What is Digg?218 Comments
- shootdashit, on 10/10/2007, -23/+87"Presidential spokeswoman Dana Perino said the Fed is an independent body, and the White House will not comment on its decisions."
we need to get rid of the Fed, who control s our money and loans every dollar out with interest we pay. Our income tax goes to pay that interest. to serve the interests of private bankers who own this "independent body."
i'm not a spammer. i'm an american. vote for Ron Paul and give the power back to the people. - 9ofclubs, on 10/10/2007, -9/+52The Federal Reserve is what is wrong with the country. All the problems with our economy come from the Federal Reserve. IF you dont see what is wrong with the FEDERAL RESERVE BEING A PRIVATE BANK, then you are beyond being saved. Learn something about economics then starting thinking about what is wrong with the country. Who is a private bank responsible? Themselves. Not the American people, NOT congress, but themselves. They want to make money for Themselves. They loan our government money, then charge us interest on it.
ALL the gold in Ft. Knox belongs to the Owners of the FEDERAL RESERVE NOT the American people, as collateral on the Debt. Wake up america, we are in trouble. - thekak, on 10/10/2007, -8/+49Title is inaccurate... don't dub in and confuse the FR with being a part of the US.
Don't people get that the Federal Reserve is not owned by the government of the US and is a completely privately owned organization? The Federal Reserve has NOTHING to do with the US Gov. They own us. We are their bitches. - jcarrion1976, on 10/10/2007, -5/+43Interesting.... they are adding excess liquidity to stimulate a falling market (credit cruch), which was a result of a inflated market, due to too much excess liquidity (Fed Policies).
Inflate then contract, inflate then contract. It's thier monetary POLICY to confiscate wealth... you're getting screwed. - evodevo1, on 10/10/2007, -2/+29The Federal reserve is a private bank! People need to realize this. Our tax dollars to go to pay for interest that the Fed just conjures up out of thin air. I was shocked when I learned about this. I agree we need to be get rid of the Fed, but I don't think it will be possible. John F. Kennedy tried to get rid of it in the 60s by printing $2 billion of "US Bank Notes" to compete with the "Federal reserve note". He was assassinated a few months later and the notes were pulled from circulation.
- chopenik, on 10/10/2007, -2/+26Seems like they're forestalling the inevitable.
- inactive, on 10/10/2007, -7/+29Don't worry my ass. The fed is ***** with everyone and 99% of america is blind.
Get rid of the fed. - Dumbledorito, on 10/10/2007, -0/+15And yet you reserve no blame for the privately held mortgage companies, hedge funds, and commodity traders that let this spiral just so they could make their nut and retire to Costa Rica while the rest of the economy burned. The dumbasses in our government have thier fair share of the blame, but it took both sectors to make this a truly epic *****.
When are people going to learn that whether it's government or business, both contain greedy, corruptable human beings that cause crap like this? - jdh24, on 10/10/2007, -5/+19I'm from the government and I'm here to help!!!!!!! Disregard the massive inflation that's about to hit, the dollar that's about to plummet, and the economy which is heading towards implosion!
- chopenik, on 10/10/2007, -1/+13WTF is wrong with this country. The same people that cause the problems are the same ones offering solutions.
- biotch, on 10/10/2007, -1/+11So all you have to do is become big enough and make so many stupid decisions (subprime loans) such that it will damage the US economy, and the Federal Reserve will just bail you out?
What about all the people who are getting preyed on by the rising interest rates of these subprime loaning companies? Where is their bailout? Why do they bail out the ***** who tried to screw everyone? - evodevo1, on 10/10/2007, -4/+14Stop being so partisan! Yes Hoover was the president, but he was only in office for a few months and you are saying he caused the Great Depression? If you know anything about history then you would know that the Federal Reserve (which is privately owned and not part of the government), was established under Woodrow Wilson, a democrat. Now our tax dollars all go to pay private bankers for money they just conjure up out of thin air. If I were a bank, I want the government to borrow money from me too, since I earn more money.
