central-bank-failure

STAFF NEWS & ANALYSIS
Get Rid of the Fed
By Daily Bell Staff - February 12, 2017

Booth says many books about the Fed’s actions following the financial crisis have been written to make Fed officials look as good as possible because they are often written by the principals themselves.

A former Fed adviser in Dallas has criticized central bank economists for not understanding economics. Danielle DiMartino Booth was a financial journalist who warned about a real estate crash due to overly low interest rates.

She was hired as an adviser to Richard Fisher, a former president of the Dallas Fed, who felt similarly when it came to rates. Over time she became his eyes and ears in examining Fed policy and criticizing it.

Now she has written a book,”Fed Up: An Insider’s Take on Why the Federal Reserve Is Bad for America,” that is just becoming available.

More:

Federal Reserve economists use theoretical models to form their monetary policy decisions, which she says led them to miss the forces that contributed to the financial crisis. After the crisis, she says the Fed implemented the wrong remedies to revive the economy.

“Global systemic risk has been exponentially amplified by the Fed’s actions,” Booth says. “Who will pay when this credit bubble bursts? The poor and middle class, not the elites.”

For Ms. Booth, “slow-moving” Fed economists will inevitably miss what’s really going on and substitute low interest rates for other solutions. Fed Chairwoman Janet Yellen and former Fed leader Ben Bernanke are two of the slow-moving acadmics that come in for criticism.

The Wall Street Journal did a review that tied the book into a push “for more diversity at the central bank. … A broader range of educational and professional backgrounds also would widen the central bank’s perspective.”

This seems to be missing the point of the book which is, as we understand it, that the problems of the Fed are primarily content based.  “Ms. Booth’s arguments echo those of her former boss, who led the Dallas Fed from 2005 to 2015, and frequently voted against the central bank’s aggressive stimulus efforts during and after the financial crisis.”

Fisher himself praised the book, saying it showed the benefits of having someone from the outside come in to highlight what had gone wrong.

“All the books that have been written so far” about the financial crisis “have been written by the principals themselves.” Thus the writers make themselves and those around them look good. It true too. Best-selling books about the Fed often feature some top official or other galloping to the rescue.

But in fact, as the book points out, the hubris and protected status of Fed bankers are part of what has gone wrong at the Fed. Fisher may not want to deal with it but the Fed is a truly useless organization. On every level it interferes with the economy without making it any better.

In fact it cannot make it better. Humans dictate Fed market moves rather than the market, and thus Fed rates will always be man-made. When Fed rates are dictated by man rather than by markets, the result must inevitably be disastrous, sooner or later.

It has largely fallen away from the current public debate, but the actual solution to the Fed’s problems lie in getting rid of it, not fixing it. There is no way it can be fixed because the Fed constantly substitutes human judgments for market based ones.

This approach cannot be made right. The Fed and other central banks hand over guidence to top bankers, many of whom populate London’s City. Thus central banking is a control mechanism rather than a financial solution.

Conclusion: If you really want to change the Fed, get rid of it.

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  • Alan

    I agree completely, too many assume this is the way it has to be and the globalist mentality prevails. As I see it, the Fed operates principally on the basis of trying to prop up the economy which is being strangled by the big government regulations/overreach, crony capitalism, big corporation policies like flood the US with illegals. Their agenda is destructive to those of us trying to pay our own way, get ahead financially, and save for the future.

  • G. Edward Griffin in his book “The Creature from Jekyll Island” has advocated the need for getting rid of the Federal Reserve and documents how destructive the Federal Reserve has been to our economy. His book can be purchased in CD format and is well worth listening to if you want a good education.

    • lois

      Griffin’s book is Excellent.

      An enemy within is doing its best to control, destroy our country.

      Check out a movie on Netflix called “Targeted”. Watch to the end…very good.

