Of the present crop of candidates competing to be the GOP’s presidential nominee for 2012, many conservatives find Herman Cain, 65, to be the most attractive because he’s not a career politician and is that rare black American who refuses to be in the Democrats’
liberal big goverment plantation.
Cain is a businessman, having been the former chairman and CEO of Godfather’s Pizza. He is highly intelligent: before his business career, he was a mathematician in ballistics as a civilian employee of the U.S. Navy. He presently is a syndicated columnist, radio host, and an associate minister at Antioch Baptist Church North in Georgia.
Some, however, are troubled by Cain’s close connection with the Federal Reserve System (FDS), that “creature from Jekyll Island” which was conceived in secrecy in 1910 on Jekyll Island, New York, then created by Congress in 1913 via the Federal Reserve Act. It is a strange public-private hybrid of privately-owned banks that act as America’s central bank with limited government supervision. As America’s central bank, the FDS supervises and regulates the banking system, manages the country’s money supply through monetary policy, maintains the stability of the financial system, and attempts to prevent and contain banking panics.
The importance of the Federal Reserve and its public-private nature have provoked many a conspiracy theory, which is not helped by its Inspector General Elizabeth Coleman’s admission in May 2009, that the FDS could not account for $9 Trillion in “off-balance sheet transactions,” whatever that means.
You can read a free download of the famous book on the creation of the Fed, The Creature from Jekyll Island, by going here.
From 1989 to 1991, Herman Cain was the chairman of the Omaha Branch board. In the 1990s, he was deputy chairman (1992–94) and chairman (1995–96) of the board of directors of the Federal Reserve Bank of Kansas City.
Recently, Reality Reporter Julio Rausseo caught up with Herman Cain on his campaign trail and asked him about the Federal Reserve.
H/t our beloved Miss May.
Unlike Congressman Ron Paul (R-Texas) who persistently has called for the Federal Reserve to be audited, and nothing other than its abolition altogether, Cain insists that “We can fix the Fed, we don’t need to end the Fed” because that’d be like “throwing the baby out with the bathwater.”
Cain maintains that the solution is to (a) reduce the Fed to just focusing on monetary pricing policy; (b) have the government have “a sound economic policy” of jobs creation and not running up a huge debt, which would prevent the Fed from doing such things as “printing money out of thin air.”