[justshutupandtakeit]

How would you get the idea that I am unaware that taxpayers pay the interest on the debt? As to the other facts you posted where have I disputed them?

Sounds to me like you are grasping at straws to dispute my comments since I never claimed anything to the contrary.

I am not "defending" the Fed. There hasn't been anything to defend against since misconceptions, misinformation and outright falsehoods about National Banks are inefficient attacks to begin with. Correcting such caricatures as the enemies of the Fed post here is merely the debt I owe to the truth. Requiring an accurate description of an institution is not a defense of it.

I do defend the concept of a National Bank but not all of its actions or policies.

[jd777]

You said the government profits from the fed. You said that the profit from the fed was DEPOSITED in the U.S. treasury. That was your argument. You mentioned a 30 billion dollar profit, specifically.

This is wrong. First: "30 billion"? where'd you get that number from? The budget for treasury (our 2nd largets expenditure) is 350 billion dollars. It's mostly for interest payments. So you're point is that of the 350 of our money allocated to treasury, 30 of it is paid to the fed as interest and then they returned that amount back to our treasury? . Explain this transaction. We give them 30 and they give it back and that's their profit? I think you also said something about them taking out some expense first? Why don't they just do us a favor and return the bonds back to treasury? Now the FED does profit. But not in this fashion, and when they do... they don't "deposit" those profits in the U.S. TReasury. Now, what other facts do you have?

I do defend the concept of a National Bank but not all of its actions or policies

Wow. We have a CENTRAL BANK. Not a national bank. A central bank is owned by the banking system. A national bank is owned by the government. I'm the one asking for government ownership. I AM DEFENDING the concept of a national bank. You are defending the concept our central bank.

What are we even talking about here?