      Wake up America

  • windsor1

    Abolish the CIA and the Fed and humanity will be the beneficiaries.
    I have heard the FED has between 300 and 1,000 PHD economists so to argue that the FED is rampant with incompetence is naive or ignorant. It boils down to not what the stated agenda is but what the real FED agenda is.
    The Jekyll island crew argued that a Central Bank would stabilize the private banking system by preventing failures from such events as bank runs in a panic. The Official “narrative” or mandate of the FED was to maintain the purchasing power of the currency and to maintain unemployment at low levels.
    To Joe Sixpack a buck is still a buck and the newspaper reports unemployment levels at 5%. In reality since the 3rd reincarnation began in 1913. Since this time the dollar has lost over 95% of it’s purchasing power. Hardly a success according to it’s mandate. If you believe the “fake news” press unemployment is at 5%. Really! Why are over 48 million on Food Stamps. Why are the majority of new jobs created either in the Federal Government or in low paying or part time jobs. If you prefer to believe John Williams the publisher of the Shadow Stats newsletter the percentage of Americans that are unemployed is somewhere between 23-30%, perhaps even higher.
    How about bank stability. John Paulson had to bail out the banks to the tune of billions and trillions of dollars. When Bill Clinton did away with Glass Steagall and brought in Gramm Leach Biley it opened the door to the candy store to the Banksters. They could now get involved in insurance and brokerage as well as commercial and retail banking. Wow! any MBA will tell you diversification = stability. This led to the 2007 banking crisis, although it was not as bad as people were led to believe because in spite of poor financial results bankers were still able to pay bonuses to retain the same key employees that made the decisions that led to the crisis.
    So what did banksters learn from the crisis that would prevent a recurrence. They learned to hire more lobbyists, hire more regulators through the revolving door program and make bigger contributions to election campaigns so they could continue business as usual with impunity. In spite of corruption in mortgage initiations, fraudulent MBO’s, MBS’s and other securities, crooked rating agencies nobody went to jail. Instead of the system getting more honest and self regulating since the Savings and Loan Scandal it got even worse. Bankers learned that the road to Perdition is paved with corruption and payoffs. Today the system is even more unstable.
    Traditional banking and finance has changed from a system that relies on regulation and oversight into a casino like mentality.
    Credit is out of control. The way to fix a credit crisis is not to offer more credit. Businesses no longer require individual savers as a source of capital. Banks and the FED have learned that there is easy money to be made by leveraging credit. True interest rates are lower so margins are smaller but they make it up in volume by issuing more credit.
    Private pension plans, mutual Funds and Insurance companies are have problems covering expenses. They have to take bigger risks to increase returns and where possible they have to increase policy premiums and fees. In the case of government pension the solution is easy raise taxes.
    The guy on a fixed income is being squeezed hard by low rates.
    Thanks to the FED and its re-engineering of the economic system the banking system has made huge bets on CDO’s which could blow up in the event of a market crash. The entire financial system is a giant house of cards that could be brought down by an ill wind blowing from any one of a hundred directions.
    The bankers learned in the last crash that the government will ensure that they are the last man standing as they can take unlimited risks and they will be saved by government. Private manufacturing firms cannot make that claim as the last recession proved.
    The bankers own the system. They are protected just as a parasite that attaches itself to a host is. In this case the host is your government.
    The FED pays no taxes, publishes no public financial information yet has the ability to control the monetary and economic system of the entire nation. It has no accountability. Even in the Ron Paul partial audit it was discovered that loans of trillions had been made to large banks at zero percent interest.
    Is this who you want controlling your destiny:
    – A Central Bank that has no accountability
    – Failed miserably in maintaining the value of the currency
    – Failed miserably in maintaining low unemployment
    – Has misguided the banking and economic system so that it is on the edge of total collapse and failure.
    Show me a public corporation that so mismanaged it’s mandate that would still be in business after even 5 yrs?

    • silversmith

      Pissing into the wind ! Typical whining BS ,albeit well developed. Tell me your developed plan to change so we can practicably proceed to replace instead of running in circles in “Blogger Vil” ?

      • AmericanGold

        I wouldn’t equate speaking the truth with “pissing into the wind”. Just because one has not developed a plan to meet your level of understanding is not, in my opinion, cause to remain silent. What helpful advice can you offer?

