CNBC Business News editor Tyler Mathisen
and radio host John Batchelor
proposed a topic on the June 24 show that is not often discussed on cable news. "The questions is: Do we all work for central bankers?" Batchelor asked. "Is this global governence at last? Is it one-world, the central bankers in charge?"
"Of course we are," said frequent guest Jim Iuorio
, the Director of TJM Institutional Services. "We are absolutely slaves to central banks."
Batchelor then turned the question to Jim Lacamp
, the Senior Vice President of RBC Wealth Management. "Mr. Lacamp, do we work for the central bankers?" he asked.
"We do," Lacamp responded. "Markets are driven by policy now, they're not driven by market forces."
Batchelor continued to decry the current economic situation, referring to U.S. money as "fiat currency that's continually watered down."
The discussion also focused on whether Federal Reserve Chairman Ben Bernanke would continue a strategy of quantitative easing
, in which the Fed purchases the assets of financial institutions.
In the end, Mathisen saw no way out of the quagmire posed by the central banks' control over the economy. "We're basically beholden to what the central bankers and policy makers do, rather than the fundamentals in the economy," he said, "becuase we have not been able to genearete real growth without doing one of two things: That is debasing the currency or borrowing our way to a false prosperity."
Given that the Federal Reserve is managed by unelected officials and its shares are owned by private banks
(according to FactCheck.org), it seems unlikely that the American people will be able to easily remove the shackles of financial servitude.