2. #LONDINIUM90AD LIVE AT 6 PM ET SUNDAY: 8/31: GAIUS & GERMANICUS DEBATE: The Federal Reserve: America's Vestal Virgins and the Emperor's Reach.

2.  #LONDINIUM90AD LIVE AT 6 PM ET SUNDAY: 8/31:  GAIUS & GERMANICUS DEBATE: The Federal Reserve: America's Vestal Virgins and the Emperor's Reach.    Gaius and Germanicus use the Roman Vestal Virgins as a metaphor for the American Federal Reserve, focusing on themes of trust, independence, and accountability to the "emperor" (the President). In Rome, Vestal Virgins were "contract keepers," embodying "trust" and "nonpartisanship," essential for the "Roman worthiness" of the state. They safeguarded the "eternal flame of Vesta, the goddess of the hearth," which symbolized the protection of Rome's identity and integrity. Initially, Vestal Virgins were independent of the Senate, with the Pontifex Maximus holding ultimate authority over them; upon becoming emperor, Augustus assumed this role, blurring the lines between religion and politics. The speakers portray the Federal Reserve as America's "Vestal Virgins," with the "almighty dollar" and the monetary system serving as the nation's "hearth". Gaius explains that the Federal Reserve was established in 1907 to address market failures, such as the one bailed out by JP Morgan. It only gained its "so-called independent" status through legislation in 1951, having been seen as a clear "function of the government" before then. Despite this perceived independence, they argue that the Federal Reserve is "not outside of the emperor and the emperor's reach". A recent "melodrama" involving a Federal Reserve board member (Cook) accused of misleading on mortgage applications, and the President's swift public response ("you're fired"), underscores the tension between the Fed's asserted independence and presidential authority. Germanicus clarifies that while the Fed's "independence" implies its decisions shouldn't be controlled "capriciously by the emperor," it remains "part of the state" and "under the purview of the emperor". Like the six Vestal Virgins, there are seven governors on the Federal Reserve, nominated for terms. The legitimacy and authority of such institutions, much like the Vestal Virgins, require a "superordinate authority" to ensure accountability. Germanicus critically views Jerome Powell's (the Federal Reserve chairman) consistent defiance of the President's desire for lower interest rates as "unwise" and possibly "personal," which he believes eroding public trust. He questions why Powell has not publicly addressed concerns about his leadership or a board member's alleged misconduct. The Federal Reserve Board, they point out, is not part of the "original constitutional system" laid out in America's founding documents, meaning its "independence" granted by 1951 legislation is not constitutionally embedded. The Federal Reserve, therefore, like the Vestal Virgins, remains "under the purview of the emperor". 1712 CAESAR #LONDINIUM90AD LIVE AT 6 PM ET EVERY SUNDAY: GAIUS & GERMANICUS DEBATE. FRIENDS OF HISTORY DEBATING SOCIETY. @MICHALIS_VLAHOS. PRODUCED BY CHRIS NOEL.