Thanks to Carmen Segarra, however, we now have some keen insight to the inner operations of the Federal Reserve System.

Segarra was recently employed at the New York Fed as a bank examiner, charged with ensuring the bank followed internal regulations and conducting “oversight” of the economic powerhouse. During her tenure, Segarra grew suspicious the Fed was rather lenient with powerful, well-connected investment banks — notably Goldman Sachs (a key player in the 2008 financial crisis). To document her concerns she recorded 46 hours of private meetings and conversations. Her recordings reveal the Fed is, in fact, rather cozy with the financial institutions it’s supposed to regulate.

With evidence in hand, Segarra voiced her objections.

She was soon fired.

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Qualche tempo fa, la Segarra è stata assunta dalla Fed di New York come esaminatore bancario, cioè con il compito di controllare che la banca seguisse tutti i regolamenti interni e di “supervisionare” questa centrale di potere economico. Durante il suo lavoro, la Segarra ha cominciato a sospettare una certa condiscendenza della Fed con le banche d’investimento che avevano buone amicizie; soprattutto la Goldman Sachs, protagonista chiave della crisi finanziaria nel 2008. Per confermare i suoi sospetti, ha registrato 46 ore di incontri privati e conversazioni. Le registrazioni rivelano un atteggiamento piuttosto accomodante della Fed con le istituzioni finanziarie che avrebbe dovuto controllare. Prove alla mano, la Segarra ha dato voce alla sua protesta. È stata subito licenziata.

La donna è andata ad aggiungersi ai ranghi di altri informatori e ha passato le registrazioni a Jake Bernstein, un giornalista investigativo di ProPublica, e al programma radiofonico This American Life. In un’intervista con l’emittente Npr, Bernstein nota: “Questa è gente che lavora dentro le banche. Incontra queste persone tutti i giorni, ha bisogno di informazioni dalle banche. È più facile ottenerle se si hanno amici e buone relazioni, ma a volte si scade nell’ossequio.” Le registrazioni rivelano molte cose, come gli accordi segreti definiti “oscuri” dagli stessi rappresentanti della Fed, e rivelano la cultura corrotta che regna nella banca centrale.

“Scadere nell’ossequio” non è il termine appropriato. Meglio chiamarlo furto. La popolazione è derubata della propria libertà di agire e della propria sicurezza. Un furto sotto forma di salvataggi bancari e di una politica economica basata sul “troppo grande per fallire”, a vantaggio del capitalismo di stato.

Dopo le rivelazioni, il senatore democratico Elizabeth Warren, del Massachusetts, ha invocato un’indagine sulla corruzione della Fed. Assieme a lei il suo collega democratico Sherrod Brown. Illusioni.

Sono tantissimi anni che le grandi aziende e il settore finanziario godono di privilegi economici garantiti dallo stato con la premessa che queste istituzioni sono indispensabili alla società. La finanza è separata ma allo stesso tempo legata profondamente allo stato. Questo significa che l’economia della nazione è connessa direttamente con queste istituzioni. Questi legami danno forza ad un’economia politica corporativa in cui lo stato ha interesse diretto a far sì che queste concentrazioni di capitale, oggi definite “troppo grandi per fallire”, abbiano successo. Se vuole conservarsi in salute, lo stato deve garantire la stabilità del capitalismo.

Le normative appaiono così come uno spreco di tempo, energie e denaro pubblico.

Noi che apparteniamo alla sinistra di mercato siamo contrari a queste concentrazioni di potere e capitali, che in primo luogo permettono l’esistenza di istituzioni “troppo grandi per fallire”. Crediamo che spetti al potere della società, liberato dalla simbiosi stato-capitale, guidare il mercato. Immaginiamo un sistema economico e di governance decentralizzato e partecipativo. In una società basata sulla libertà personale e di associazione non c’è posto per il potere.

Chi è a capo della Fed, così come gli altri presunti controllori, crede di poter programmare l’economia. Il loro problema è che il mercato, come tutto ciò che dipende dal comportamento umano, non è fatto per essere programmato: il mercato è spontaneo. La volontà di controllare l’economia porta necessariamente all’ingabbiamento dell’attività umana e dell’innovazione. In un mercato liberato, al contrario, il potere sarebbe diffuso tra tutti, e questo richiederebbe libertà di agire e di seguire le proprie inclinazioni. È tempo di chiudere la Fed e di mettere in pratica un’economia basata sulla libertà.

Traduzione di Enrico Sanna.

Segarra was recently employed at the New York Fed as a bank examiner, charged with ensuring the bank followed internal regulations and conducting “oversight” of the economic powerhouse. During her tenure, Segarra grew suspicious the Fed was rather lenient with powerful, well-connected investment banks — notably Goldman Sachs (a key player in the 2008 financial crisis). To document her concerns she recorded 46 hours of private meetings and conversations. Her recordings reveal the Fed is, in fact, rather cozy with the financial institutions it’s supposed to regulate. With evidence in hand, Segarra voiced her objections. She was soon fired.