      • windsor1

        Dismantling and dismembering the FED begins with educating the public so that there is a critical mass of people demanding change.
        When I was in business school Private Central Banks and their role in money creation manipulation was never discussed. It was a taboo topic. Now thanks to the internet there is much more information available.
        We were told that the Great Depression was the result of overly aggressive money tightening policies and the Depression was accidental collateral damage. The crash was preceded by a period of easy money: sound familiar? The investment industry (bankers) tightened up credit by making margin calls. Investors responded by selling stocks to pay the margin calls. This put stocks into a downward spiral. The smart money knowing this was part of a plan bailed out. Names like Rockefeller, Kennedy and the Eastern Establishment did very well. The bankers at the same time began calling in real estate loans. Farmers in particular could not repay and lost their farms. This was followed by a rise in rates that broke a fragile economy. Do you see any parallels to today. At this time there was no Glass Steagall Act separating brokerage, commercial lending and insurance under one umbrella.
        Monetary and fiscal policy need to be in the domain of the government and not in private hands. This cannot change as long as the public remains ignorant. Even the name Federal Reserve has many fooled into believing that the FED is a branch of the government. The FED wants the public to remain ignorant so the scam can continue to be perpetuated.
        If the public was made aware of this scam through a concerted effort by internet information because the media will not report it. If Americans realized that they owe the majority of their taxes paid to a private organization that creates it out of nothing and that this organization heavily funds and corrupts political campaigns and that everyones standard of living would be much higher without these parasites then we could begin to change it by public demand for change.
        When Ben Franklin first visited Europe he was shocked at the poverty and unemployment that existed under private central banking. There was no central bank in the colonies at this time and America was flourishing.
        The bankers through their financial power and media ownership keep this information suppressed. This is how they continue to get away with it.
        Tell the public how private central banks reduce the standard of living of the people and the message will be heard
        The Central band in Canada, The Bank of Canada” pre 1974 was and is owned by the Government and made interest free loans to the government. In 1974 however the Government was forced to borrow from the private banking system. A talented constitutional lawyer in Canada, Rocco Galati, argued before the supreme court that the Bank of Canada be forced to return to pre-1974 lending practices. There was virtually no press coverage of this landmark lawsuit.
        Mark Carney the former head of the Bank of Canada is currently the head of the Bank of England. Coincidence!
        Educate the public and the change will come. Tell the story in a way that people understand how the system hurts them personally. Soon you will have Bubba seething in rage, puzzled about why the Democrats and Barry Soetoro the champion of Main Street did nothing to change the banking system.

      • Marcopolo

        You don’t need to develop a plan. We had a “plan” that worked fairly well from the 1870’s to around 1907. And it worked OK from Jackson’s time to Lincoln’s.
        Banking then was local, and you know where the bank president lived:-) That is, there was a very REAL accountability and downside to screwing your depositors.
        With fractional reserving banking, there were bank runs-the biggest being 1907; we even had a massive depression in 1920/21 and the Fed didn’t even have a clue what to do and it was over in about 18-24 months.
        Just unwind dead president currency and anchor it in an asset, get rid of the FDIC and hold Banks and their executives and management to account.
        Oh, and the size of DC needs to come down by 2/3rd’s..maybe more. Weren’t you raised to live within your means?
        The entire planet’s economy is based on debt; to the tune of many multiples of the planets GDP.
        This thing is going to pop. When? I wish I knew, but I do think in my lifetime. Then what? I haven’t a clue. But, I do expect a very ugly and painful reset. Will we learn? As windsor1 notes, just like 08, the answer is nope! I do know the best way to cover a lie that’s discovered is to tell a bigger lie! Like mystical SDR’s or some such.
        In the meantime, I’ll visit here and some other places, invest, makes some profit, turn dead presidents into shiny base metals as history shows, gold, and silver, are always the last ones standing.

    • Don Duncan

      Both the Fed and its creator, the govt. are parasites, not hosts. Hosts must create value to sap. Govt. & the Fed transfer wealth (steal) and in so doing destroy a great deal more than they consume, as all theft does.
      All of this is made possible by ex-soverenigns (the people) who give away their power to govt. along with permission to initiate force, a privilege they don’t have and therefore can’t delegate. Their fear of self governance stimulates their irrational conduct and their cowardice keeps them from facing facing it.
      The empire they created will crumble or crash and they will still be practicing willful ignorance.

