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The banking syndicate is made up of banks.

If you're talking about members of the Fed, there are hundreds. Not sure why you'd call them a syndicate.

Yeah, free money.

Hardly, if you look at the whole picture, instead of looking at the Fed by itself, the government is in debt over $16,000,000,000,000.

What does the whole picture have to do with the Fed. The Fed doesn't force the Treasury to borrow. The Fed did allow the Treasury to borrow $77 billion less last year than they would have otherwise. About $300 billion less since the crisis.

I don't know where you're going with this discussion, seems like you are in favor of increases to Federal government debt.

I don't know where you got that idea.

I'm in favor of cutting government spending, a lot.

Privatizing Social Security. Eliminating farm subsidies, sugar subsidies and ethanol mandates. Sealing the border and booting 10 million illegals, to start. Drilling in ANWR and off California and Florida. I can give you more, if you're still confused about where I'm coming from.

What does the whole picture have to do with the Fed.

It's meaningless to view the Fed all by itself. That is, taking it out of the context of the overall economy, banking system and government borrowing. The Fed is much more than a corporate entity that the government makes money off of, is it not ?

Here's the key: if the Fed is an essential part of the process of government borrowing, that enables government to borrow - even when the private sector does not want to buy the debt - then the Fed is an essential part of the government debt problem.

The Fed doesn't force the Treasury to borrow.

But let's be serious, that's like saying the dealer doesn't force the addict to shoot up. If you're part of the capital markets industry, you have to admit that you chuckle at that thought. Schmucks working and paying taxes and hundreds of billions of it goes to interest on debt - what a sweet deal, right ? I mean, that guy I mentioned above from J P Morgan - he's telling everyone in that annual report that Treasury Securities are a fantastic business for JPM - and they are a key ingredient in JPM's success in other businesses. If the Treasury created its own money instead of borrowing there would be no Treasuries market.

The Fed did allow the Treasury to borrow $77 billion less last year than they would have otherwise.

That does give the Fed a veneer of legitimacy.

About $300 billion less since the crisis.

Ahhh, the crisis. Unless we have a central bank with adequate control of credit resources, this country is going to undergo the most severe and far reaching money panic in its history, right ?