Lets see under President Woodroe Wilson the Fed and the IRS came into being. We can agree on this. Who runs the Fed, a private group of powerful bankers. Your right, the head is the (ONLY) one appointed by the President and approved by congress. And the other 12 men? What are their goals, to control the money supply. Free markets, how are they free. The Federal Reserve policy of easy credit and artificially low interest rates-never letting the economy readjust itself from excess, has given us bubble after bubble. Where will the next bubble be, try bonds!
The Federal Reserve doesn't "print" money, per se, since most of our currency these days really only exists in computer databases. "Fractional reserve banking." the Fed is responsible for creating currency, or more accurately, limiting its creation by lower banks. "More to this debate by Keynesians and Austrians on what policys should be taken. So far we see how the Keynesians have handled it-badly! Lets not forget that some 14 states are on the verge of default from Fed policys.
Meanwhile these policys by the Fed have cost us in dollar being devalued, the illusion of property going up and costing jobs, inflation, retirement, Freedom put in jeopardy; not to mention wars to keep us accustomed to our standard of living. Not to put the whole blame on the Fed, but business and banks and other lobbyists have been hard at work to water down any protection against excess. Congress and the American people are also to blame.
President Kennedy almost got rid of the Fed with Executive Order 11110. You remember the silver backed dollar don't you? Why pay in tress on a rent a dollar backed by thin air? The Fed aka the IMF then bought up the dollars after Kennedy was killed.
Woodroe Wilson stated on his death bed. I quote: "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence.
Sir Josiah Stamp, Director of the Bank of England (appointed 1928). Reputed to be the 2nd wealthiest man in England at that time.
“Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money.”
Ron Paul on the Federal Reserve: His book, “End the Fed” HR 1207 to audit the Federal Reserve.
I rise to introduce the Federal Reserve Transparency Act. Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve's loose monetary policy. How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation.
"Only big-spending politicians and politically favored bankers benefit from inflation."
I resemble that remark! We deadbeats love inflation! We spend every bit of money as soon as we get it, and borrow as much as we can and spend it too! The bailouts are nice, and I've had my mortgage payment and principal lowered, but I'm counting on inflation to effectively lower both of them a lot more! Savers suck shit. This is the USA!
Are you saying that the status of the United States and the quality of life its people enjoy has gone steadily down hill since Woodroe Wilson's presidency and the institution of the Federal Reserve and the IRS?
Yes, that is what I'm saying. The illusion of prosperity is about to come undone! Taxes have been higher, but now taxes will be higher, not to mention Fees (hidden taxes) and of course carbon taxes (green taxes) and lets not forget the biggest tax of them all - INFLATION........
"Before Ben Bernake shovels more cash into the U.S.'s money trap, he should read Greenspan's Bubbles, a damning account of how his predecessor inflated two asset bubbles that mutated into $11 trillion in home mortgage debt.”
How the Fed is Retarding recovery