  • Doc

    “Fed rates are dictated by man rather than by markets”
    What does that mean? Aren’t markets just people getting together?

    I was under impression that it was the Fed monopoly that was the problem.

  • Marcopolo

    Well, the topic of this post is a constant buzzing in my ears for the last 50+ years. As long as you have fractional reserve banking, and 100% fiat currency, you’ll need someone, other than “big brother,” to bail out the bad actors.
    Or, just let the free market work, and those depositors who pay no attention to their banks balance sheet and financial strength will simply be road kill.
    Lesson learned.
    You also need to get rid of the FDIC as it represents a moral hazard.
    Goes hand in glove with free markets.
    The “original” idea of the Fed by Carter Glass was simply to be the backstop for bad actors to borrow when they got into trouble, and they could only borrow on good bills of lading (goods produced); they weren’t allow to buy US T-Bills, Bonds, or Notes and stay away from Govt. It predates the FDIC “insurance.” And as noted in “Creature” only a bank that takes deposits are covered. It didn’t pertain to banks that were “investment banks.”
    So, maybe we could do it in baby steps; first back our currency with something; reduce the Fed to its original charter, and then get rid of the FDIC.
    Or, we could just go the free market route; but you better be holding some PM’s because your “notes” aren’t going to be worth the ink used to print them in either event.
    Since our non representative representatives are spineless, gutless, and profit handsomely (ask Pelosi) from the “Creature,” it won’t happen in likely several generations lifetimes.
    It will still be around when this global ponzi blows up, with a brand new tale.

    • JMiller

      The FDIC represents a moral hazard? Getting rid of the FDIC, which has protected millions of depositors for the last 80 years, would be a mistake. Deposit insurance, even if we had Glass-Steagall, would still be needed if we want a sound banking system.

      • Marcopolo

        Yes, it is a moral hazard; always was, always will be.
        Ask yourself what has it been protecting depositors from?
        Misfeasance, malfeasance, and mismanagement of a profit making enterprise that is engaged in a somewhat dubious practice of creating currency out of thin air?
        If banks didn’t have it (it’s paid by we taxpayers-and the overhead of administering it) they’d either have to buy it, or be much more careful of their fractional lending practices, and depositors would be more conscious of where they put their hard earned dead presidents.
        That FRN you have in pocket is debt note with counter-party risk, and your bank deposit is owned by your bank, again with counter-party risk. The CB is trying to debauch your purchasing power by 2+% a year; your bank now has the ability to take your deposit when their liabilities exceed their assets- “bail in’s.”
        Without the FDIC, boards of banks would be open to suits, and you might get a more responsible board since they don’t want to lose their house and all their assets to settle a D&O lawsuit.
        I’ve worked in the insurance industry for over 40 years and you wouldn’t find an insurer willing to take that risk; it’s like financial flood insurance.
        No one would write it without a whole lot of exclusions and the insurer in a position to take the assets of every exec and board member of the bank.
        Go watch the “Hidden Secrets of Money” on YouTube, or read “Creature.” Then ask yourself who in their right mind would sell deposit insurance?

        • JMiller

          You state, “your bank now has the ability to take your deposit when their liabilities exceed their assets- “bail in’s.”

          Not true. No bank in the U.S. has the ability to take your money in a bail-in because they do not have the authority. The FDIC has the authority should it come to having to do a bail-in and only for systemically important banks in which uninsured deposits could be used. So my well-capitalized community bank and many other banks and credit unions are not part of bail-ins. Also just for your information, the FDIC does not have to wait for the liabilities of a bank to exceed their assets to take over a bank and perhaps do a bail-in if it is a systemically important bank. They also can take over a bank because of illiquidity. A bank can be illiquid without being insolvent.

          Without FDIC insurance millions of people would have lost money, may be even their life savings, over the last 80 years. You said without FDIC insurance you might get a more responsible boards of banks. Probably true in some cases but still many banks have failed not because of the board. Without FDIC insurance many of those people would have still lost money no matter how much more conscious they would have been about where they put their money. Also the risk of bank runs would have increased which may even spread to bring down good banks.

