To: Toddsterpatriot
If you want to know where the Fed gets the money it uses to buy government debt, you need merely read up on the Fed's own literature to find out that it CREATES money for that purpose. A much better place to educate yourself on the true nature of the financial system is www.monetary.org. Or, in the congressional record you will find plenty of quotes, for example: This money creation which is put into the system when the banks extend loans, eventually becomes a source of funding when our governments bonds are sold to the public. Here is how Wright Patman, former House Banking and Currency Committee Chairman for 16 years criticized that process: I have never yet had anyone who could, through the use of logic and reason, justify the Federal Government borrowing the use of its own money....I believe the time will come when people will demand that this be changed. I believe the time will come in this country when they will actually blame you and me and everyone else connected with the Congress for sitting idly by and permitting such an idiotic system to continue.
To: iconoclast63
You haven’t answered any of my questions or proven any of your assertions. Try again?
91 posted on
06/20/2007 3:01:25 PM PDT by
Toddsterpatriot
(Why are protectionists (and goldbugs) so dumb?)
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