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Some Philosophical Questions for Janet Yellen!

March 18, 2015

After watching many media personnel question Janet Yellen about monetary policy, I have noticed that NONE ask philosophical questions. Why is this so? Isn’t it now time to ask Janet and the Fed Board Members some serious philosophical questions about money, value, and economic principles? Could this not be beneficial as a reference point for understanding? Personally, I have a number of philosophical questions which I would like to ask. Since I am not permitted to ask her any questions following her FOMC policy meetings, I will ask them here on my blog. Maybe she might visit my blog to get another view of what people are thinking.

Some philosophical questions for Janet Yellen, Chairperson of the Federal Reserve System:

1. What, in your opinion, is official ‘legal tender’ today? Who determines what is ‘legal tender’? Does our Congress understand (in your opinion) their role in deciding what is ‘legal tender’?

2. Is there an official definition of the word ‘dollar’? What is this definition? Would this definition be viewed as official ‘legal tender’ by our courts? Would you support a court review of this concept called ‘legal tender’? If not, why?

3. What is cyberspace? Is our dollar now a cyber currency? What does this mean? Is cyber money objective money or subjective money? Has silver and gold been abolished as legal tender (in your opinion)? If so, why is cyber money superior to historical gold/silver backed money?

4. How does the Fed create new units of money under a QE policy? Could one view these new units as similar to ‘counterfeit’ units as they are not related to any material production of goods? What would be your view of ‘counterfeit’ money units? Are the ECB and the Japan Central Bank creating ‘counterfeit’ money units? If not, why?

5. What do you think of the QE policies of the ECB and the Bank of Japan? Do these policies produce any real wealth for these economies? Why did the Bernanke Fed desire to change existing Fed policy and adopt the QE policy operation? Were you in support of this policy? Why?

6. What is your definition of the word ‘wealth’? What is your definition of the word ‘value’? Are these two concepts related and is ‘price discovery’ important for determining the ‘value’ of assets? Do our markets have meaningful ‘price discovery’ today given the Fed actions in our realtime markets?

7. The original definition of the word ‘dollar’ was 371.25 grains of silver and/or 24.75 grains of gold (1792). Why were these definitions changed (such as in 1834, 1879, 1934, and 1971) and what is the meaning of a definition where the word ‘dollar’ has no relation to a physical/material object?

8. Does the word ‘money’ have a fixed meaning or a variable meaning (in your opinion)? What would you suggest as your definition of the word ‘money’? Do you support a Global one world cyber currency for the entire planet? Would this type of ‘money’ be feasible for our planet going forward?

9. Some say that the Federal Reserve Act was orchestrated so as to create a Centralized system of economic and monetary control over the American economy? What is your view of Centralization and Decentralization and is the Fed similar to a Central Planning Committee? If not, why?

10. Economics is based upon ‘goods’ and ‘services’. How would you classify our ‘electromagnetic spectrum’? Are these speed of light frequencies (administered by our FCC) a ‘good’ or a ‘service’? Today, we send cyber money all around our planet via this electromagnetic spectrum. Our monetary system is now global and interconnected. Would you support a single global cyber currency for our planet? If so, who would you suggest as Administrators of this type of global monetary system?

11. Finally, Janet, are you aware of how your SOMA account (at the New York Fed) is invested in realtime (daily)? Who trades this account? How many traders are involved in managing your SOMA account? Are any of the assets within the SOMA traded and/or managed by commercial banks other than the NY Fed (such as J. P. Morgan Chase or Goldman Sachs)? Who provides you with updates on what and how trades are being executed (in realtime) at the NY Fed?

All the above questions seem relevant for a Chairperson of the most powerful money institution on our planet. Do Janet and the Board desire to report to the American people on these types of philosophical questions? If not, why? What is now evolving is a Fed which acts similar to a Central Planning Committee. This type of organization could be viewed as similar to Communism rather than Capitalism. Does the Fed understand that they are similar to a Central Planning Committee? If not, why? Should Americans now require more serious questions for our leaders at the Fed? I would suggest,YES! Now is the time for all Americans to think about the nature of our Fed and its future! I am:

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