Posted on 12/24/2013 1:45:23 PM PST by Errant
The Democratic Party gained prominence in the first half of the nineteenth century as being the party that opposed the Second Bank of the United States. In the process, it tapped into an anti-state sentiment that proved so strong that we wouldn't see another like it until the next century.
Its adversaries were Whig politicians who defended the bank and its ability to grow the government and their own personal fortunes at the same time. They were, in fact, quite open about these arrangements. It was considered standard-operating procedure for Whig representatives to receive monetary compensation for their support of the Bank when leaving Congress. The Whig Daniel Webster even expected annual payments while in Congress. Once he complained to the Bank of the United States President Nicholas Biddle, “I believe my retainer has not been renewed or refreshed as usual. If it be wished that my relation to the Bank should be continued, it may be well to send me my usual retainer.”
(Excerpt) Read more at marketoracle.co.uk ...
The Fed hardly lends any money out.
The IRS.
They force you to hold currency? Sounds like the IRS makes you a slave, not the Fed.
Not according to FDR, he took everyone's real currency.
FDR is forcing you to hold currency? LOL!
I don't care who you are, that's funny right there.
No it doesn't.
You're the one that doesn't know how anything works.
Better than you.
On every point you say "Why" and "How".
It's true. I want you to prove your claims.
All this is new to you isn't it?
Yes, your ignorance is new to me.
How does their lending take away $1000 of your labor?
Swings from 1913-2013 are much milder than swings from 1813-1913.
Untrue. The Fed does nothing but protect stupid robotic thieving bankers. The Fed used to be more strict but now it is anything goes for the too_big_to_fail Fed connected banksters. The Fed will bail them out and next time around I predict it will be via demanding payment from the FedGov on outstanding debt the Fed holds. The USG will be told to sell off some assets, national parks and lands to satisfy this demand.
Still clinging to the claim that there are no banks in the Fed? lol
They force you to hold currency? Sounds like the IRS makes you a slave, not the Fed.
The IRS collects money for the government that then builds jet fighters for my protection, builds roads I can drive on, etc. The Fed provides no service to me. I lose 3% per year for nothing.
FDR is forcing you to hold currency? LOL!
He set the precedent. Hold the Fed's fiat currency or face the wrong end of the rifle barrel.
No, it's because you don't know anything. You think there are no banks in the Fed.
Inflation. Inflation means currency buys less over time. Like I said you don't understand even the most basic concepts.
The Great Depression proves you wrong.
That's awful! You should hold less currency.
The Fed doesn't get the 3% you claim to lose. Sorry.
No, it's because you don't know anything.
I know that you continue to make claims with no proof.
You think there are no banks in the Fed.
The Federal Reserve is a bank.
The Great Depression proves you wrong.
They actually get a lot more.
Contradicting yourself again. lol
They actually get a lot more.
You just can't explain how.
Contradicting yourself again. lol
Nope. The Federal Reserve, the Central Bank of the US is a bank.
In its role as the central bank of the United States, the Fed serves as a banker's bank and as the government's bank. As the banker's bank, it helps to assure the safety and efficiency of the payments system. As the government's bank, or fiscal agent, the Fed processes a variety of financial transactions involving trillions of dollars. Just as an individual might keep an account at a bank, the U.S. Treasury keeps a checking account with the Federal Reserve, through which incoming federal tax deposits and outgoing government payments are handled. As part of this service relationship, the Fed sells and redeems U.S. government securities such as savings bonds and Treasury bills, notes and bonds. It also issues the nation's coin and paper currency. The U.S. Treasury, through its Bureau of the Mint and Bureau of Engraving and Printing, actually produces the nation's cash supply and, in effect, sells the paper currency to the Federal Reserve Banks at manufacturing cost, and the coins at face value. The Federal Reserve Banks then distribute it to other financial institutions in various ways.[35] During the Fiscal Year 2008, the Bureau of Engraving and Printing delivered 7.7 billion notes at an average cost of 6.4 cents per note."
Source: Wikipedia
We lost 27% of GDP during the Great Depression. The most severe lost of GDP for us ever.
They lend at a rate of a target 3% inflation. They're are the ones profiting from the loss of value of currency in the banks.
A bank that doesn't lend, as you said in post 341. lol
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