#2 The United States never had a persistent, ongoing problem with inflation until the Federal Reserve was created
But we did have a problem with persistent, ongoing fluctuations in prices, both up and down, much larger than the fluctuations since the Fed.
#7 It was not an accident that a permanent income tax was also introduced the same year when the Federal Reserve system was established. The whole idea was to transfer wealth from our pockets to the federal government and from the federal government to the bankers.
The banks pay massive taxes to the Federal government. Not sure how the Fed transfers money in the other direction.
#9 If you can believe it, there have been 10 different economic recessions since 1950. The Federal Reserve created the “dotcom bubble”
The Internet created the “dotcom bubble”
#20 The Federal Reserve is supposed to “regulate” the big banks, but it has done nothing to stop a 441 trillion dollar interest rate derivatives bubble from inflating which could absolutely devastate our entire financial system.
How?
#21 The Federal Reserve was designed to be a perpetual debt machine.
LOL!
#22 The U.S. government will spend more than 400 billion dollars just on interest on the national debt this year.
We need to spend less, a lot less.
#24 According to Article I, Section 8 of the U.S. Constitution, the U.S. Congress is the one that is supposed to have the authority to “coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures”. So exactly why is the Federal Reserve doing it?
Because Congress created them to do that.
#25 There are plenty of possible alternative financial systems
Such as?????
but at this point all 187 nations that belong to the IMF have a central bank. Are we supposed to believe that this is just some sort of a bizarre coincidence?
A lender of last resort is very useful. Why is that bizarre?
The great depression was a pretty significant fluctuation! IMO, we trade natural market fluctuations for artificial easing until disaster in the end. When we let the markets seek value, the free market clears out that which would otherwise lead to eventually much worse problems/disaster down the road.
The banks pay massive taxes to the Federal government. Not sure how the Fed transfers money in the other direction.
I don't know either, but I'm starting to see them as "bagmen" for the big banks and the powerful elite. Not just the Fed, but all central banks in 187 countries. There are many many ways the rich and powerful benefit. Just a few basis points of spread on any of the large FOREX exchanges means billions daily to those who have an inside track.
The Internet created the “dotcom bubble”
Agree, anything new takes time to work out the expectations vs. reality.
#20 The Federal Reserve is supposed to “regulate” the big banks...
Right
#21 The Federal Reserve was designed to be a perpetual debt machine.
The Fed was designed to be a integral part of the "machine"; an agent assigned to look after the dirtier needs of the state, IMO.
We need to spend less, a lot less.
For real!
Because Congress created them to do that.
Yep, but that doesn't let Congress off the hook from failing to do their Constitutional duty by creating an unconstitutional entity.
Such as?????
Such as removing the financial system away from the central government and into the hands of the people like speech, religion, and self-defense.
A lender of last resort is very useful. Why is that bizarre?
Because, just as we're seeing now, it becomes the all powerful lender, destroying all others, and the people dependent upon it for their very survival. In the end, its inefficiency through centralized control and bungling causes the ugly destruction of both itself and that of any society which grows to depend upon it to remove "the pain", like drug addiction.
What we're seeing now has happened time and time again throughout the history of man. The cycle is repeating again but this time on a worldwide scale.
I didn't say it was a "perfect" article. :)
Should Congress create an agency to pass a budget? To declare war? To pass all other legislation?