Segarra joined the ranks of other whistle-blowers and leaked her recordings to Jake Bernstein, an investigative reporter from ProPublica, and to the public radio program, This American Life. In an interview with NPR, Bernstein notes: “These are people who work inside the banks. They see these people every day, and they need to obtain the information from these banks, and it’s easier to obtain the information if you’re friendly and if you have a good relationship, but sometimes that can slide to deference.” The tapes reveal much, such as back-room deals described as “shady” by Fed officials, but at their heart, the recordings tell the story of a corrupt culture within the central bank.

A “slide to deference” is not the proper description. Theft is more accurate. The theft of labor, property and security from the populace, in the form of bailouts and “too big to fail” economic policy, for the benefit of the state capitalist system.

Because of the leaks, US Senator Elizabeth Warren (D-MA) is trumpeting the call for a corruption investigation into the Fed. She is joined by her Democratic colleague Sherrod Brown. Such calls are folly.

State-sanctioned economic privilege has long been granted to big business and the financial sector under the premise that these institutions are necessary for social organization. The financial sector is separate from, but intimately related with, the state. As such, the economy of the nation-state is directly linked to these institutions. This relationship forges a corporatist political economy where the state has direct interest in the success of these now “too big to fail” concentrations of capital — the state must keep capitalism stable for its own preservation..

Regulation is thus a waste of time, energy and taxpayer dollars.

Those of us on the market left, however, oppose the very concentrations of power and capital that allow “too big to fail” institutions to exist in the first place. We believe social power, liberated of state-capital symbiosis, should steer the market. We envision decentralized and participatory systems of governance and economics. There is no room for archism in a social order of liberty and free association.

Those that head the Fed, and other would-be regulators, imagine they can design economic systems. The problem is markets, like all human behavior, are not structured for the command and control mentality — markets are spontaneous. The desire for control of economic systems necessarily requires the restriction of human labor and innovation. The liberated market, in contrast, with power diffused to the public arena, requires liberty and the inclined labor of human-beings. It’s far past time we end the Fed and actualize the economics of liberty.

Translations for this article:

• Italian, Chiudete la Fed: L’Economia della Libertà.

This study calls for pause and careful reflection. Rising sea level is a particularly dangerous aspect of global change which may eventually produce millions of climate refugees. Eustatic change could displace entire island nations, swallow coastal cities, increase flood damage and reduce the availability of important ecosystem services offered to our societies from coastal wetlands. Following such reflection, the natural question to ask is what exactly is human civilization to do about climate change?

Most discourse over climate change from the body politic simply asks after the role of the nation, or state, in addressing the problem.  There are many problems with this type of debate, not least of which is that actually existing capitalism is incredibly reluctant to change its ideology and abandon practices which perpetuate environmental degradation and social injustice. Take for instance the Obama administration’s National Climate Assessment, which warns that the effects of climate change are “immediate and widespread.” Obama himself touts the new assessment (in a solar paneled Wal-Mart surrounded by socks, gaudy flip-flops and other items produced for mass consumption) by announcing a series of corporate pledges to increase renewable energy use and boost solar generation. In his speech Obama declares: “Together, the commitments we are announcing today prove that there are cost-effective ways to tackle climate change and create jobs at the same time.”

There you have it: “Growth at any cost” economics and the corporate state championed as an answer to the anthropogenic influence on climate change. Obama’s speech was nothing but an endorsement of the status quo. Of course the administration also advocates cuts in greenhouse gas emissions and other regulations to slow anthropogenic change, but this rhetoric serves the sole purpose of green-washing the inherit reluctance of the current political economy to embrace real change.

As seas change there is an emerging necessity for a corresponding sea change in politics — enter the market left.

The market, or libertarian, left, largely endorses the idea that human-kind strives for the free, unhindered unfolding of the individual and social forces of life (to borrow from Rudolf Rocker) — and institutions that contain such development are illegitimate unless democratically (small d) justified. If any authority is illegitimate, which is usually the case, it is to be dismantled and only reestablished, if need be, from the grassroots. Under such a socio-economic order society would be freed from political guardianship, liberating individual labor from concentrated private capital.

The market left simply seeks the true market form — an alliance of liberated individuals based on co-operative, inclined labor and community interests. Such an order can only exist in a massively decentralized society. The market left envisions a society where political boundaries are dissolved thus leaving only natural boundaries — watersheds, landscapes and ecosystems. Here, the individuals relationship to community and the environment will be much more understood. Only in liberty will the body politic be empowered enough to manage a changing global climate.

The answer to the aforementioned climate question is the stateless society.