          • Marcopolo

            Really don’t want to continue this discussion. I would offer to support your point of view do some research. I mean real research, not MSM BS or College or HS texts, but Congressional Record kind of stuff, and Bills that created and govern the powers of institutions like the FDIC and all the alphabet agencies you have an interest in.
            Recent legislation passed pre-Trump allow “Bail In’s for US Banks.” Your deposit in a bank is theirs, you have claim, but they can take it just like Greece and Cyprus, and Spain, and just about most places. They can limit how much you can take out based on their “rules.”

            Frankly, I don’t believe you know how well capitalized your community bank really is. Have you looked at their balance sheet, income statement, X items-off balance sheet, GAAP requirements/reporting? Unless you’re in the profession, and no personal affront, but I don’t think so.

            Credit Unions are NOT banks. Whole different set of rules and regs. Your comparing apples to table lamps.

            As far as the moral hazard FDIC, if a bank is having liquidity issues, that’s why there’s a Fed and the overnight window. That’s not where the FDIC treads. Solvency is more their domain; the Fed, liquidity. Now if the illiquidity is due to malinvestment and insolvency is right around the corner or the next shoe to drop, the Fed can tell the FDIC they need to audit the bank. Yes, the FDIC can perform a bank examination on any bank, any time problems or not. They don’t because they don’t have the resources-they’re a fire department that waits until they see flames via the banks filed financial statements.

            A bank operating faithfully, making sound investments, insuring their investments and avoiding as much risk as is reasonable isn’t going to fold.
            Fractional reserve banking is the culprit, and if their management is prudent, not having the backstop of the moral hazard of the FDIC, they’d have larger reserves than the miniscule they have to set aside today, which is about as close to nothing as one can get
            .
            A bank run is simply a loss of confidence; a behavioral issue. If you run on your community bank and they give you and the 100 people in front and behind you your cash, there likely will be no bank run. The psychology changes, and the behavior stops.
            In 1907 what stopped the bank runs was JPM and his cabal of big banks provided the funds to the banks that closed due to the run. They reopened, people got their cash out, and in a few days returned to re-deposit. That said, there were banks that were so badly managed that JPM didn’t give them any money-primarily western farm banks as the NY banks didn’t like the farm banks that popped up like weeds, and those banks failed.
            Why? Because we were a fairly decent exporter at the time and farmers needed the money (it was money then, not currency) for seed and plow additional land. All of that led eventually to the dust bowl as WW1 was a boon to farm exports since we fed both sides of the war before Wilson snookered us into the fray.
            That over production of many goods led to the crash of 21, and then the Fed added a whole lot of money and we were off to the races….and 1929.
            It’s history man, read it. It’s not politically correct as it’s FACTS, not the crap you and I were taught in school.

          • JMiller

            Sorry to prove you wrong but I have seen my bank’s balance sheet, their income statement, their derivatives and off balance sheet items etc…and you do not have to be in the profession to do that. That is all public information that is not hard to get.

            Here is a couple of sites that contain the financial reports of all the banks.

            http://www.ibanknet.com/index.html

            https://research.fdic.gov/bankfind/
            Thanks for the history lesson but the fact is what I said in my comments are true based on how things stand today.

          • JMiller

            “Credit Unions are NOT banks.”
            No kidding.
            “Whole different set of rules and regs. Your comparing apples to table lamps.”
            Probably not as much as you think. And I am sure not comparing apples to table lamps. That comparison is way too exaggerated.

  • autonomous

    “…the hubris and protected status of Fed bankers are part of what has gone wrong at the Fed.”
    Control the purse and you control the people. Rulers have always known this. And they will not willingly give up power. Talk of abolishing the FED is just talk, and it is treason. And who judges treason? It is the very persons who have the power against whom the treason is aimed. Will we revolt? If we do, who will we revolt against? Those who are in power will not defend themselves. No, the will send their armies to defend them. And their armies are not faceless. The faces are of ourselves, our children, our brothers and our sisters, our fellow Americans. To get at our enemies, we have to face ourselves. That is why revolution is a revolting development. Make no mistake, those who exercise power are willing to order every resource to protect their power, no matter what it will cost us. They have another seven billion replacement for us. The cost to us is our blood, the cost to them is our blood.

