Wealthion · Thursday, July 16, 2026
Mark Thornton argues that the Federal Reserve's primary mandates are not inflation control or unemployment, but rather to finance government debt and protect the banking industry. He suggests that statements about inflation targets are mere political rhetoric.
“The two mandates of the Fed are to make sure the government can finance its debt and its deficit.”
“And the other thing is to protect the people in the industry that they come from, which is banking, the big city banking, you know, um, that's who used to actually own the Federal Reserve.”
“But they really want to be able to finance, uh, the government deficit and the government debt. Those are the two real mandates.”