STAFF NEWS & ANALYSIS
The Committee That Controls the World Meets Today
By Grayson Schultze – April 26, 2016
For the next two days, the Committee that controls the world will be huddled in the ivory tower known as the Eccles Building in D.C. There, ten people will tediously examine the data, look at the forecasts, and weigh options for an economy with a GDP of $17 trillion, a population approaching 320 million, and an official national debt of over $19 trillion.
This committee with unlimited, unquestioned authority will arbitrarily decide the course of the most important piece that ties the economy together: the U.S. dollar.
And as the U.S. dollar is the world’s reserve currency, by fixing interest rates they are effectively determining global monetary policy.
This group is the 10-person Federal Open Markets Committee (FOMC). Comprised of unelected bureaucrats, the April 26-27 meeting is the third…