“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

Thomas Jefferson

Geithner also defended a proposal within the plan that has already seen criticism among industry players. He said the Federal Reserve is best equipped to play an emergency response role in financial crises seen among the largest, most complex and interconnected institutions and therefore must be allowed the broader authority posed in the plan.

It’s just a continuation of the move began in earnest two months ago to make the Fed chairman a czar unto himself. By giving broader authority to the entity that created the crisis, the Reform President hardens the status-quo by striking a new raw deal for us all.

Obama and Geither call this “reform.” It’s not. Abolishing the Fed would be reform. Giving the Fed more authority is a power grab, not reform.