The Federal Reserve

[csgators]

The Federal Reserve (The FED) controls the currency and interest rates of the United States of America. It was created after a bank scare in 1907 and signed into law by Woodrow Wilson. Some of you may be thinking that this is a reasonable thing to do and that the government should indeed have an agency to manage the nations currency. The main problem with that argument is that The FED is a private bank, it is as federal as Federal Express. The FED has never been audited. The FED is directly responsible for the Great Depression.

 

"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

 

So why is anyone who wants to audit The Fed (let alone end it) ridiculed by the main stream media?

[marharth]

Does anyone in the country think that there should be a federal reserve as it is now?

[csgators]

Does anyone in the country think that there should be a federal reserve as it is now?

 

Not many people are singing it's praises but the establishment is fighting to keep the status quo.

 

I hate to link to HuffPo but this article attempts to explain the White House's opposition to the Audit the Fed bill:

 

http://www.huffingtonpost.com/2010/05/06/white-house-explains-oppo_n_566449.html

 

"We oppose the Sanders amendment in its current form," Wolin said. "Transparency of Fed is critically important... But we also think it is important that the Federal Reserve board have independence. We think that countries that have had... the perception of political influence in their central banks have had real problems."

 

There also this article from Time.

 

For an idea of just how out of control the Fed has become check out this

, it explains part of the problem very well.

 

Here is

explaining the problem to Ben Bernake the Fed Chairman.

 

Edited March 24, 2011 by csgators

[Trandoshan]

Ron Paul gives very good points. I know he's the chair of the domestic monetary policy subcommittee, and was elected to that position quite recently. It's still not a position high enough to make any sort of difference anyway.

 

 

I don't have anything positive to say about FRS, but I have nothing bad to say either. It's very useful for curbing the usual bank runs, but as of recent it's having trouble 'turning the printing machines off'. The problem with the FRS is that no branch can really have a say in what it does. In that effect it is flawed because it is outside of our glorious three branch system with all of its checks and balances. Congress oversees it sometimes, but for the most part it is a wild cannon. It's a loop hole in our government in a way. The finances of our nation shouldn't be blown without any control from the main three branches.

[Harbringe]

Just a historical note:

 

The 1907 financial crisis was triggered by JP Morgan one of America's biggest bankers ,when he called in early the loans his bank had made to a few other smaller but particularly geographically placed banks in America.This caused the people to panic and try to withdraw their money (bank run) ,which due to some prompt reporting in nationwide newspapers caused a general panic throughout the country with everyone trying to get their money out of the banks.This is what led to the creation of the Federal Reserve.

 

The odd thing is that JP Morgan for years had been an ardent proponent of such a system ,strange how things work out eh !

Edited March 25, 2011 by Harbringe

[csgators]

So I'm getting the impression that those on this site that understand what the FED is either think it's OK or that there is no chance of even auditing it? I have been studying history, philosophy, religion, economics and politics since high school out of personal intellectual interests and the last decade or so has started to convince me that in many ways the extreme left and extreme right in this country are correct in a few key points. The main point is that Wall Street controls the USA and is tilting the playing field against the middle class and the poor through currency manipulation and possible flat out fraud and theft on a global scale. So someone talk me down from the ledge here, how is this not true? Are not Goldman Sachs, Timothy Geithner and Ben Bernake doing more harm than good and using out own government as the tool?

[marharth]

So I'm getting the impression that those on this site that understand what the FED is either think it's OK or that there is no chance of even auditing it? I have been studying history, philosophy, religion, economics and politics since high school out of personal intellectual interests and the last decade or so has started to convince me that in many ways the extreme left and extreme right in this country are correct in a few key points. The main point is that Wall Street controls the USA and is tilting the playing field against the middle class and the poor through currency manipulation and possible flat out fraud and theft on a global scale. So someone talk me down from the ledge here, how is this not true? Are not Goldman Sachs, Timothy Geithner and Ben Bernake doing more harm than good and using out own government as the tool?

The issue is that people blame the wrong people.

 

We blame Obama or Bush, when really it is the people who control the senators and possibly the entire white house.

[csgators]

[The issue is that people blame the wrong people.

 

We blame Obama or Bush, when really it is the people who control the senators and possibly the entire white house.

 

I completely agree, it is the fact that Obama did a complete reversal of almost every policy he ran on as soon as he got elected that convinces me that he is simply a puppet (and that Bush was as well).

 

The Bush appointments Obama kept in place speak volumes as well.