All this incentive from the bankers for government to spend money, one must wonder why democrats are for big government spending. Social Security started under FDR, a democrat, as we know is one of the biggest tax burdens on our people today. Think about it, the government is spending more and more money on social programs, who benefits? Yes, the private bankers of the Federal Reserve. - BrapAllgood, on 10/10/2007, -3/+12Isn't this about how The Great Depression began?
Smells like NWO to me. - biotch, on 10/10/2007, -3/+11The US Fed Reserve shouldnt of provided anything, the lenders tried to screw the poor out of tons of money and ended up screwing themselves. I say let the lenders sizzle.
- spyd3rweb, on 10/10/2007, -4/+12Say hello to Bush's plan for the Amero
- M4tt3r, on 10/10/2007, -1/+9"On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest."
READ : http://www.john-f-kennedy.net/thefederalreserve.htm
http://en.wikipedia.org/wiki/United_States_Note
He was killed 5 months later. 1963
"After the abandonment of the gold standard in 1933, all types of issued currency (silver certificates, Federal Reserve notes, and United States Notes) were redeemable only for silver. This ceased to be the case in 1963, during a time in which all U.S. currency was becoming fiat currency. At this point, the United States Notes became obsolete, and no more were issued after about 1966. In order to meet the requirement of $300 million in "circulation", a series of $100 bills was printed in 1966, and comically moved from one Federal Reserve Bank to another every few weeks. These $100 notes, depending on condition, may be of significant numismatic value.
The act was repealed in 1970, and none has been placed into circulation since January 21, 1971. As is the case with all issue of the U.S. from 1861 onward, any United States Note is legal tender at its face value and may have a premium to collectors." - joel2600, on 10/10/2007, -2/+10first thing i found http://www.john-f-kennedy.net/thefederalreserve.htm
but there's more..... interesting, i never even heard about this one. i always thought people were more upset with him for trying to disban the CIA "and scatter their ashes to the wind" - Thex1138, on 10/10/2007, -1/+8So the fed gives money to the corporations who created there own problems, rewarding them for there mistakes.. :-)
- rune420, on 10/10/2007, -1/+8Exactly. This just means the corporations will be fine (at least for now). 7 million people will still be put on the street.
- falseleftright, on 10/10/2007, -1/+8The Federal Reserve is not a "secret' organization, however, their true identity is kept largely secret by our "mainstream media" (that term is sounding more and more like a slur or an epitaph to me). Also, this isn't just a business cycle, it's a squeeze. Every time they (Fed) squeeze, we (the People) become more defendant on the govt, until finally, they become our masters. Alarmist, I know.
You have to ask yourself why such an organization has NEVER been audited by Congress. This entity is responsible for our financial policies and we have no say in how they conduct their business. We are basically born into the slavery of income tax, paid to an organization we do not elect, and we have no redress against it. The framers saw that this might be an issue and addressed this. Unfortunately, someone forgot to apply that wisdom and a central bank was created in spite of the constitution being strictly against it.
The "Federal Reserve" represents one of the most successful propaganda campaigns of all time. Abolish it today. - JackHorner, on 10/10/2007, -2/+8Care to go look for the answers?
- miketrin, on 10/10/2007, -2/+8what do you mean "about to plummet" have you not been paying attention to current events. It has already tanked. We were heading towards implosion 2 years ago. All of our tax money is going to the war and Israel. Our government no longer represents the people. Now we have the plunge protection team and the fed reserve dumping worthless money into the stock market to prop it back up for a few more years.
- brianbb98, on 10/10/2007, -7/+13YAY FOR INFLATION!!!
- JackHorner, on 10/10/2007, -7/+13the dollar is actually worth about 4 cents right now. The only thing keeping society going and bringing worth to money is the peoples believe that it is actually worth something. Keep in mind that the money is no longer backed up by gold at all. Its paper, its worth as much as paper. Eventually its all going to collapse. Hello new world order.