  • Dimitri Ledkovsky

    While getting rid of the Fed usury should also be on the same chopping block.

  • EDD

    1913. Fed created. Charging interest for money created from thin air is essentially a ‘black hole’. Science theorizes a black hole as being an object so dense and has a mammoth gravitational field out of proportion to its size that it has the ability to suck in material from other nearby objects, mainly other stars.

    With the creation of the ‘new money’, interest is charged to the government and government taxes the public to pay back the loan to the government. Even if somehow public paid enough back to government equal the original loan amount, the loan could not wiped out because of the interest. So who/what pays the interest?

    No, I am not challenging any commenters intelligence, because I realize anyone reading these comments understand this principle. My question is; how is the best way to reach those who have never thought of this, the most fundamental mathematical exercise of finances?

    Now we have the ‘black hole’ called ‘the Fed’. It has sucked the life blood out of Average American. Average American has responded by electing one who has promised real change, not the pseudo ‘hope and change’ promise of the Marxist idealist eight years ago. Average American has the hope that somehow his/her lost blood will be replaced by a transfusion.

    Will the transfusion be successful? Where there is real hope, there is real opportunity for change. As Shakespeare once stated, ‘All the world’s a stage, And all the men and women merely players’. Each one of us makes a difference; as in “It’s a Wonderful Life’. Do not underestimate your potential.

    • jackw97224

      Well, of course the politicians borrow the funds and condemn future unborn generations to pay for today’s comforts. This system is criminal, it is immoral, it makes future generations our debt slaves and when they someday can’t pay the debts, then they will suffer horrible economic depression.

    • Doc

      Well, let’s have a look at the fundamentals you refer to.

      There are sources of income, like dividends, that don’t show up as expenditures for businesses. Yet this money can be spent by the individuals receiving them.

      So the overall revenue can exceed the overall expenditure during any time period, and tend to do.

      This helps explain how profits can persist economy-wide, and by extension, how there can be money around to pay in interest.

      This is best explained by George Reisman’s Net Investment/Net Consumption theory. See an intro here, http://www.academia.edu/713483/Reismans_Net_Consumption_Net_Investment_Theory_of_Aggregate_Profit.

      This isn’t of course a defense of the Fed, just some fundamentals that would exist even without the Fed.

  • Renrah

    one only needs to watch the youtube documentary “The Money Masters” as it explains How International Bankers Took Control of America . After watching, you will know more than 99.99% of the population – including most bankers.
    MIND BLOWING INFO !!!

  • JimSmith

    End the Fed forever!

  • jackw97224

    The Fed is the orchestrator of legalized plunder; it is a counterfeiter sanctioned by US politicians; it is an immoral, criminal organization and should be excised, terminated. As has been said, America will be destroyed from within long before it is invaded from without. Industry is destroyed at the source of “money” creation – Triffin’s Dilemma.

  • jackw97224

    No politician or collection of politicians should dictate what “money” is or what should be used “as” money. People should be free to choose. Oh, but then it is people who vote and thus sanction the politicians to use violence/force/aggression to make us use their fiat, crooked currency.

  • Oliver

    The Fed was created by the same Elite who rule now. Without mass resistance to our warring military along with a refusal to put tax money into their coffers, getting rid of the Fed will lead them to simply morph into another monster disguised as the antidote. History has proven this time and again. They’re not going quietly.

    “There are a thousand hacking at the branches of evil to one who is striking at the root[s].” Henry David Thoreau

  • ICFubar

    The purpose of the Fed is to act as a holding company, its owners, those who own the majority of preferred stock of its member banks, having gained for the Fed the ability to control the money supply and credit, or the life blood, of the USA LLC under their strict purview. The fact that the Fed couldn’t manage a lemonade stand and sinks the economy every few generations is of little concern to its owners who know which way to play economic events no matter which way they are headed and who have the nation and its people by the short and curlys. This along with every other nation and peoples wherever a Fed franchise is set up. The enormity of the power and control exercised by these owners can only be guessed at. Yes, end the Fed and create something better for the entire population of the planet.

