Skip to content

In Reply to the Retail Risk Specialist Job Ad at the Philly Federal Reserve

September 20, 2012

“The Supervision, Regulation and Credit (SRC) department of the Federal Reserve Bank of Philadelphia promotes a safe and sound, competitive banking system..” is the first sentence in the job posting to work for the Philadelphia Federal Reserve on the website. It sounds like the Supervision, Regulation and Credit department of the Federal Reserve in Philadelphia are either in denial or have no clue what their chairman has decided to do until 2015. It is questionable whether the Federal Reserve is looking for an honest person to be a part of their risk management team. I definitely could not apply for the job because during the interview process I would say to them, “look this risk management is a fairly simple thing, forget your fancy calculations and financial modelling, its a fairly simple thing, here is what you do, avoid great and abrupt fluctuations in the supply of money”. Now if they havent looked at me with contempt yet and instead ask me how they can do this, the answer would be simple…gold.

Life in the United States has changed so much in the last one hundred years and thanks to the New Dealers, the Federal Reserve and the overgrowth of government, individuals have been freed from the necessity of risking and acquiring his wealth and his income anew each day in the capitalist market. I believe this is the real culprit of the dumbing down of America. I say this because if you go to South America where there is no welfare state, people are smarter and they work diligently everyday on coming up with ventures to bring in income to feed themselves and their loved ones. Here in the United States they make a big deal in economic programs about the Indian guy who started microlending and later founded the Grameen Bank. Ladies and gentleman, this is not some unique phenomenon to this one Indian guy, in South America people engage in microlending all the time as a way to make income. Ordinary people survive and thrive through free market capitalism in every other country except the United States. In the United States we have been taken under the wing of the eternal state and been guaranteed the undisturbed enjoyment of a job. We have become wage slaves for forty hours a week of our lives and the security that comes with it. Hence, the average North American has no clue what capitalism is because his income does not stem from the process of supplying the wants of the consumers in the best possible way.

Everyday small time capitalists and entrepreneurs were fully aware of the fact that in the market society there is no means of preserving acquired wealth other than by acquiring it anew each day in tough competition with everybody else. However, the average citizen as capitalist and entrepreneur is a rare breed these days. We have given over to government intervention of the markets.

North America you health is failing because you seem to think that government can provide stability and security and you are wrong. There is in the social system of the market society no other means of acquiring wealth and of preserving it than successful service to the consumers. It doesnt matter how many millions of dollars of mortgage-backed securities you purchase Mr. Bernanke, you will never defy the laws determining human life and action. All you are accomplishing is an instability that will blow up in your face if you remain chairman long enough.


From → Economics

  1. I think this is a powerfull site with a lot interesting articles about this stuff. And i just wanna say thanks for this. I’ll subscribe to your blog to see if you post more stuff like these!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: