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Just in a few days the FED will celebrate it's 100-th anniversary.
So, what has the FED brought to the U.S.A. and the world during those 100 years? :roll:
Any birthday wishes?
What the hell man? No "zero stars"?
I would have to say 1913 was a very bad year for the prospects of the US staying more nearly as it was originally intended. The Fed was established, which, in my opinion, in time to contract the money supply when it needed, was supposed, to be the lender of last resort... which helped put and keep us in a depression that turned into a Great Depression...then you had the 16th Amendment, the Income Tax, which allowed for an US involvement in WW1, which led to the inevitability of a WW2... and need I say more about a tax on the incomes of the productive that helps set the stage for all the social spending that has gotten out of control? And then the 17th Amendment, which upset the delicate balance between the states and the Federal Government allowing the direct election of Senators rather than control of the Senators by their state legislators... which would keep them far closer to state business than the free ranging senators we have today... another messing with Federalism. All this by the "progressives". We have gotten progressively more dumbed down, progressively deeper in debt, progressively more involved in other people's business... and they keep hits coming year after year... 100 of them now...Just in a few days the FED will celebrate it's 100-th anniversary.
So, what has the FED brought to the U.S.A. and the world during those 100 years? :roll:
Any birthday wishes?
We've lost 98% of the value of the dollar in the past 100 years.
It was created for the rich, by the rich, and it has fulfilled its purpose very well.
It is easily the most destructive part of our government.
Hey that is better than the 40% Bitcoin lost yesterday.... after Bitcoin is the anti-Fed (national bank) wet dream of the wacko right.
Well duh... that is the American way and always has been.
Technically it aint part of government.. it is a private institution.
First, bitcoin is a baby currency with low liquidity, it's going to have swings. However, even inspite of last week it is up thousands of percent since its inception, ie: the exact opposite of the dollar.
Second, you are a special brand of hypocrite that cries about rich greed all over this forum but still supports the fed despite knowing it was designed to purely benefit the rich.
Lastly, it is only private on paper. In reality it is every bit as much a government organization as anything else. It is regularly subjected to congressional hearings, and if I did ANYTHING the Fed does, my ass would be in jail fast enough to make my head spin.
I thought 1 star = bad. 0 qualifies as "evil" in my book.
And that is exactly what the anti-Fed people want. They want the gold standard back (well some) and that will have just as wild swings because of the limited access to gold.
Where the hell did I ever state I support the Fed? I support independent national banks like we have in most European countries, I certainly do not support the Fed model in any way.
As you said, it is private on paper. The whole structure of the Fed is built to keep the corruption of the rich going, and since government is also run in large part by the rich, then it is two sides of the same thing. The Fed is no where near as independent as most of the European national banks, before and after the Euro.
A stat that sounds devastating when one fails to acknowledge the gains in real income of well over 200 percent in the same time period.We've lost 98% of the value of the dollar in the past 100 years.
What the hell man? No "zero stars"?
We've lost 98% of the value of the dollar in the past 100 years. The fed is a vehicle to give the rich near zero interest loans and push the cost of those loans on to the American people. It was created for the rich, by the rich, and it has fulfilled its purpose very well. It is easily the most destructive part of our government.
A stat that sounds devastating when one fails to acknowledge the gains in real income of well over 200 percent in the same time period.
What the hell man? No "zero stars"?
We've lost 98% of the value of the dollar in the past 100 years. The fed is a vehicle to give the rich near zero interest loans and push the cost of those loans on to the American people. It was created for the rich, by the rich, and it has fulfilled its purpose very well. It is easily the most destructive part of our government.
Says it all.
Oh, I would just add that the Fed actually is a privately owned enterprise that issues shares (privately).
So, this is a company that has the power to produce - at will - a trillion dollars out of thin air and give it to almost anyone it wishes.
And since most of it's shareholders are banks - guess where that money goes when times are tough?
The whole Fed system is absolute madness.
People make that argument, and on paper it might be true, but don't be mistaken, it is 100% a government institution. If you or me tried to do ANYTHING they do, absolutely anything, our asses will be thrown in jail quick as ****.
That is pretty much the definition of a government agency. They are funded by the taxpayers, and they have magical powers that the taxpayers don't have.