-scrutiny-as-banks-hire-from-the-fed

"Note to Dudley: Everyone Questions the NY Fed’s Motives – For Good Reasons"
by William K. Black, New Economic Perspectives, Nov 20, 2014
neweconomicperspectives.org/2014/11/note-dudley-everyone-questions-ny-feds-motives-good-reasons.html

"Elizabeth Warren Grills William Dudley Over 'Cultural Problem' At New York Fed"
by Antoine Gara, Forbes, Nov 21, 2014
forbes.com/sites/antoinegara/2014/11/21/new-york-federal-reserve-president-william-dudley-grilled-by-senate

Hearing - Sen. Elizabeth Warren vs NY Fed's William Dudley
"Senators grill William Dudley on US bank regulation"
by Gina Chon, Financial Time, Nov 21, 2014
ft.com/cms/s/0/18e29d32-71a1-11e4-9048-00144feabdc0.html#axzz3Jlu0ApTB

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Please note that obviously I do not own the copyright, nor do I have a license to distribute -- such material is used for educational purposes only; a "fare use" to provide understanding or give information for issues concerning us all.

$The True View of Nature of Money (1948) This is my 501st post. lol. Im grateful for everyone whos followed. [...] A credit redeems a debt and nothing else does, unless in virtue of a special statute or a particular contract. The main obstacle to the adoption of a truer view of the nature of money is the difficulty of persuading the public that things are not the way they seem, that what appears to be the simple and obvious explanation of every-day phenomenon is incompatible with ascertainable, demonstrable facts – to make the public realize, as it were, that while they believe themselves to be watching the suns progress round the earth, they are really watching the progress of the earth round the sun. It is hard to disbelieve the evidence of our senses. We see a law which establishes in the United States a standard dollar of a definite weight of gold of a certain fineness; we see a law making the acceptance of these coins in payment of debt obligatory on the creditor – a law which is cheerfully obeyed without question; we see all commercial transactions carried on in dollars; and finally we everywhere see coins (or equivalent notes) called dollars or multiples or fractions thereof, by means of which innumerable purchases are made and debts settled. Seeing all these things, what more natural than to believe that, when the Law declared a certain coin to be the Standard Dollar, it really became so: that when we pronounce the word dollar we refer to a standard coin, that when we do our commercial transactions we do them, theoretically at least, in these coins with which we are so familiar. What more obvious that when we give or take a promise to pay so many dollars, we mean thereby a promise to pay golden coins or their equivalent. Suddenly we are told that our cherished beliefs are erroneous, that the Law has no power to create a standard dollar, that, when we buy and sell, the standard which we use is not a piece of gold, but something abstract and intangible, that when we promise to pay we do not undertake to pay gold coins, but that we merely undertake to cancel our debt by an equivalent credit expressed in terms of our abstract, intangible standard; that a government coin is a promise to pay, just like a private bill or note. What wonder if the teacher of the novel doctrine is view with suspicion? What wonder if the public refuses to be at once convinced that the earth revolves around the sun? (A. Mitchell Innes ) The Credit Theory of Money by A. Mitchell Innes, from The Banking Law Journal Vol. 31 (1914), Dec./Jan., Pages 151-168. https://www.community-exchange.org/docs/The%20Credit%20Theoriy%20of%20Money.htm Edited Excerpts from: Banks and Credit (1948) Coronet Instructional Films The Prelinger Archives collection https://archive.org/details/0537_Banks_and_Credit_19_41_46_04 Google The Web Modern Monetary Theory$

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