Are we being lied to?
1) Assume the Federal Reserve managers know everything about money and banking.
3) Most common citizens, even those who have formally studied economics at prestigious universities -- understand very little about money and banking, except truly basic stuff.
4) Which of the following two sentences are more likely to be true?
5) The Fed is trying to educate the public about money and banking.
I think the answer is obvious. What do you think?
Of course the Fed might not know much about Money and Banking -- in that case, they could not be justly accused of lying -- just ignorance. Alan Greenspan's recent (early 2009) admissions of his errors would seem to support the charge of ignorance. My guess is that he is not a liar.
Important note: If we do not know how the system works -- we, the people, can't fix it.