Posted on 01/17/2023 10:23:25 AM PST by SeekAndFind
Funny how the Robber Barrons disappeared right when the Fed was created.
Its not Federal
And there are no reserves.
It’s a private corporation counterfeiting a nation’s currency and a blatantly unconstitutional long con job imho.
I have nothing against banks, not even central banks, but not private owned ones printing species at interest.
That is the definition of a bottomless pit.
Remember in 1913 their pitch was
“ to prevent booms and busts” ,,,
then it proceeded to produce the biggest boom roaring 20’s style
followed by this nation’s largest depression.
.Kennedy introduced the silverbacked Treasury notes as good interest free currency to drive the suicidal interest accumulating federal reserve notes out of the market
And we know what happened next.
.jmo.
When you hear all these crazy calls for reparations coming from San Franciso and California, just thing what would happen if a person was named to the Chairman of the Federal Reserve had the same economic views of Elizabeth Warren and Bernie Sanders and implemented a social justice agenda.
You pay interest on your FRNs? Or you collect it?
The world has known for 350 years that centrally-issued, fiat currency ALWAYS leads to economic destruction, massive inequality, and more power to government and corrupt cronies. America's Founding Fathers understood this as an unalterable truth
The great trick of progressives in the last 100 years is convincing us this was NOT true. That central planning was indeed possible.
This thread is guaranteed to be entertaining. I already noticed this gem from the article:
“This reality has become important in the past year because, for the first time in a century, the Federal Reserve is losing money.”
This Ryan McMaken really knows his subject... or not.
I believe Judy Shelton kicked around the idea of gold backed 5 year Treasury bonds. Naturally it was a bipartisan rejection of her nomination to the Fed. Still glad she was nominated, smoked out more GOP frauds, i.e. Kennedy in Louisiana.
Griping about FED works. Just like griping about the weather works.
Lol, indeed. The one good thing that can be said about the current Fed is that Powell recently resisted calls from leftist pressure groups to add a climate element to the Fed’s purview. This is an exceedingly rare instance of a powerful person/institution refusing more power. With little else these days, something to be pleasantly surprised by.
This is the key line:
“Fed steals pieces of wealth from savers and workers as it devalues the dollar for the Fed’s own benefit”
The question is how long can it continue? Seniors in particular are bearing the brunt of it.
_______________________________________________________
Actually it devalues the dollar so that the government can spend whatever it deems necessary to spend. Fed chairmen never say “no” to the Federal government anymore. At least Volker (in his day) sent a signal that he would not rubber stamp Washington’s spending habits (at least in the short term) and that the money supply would be tightened up.
Nowadays it’s just buy up all the excess debt that the Treasury dept. wants to issue.
“Kennedy introduced the silverbacked Treasury notes as good interest free currency to drive the suicidal interest accumulating federal reserve notes out of the market”
That’s basically the exact opposite of what Kennedy actually did.
His ideas on silver were spelled out in his January 22, 1962 “Message to the Congress Presenting the President’s First Economic Report”:
“A revision of silver policy. Silver—a sick metal in the 1930’s—is today an important raw material for which industrial demand is expanding steadily. It is uneconomic for the U.S. Government to lock up large quantities of useful silver in the sterile form of currency reserves. Neither is any constructive purpose served by requiring that the Treasury maintain a floor under the price of silver. Silver should eventually be demonetized, except for its use in coins.
(1) As a first step in freeing silver from government control, the Secretary of the Treasury at my direction suspended sales of silver on November 29. This order amounted to the withdrawal of a price ceiling on silver which had been maintained by Treasury sales at a fixed price.
(2) The next step should be the withdrawal of the Treasury’s price floor under domestically produced silver. Accordingly, I recommend repeal of the Acts relating to silver of June 19, 1934, July 6, 1939, and July 31, 1946; this step will free the Treasury from any future obligation to support the price of silver.
(3) I also recommend the repeal of the special 50 percent tax on transfers of interest in silver; this step will foster orderly price movements by encouraging the development of a futures market in silver.
(4) Finally, I recommend that the Federal Reserve System be authorized to issue Federal Reserve notes in denominations of $1; this will make possible the gradual withdrawal from circulation of $1 and $2 silver certificates, and the use of the silver thus released for coinage purposes.
The Fed gains no benefit from devaluing the dollar.
The Federal government arguably does because like all debtors they get to pay off what they owe in cheaper dollars.
The main culprit damaging the dollar is probably Congress with their never ending increases in the debt ceiling.
The broadest measure of the US money supply includes Treasury debt. Increases in Treasury debt end up getting monetized which increases the number of dollars in circulation.
It’s odd how I never hear a solution in any of these articles.
The article is from the Mises Institute. Ludwig Von Mises favored closing central banks.
America was screwed big time and the federal reserve has been keeping it going because so many citizens have just TRUSTED the government.....
Well we've seen in the last 6 years or more where that's going!! imhop
You can also listen to G. Edward Griffin talk about it on youtube. https://www.youtube.com/watch?v=lu_VqX6J93k
I’ll check that out. I have the first edition of the text. He’s updated it since the 2008 crash. It should be required reading for high school seniors.
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