Edited March 26, 2011 by csgators

[WizardOfAtlantis]

So I'm getting the impression that those on this site that understand what the FED is either think it's OK or that there is no chance of even auditing it? I have been studying history, philosophy, religion, economics and politics since high school out of personal intellectual interests and the last decade or so has started to convince me that in many ways the extreme left and extreme right in this country are correct in a few key points. The main point is that Wall Street controls the USA and is tilting the playing field against the middle class and the poor through currency manipulation and possible flat out fraud and theft on a global scale. So someone talk me down from the ledge here, how is this not true? Are not Goldman Sachs, Timothy Geithner and Ben Bernake doing more harm than good and using out own government as the tool?

The issue is that people blame the wrong people.

 

We blame Obama or Bush, when really it is the people who control the senators and possibly the entire white house.

Stupendously correct, marharth!

 

I just watched a wonderful documentary called Inside Job, which goes into undeniable depth on how the home lending market was allowed to go "bubble and boom" by everyone involved, even just a handful of people at the top at a time so they could rake in millions while the masses suffered, and not only for their own stupidity in buying a house they couldn't afford as an almost countless slew of other interests (state pension plans, etc) were tied into these things.

 

The result of which (this last bubble and burst, that is) had much the same effect that the crash back in '30 had...JP Morgan consolidated ever more their stranglehold on the world financial scheme.

 

These people have to be held accountable...not given g-d jobs in the Obama administration, proving once again the man is just a puppet figurehead and the only thing different about him is the color of his skin.

 

 

[Harbringe]

@ Wiz

 

Stupendously correct, marharth!

 

I just watched a wonderful documentary called Inside Job, which goes into undeniable depth on how the home lending market was allowed to go "bubble and boom" by everyone involved, even just a handful of people at the top at a time so they could rake in millions while the masses suffered, and not only for their own stupidity in buying a house they couldn't afford as an almost countless slew of other interests (state pension plans, etc) were tied into these things.

 

The result of which (this last bubble and burst, that is) had much the same effect that the crash back in '30 had...JP Morgan consolidated ever more their stranglehold on the world financial scheme.

 

These people have to be held accountable...not given g-d jobs in the Obama administration, proving once again the man is just a puppet figurehead and the only thing different about him is the color of his skin.

 

 

It's the revolving door of policy and personnel at work .People in these industries call for things like deregulation under the mantra of small government ,lobby (campaign contributions) to have their people put in positions such as SEC Chairman ,Sec of Treasury , Fed Chairman ,etc ,etc.Change and cheat the system to the point where they walk away with billions in profit and unload the debt onto the citizens of a country to the tune of trillions (Banking bailout ,Housing sector bailout ,etc ,etc ).So then you will have an election and be all outraged and those people will get replaced but where do they go ,to corporations and banks that lobbied to have them put in power in the first place and they themselves get replaced by people from those same groups .Its rinse recycle repeat and its been going on since the Fed was created ,the only difference between then and now is the level of audacity of what they can get away with.

 

Recently an individual was sentenced to 8 years in prison for revealing a bit of algorithmic code .So what was this code , it was a skimming program that monitored the daily trades in derivatives .It had been set up by JP Morgan on a server next to the New York Stock Exchange and because JP Morgan was one of the groups issuing these derivatives it was able to skim a percentage of each and every transaction made in derivatives on the daily trades exchange.Well this is illegal and because JP Morgan was the one issuing the derivatives its a form of insider trading ,which is also illegal.So why did this guy go to prison , because he broke a confidentiality clause that compromised the security of the financial system , meanwhile JP Morgan though fined a few million ended up walking away with billions.Why is this relevant to the revolving door of personnel , because Timothy Geitner the current Sec of Treasury was working for JP Morgan at the time ,go figure one guy goes to jail for blowing the whistle on criminal activity and another gets a job with the Federal Government.Rinse Recycle Repeat.

 

P.S. No one knows if Geitner specifically knew about this skimming scam ,but the profits from it resulted in him getting big raises and bonuses and is an example of how the industry protects itself from its own misdeeds.

 

Iv'e said this before but there is a series on Youtube Called The Money Masters HD and though its long it gives an excellent understanding of how banking in the US has evolved and the individuals and events that shaped it ,including the very reasons the Founding Fathers (in their own words) put it in the Constitution that the Treasury would hold the sole power of printing the Nations money.I can't say enough as to why you should watch this and for some of you who think you know what your country is all about it would be a bit of a shock .Really after watching it I realized the US was back to being a financial colony of London.

Edited March 28, 2011 by Harbringe