  • Praetor

    All agree, central banking is bad idea, but how to get rid of it without getting use all terminated. The centrals Keynesian collective has effectively mad our world a debtors world. Nothing much gets done unless there is a whole lot of money loaned out. A debt created is deposit into some bank.

    Their goal is economic collapse for the world and pain for the people to have their One everything world. The only thing that may help with the pain, throw metal and throw it hard and fast. That could easy the pain.!!!

    • LawrenceNeal

      Throwing hot lead at the ruling clique would be my choice of metals.

  • Fed up with the FED !

    Yeah… When your allowed to print US currency out of thin air, that’s backed by nothing other than what the cost of a bucket of Saudi oil is selling for… I’d say Dumb this Turd !

    • LawrenceNeal

      Dump?

      • Fed up with the FED !

        Yeah… Dump it and replace it by nationalizing this nations currency

  • This may be very simplistic but if we imposed term limits and the many benefits our politicians receive and abolish Amendments 16 and 17 of the Constitution we might solve a lot of problems. Windsor1, I certainly enjoyed your discussion. Good job.

  • Edward St Thomas Jr

    I strongly encourage reading, “The Creature From Jekyll Island” by G. Edward Griffin. It not only presents an excellent explanation of how and why the Federal Reserve was created by a private cartel of bankers, but also provides insights into the shenanigans they used for its creation.

  • LawrenceNeal

    The Federal Reserve is a racketeer influenced, corrupt counterfeiting organisation.

  • Wade House

    The Fed is nothing more than a standard tool. a hammer, shield, or screwdriver.

    The govt gave it it’s charter and it can take it’s charter away. It’s done it twice before.
    The Fed can be ended with a single line of legislation returning the power to create debt-free currency to the congress and treasury where it constitutionally belongs.
    Think Kennedy silver certificates or Lincoln greenbacks.

    * The word “BENCH” (Judge’s bench that he sits on in a Court of Law) in Latin means “BANK”
    * Banks are just representations. Courts are the banks, judges are the bankers per their oath under 28 U.S.C. § 453.

    Thomas Jefferson wrote, “I sincerely believe that banking institutions are more dangerous to our liberties than standing armies. The issuing power should be taken from the banks, and restored to the people to whom it properly belongs.”

    The Fed is not the Main Problem, Debt-Based, Fractional Reserve Banking is!
    If Debt truly equals Slavery (debt-slavery), then it’s quite obvious we need a Debt-Free based Monetary System. Duh!

    The Fed is an obvious govt tool that can be ended anytime they want it to. And just talking about the fed just shifts attention from those who truly control it.

    PLEASE NOTE: We have been in the Age of the Quadrillion dollar economy since at least 2000.

    Avg income in 2000 was $32,000 X 100,000,000 Mil wrkrs = 3.2Q
    Avg Hm $ in 2000 was $200,000 X 5,000,000 sold = 1Q
    1Q X 9 (fractional reserve banking sys.) = 9Q

    Anyway you slice it, we’ve been in a quadrillion dollar economy since at least the year 2000.
    And in the Quadrillenium Age, the Age of the quadrillion dollar economy, billions and trillions are nickels and dimes.

    Note; anyone who’s been talking a trillion dollar economy since 2000, has been pulling your leg. 🙂

    You’ve been lied to. Whats’ new? Wise up and move on.

  • TimeToWakeUPAmerica

    “Get Rid of the Fed”?

    Only if you want to stop the source of financing for the “Jew” World Order.

  • rahrog

    Aside from Dr. Ron Paul, has anyone in our lifetimes from America’s warpig federal government spoken publicly about ending the Fed?

    The Federal Government of America is a DISEASE.

    SECESSION is the cure.

  • ALPHAMEG

    PRESIDENT TRUMP!!!! Should you wish to delay GLOBALISM for at least 40 years, immed
    iately give the Federal Reserve its walking papers. Also immediately stop all funding of the UNITED NATIONS, and tell them to find a new home outside the U.S.A. and they have one year to finish the move, and that includes all foreign members.

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