- DiggCommando, on 10/10/2007, -5/+11I'm not defending the Fed's move but the amount of misinformed people here is worrisome. Yes the Fed has its faults, but no system is perfect; things would not magically fix themselves going back to the gold standard. Those of you complaining about how the Fed is not run by the government are probably the most delusional, monetary policy should be kept far, far away from the hands of short sighted politicians. People can be trusted to do only one thing, and that is to act in their own interest; in this case, when the Fed acts "in its own interest", the result is generally beneficial for society as a whole.
Also, the great depression was not caused by booming inflation but by DEflation. If you want to hedge against a falling dollar buy some foreign currencies and some essential commodities, it's not that hard!
"A little learning is a dangerous thing;
Drink deep, or taste not the Pierian spring;
For shallow draughts intoxicate the brain
And drinking largely sobers us again." - Alexander Pope - casemon, on 10/10/2007, -1/+7Don't think for a second they are doing this to be nice... look at the history and who stands to gain from such "charity". History teaches us The Great Depression was the intended result of the direct manipulations of moneyed banking interests.
"Give me control of a nation's money and I care not who makes the laws" -- Mayer Amschel Bauer Rothschild, founder of modern banking. - cyberdork, on 10/10/2007, -4/+10So over the past two days the US Fed provided $62 billion to the markets while the ECB provided $215 billion? Quite a difference.
- dantrenner, on 10/10/2007, -5/+119ofclubs, you couldn't have stated it more correctly! I believe America has one chance and one chance only, Ron Paul. If he's not elected, one will wish he had left the country before the election. I pray this will not happen to my beloved country, but it's looking pretty dim.
- Dumbledorito, on 10/10/2007, -7/+13,,,says the man who has no clue how the executive branch works.
- GMorgan, on 10/10/2007, -1/+6It's not a necessary thing, indeed nations have existed in the past without a central bank. Personally the issue of ownership isn't as big an issue as the reserve fraction. Banking should be 100% reserve, no lending of money that doesn't exist.
- rhabd0mancer, on 10/10/2007, -0/+5"the Federal Reserve is not owned by the government of the US and is a completely privately owned organization?"
Isn't this what the Ron Paul/Libertarian types want? - joel2600, on 10/10/2007, -1/+6it's not like the FED didn't know this was coming. does anyone remember last year when the boys at the reserve started hiding their M3 numbers.
for anyone that doesn't know the M3 numbers that are published are what allow people to track inflation on the US dollar. the reason they gave for stopping the publication of these numbers are that "they are too difficult to compile" and "nobody looks at them anyway".
i hate how it takes so long for people to wake up and smell the *****. it's like that global warming episode of south park "WE DIDN'T LISTEN!!" - GMorgan, on 10/10/2007, -2/+7The business cycle is caused by the federal reserve to begin with and their money making schemes. It did not exist before central banking.
- TsuruchiBrian, on 10/10/2007, -1/+6What the hell does the board being presidentially appointed have to do with the fact that the Federal Reserve cares most about making money for themselves?
- evodevo1, on 10/10/2007, -0/+5Our tax dollars all go to pay private bankers (yes, the Fed is owned by private banks, not a part of the US government) for money they just conjure up out of thin air. If I were a bank, I want the governement to borrow money from me too, since I can earn even more money. Can any economist explain to me why in every economy there is inflation when technology is making everything cheaper and cheaper to produce? Just think of electronics! Why can't the same happen in all other manufacturing and farming sectors? I believe part of the answer is because the Fed keeps dumping money into the system...and of course they get to keep the interest from all that money we are borrowing.
- trogdoor, on 10/10/2007, -3/+8I don't think he ever promised that he would get rid of the Fed as president, he has said that he thinks it should be axed but he has never claimed that as the president he would have the power to do so, or that he would do it if it required over stepping his bounds as president.
- unknownpoltroon, on 10/10/2007, -0/+5I find it fascinating that ALL of the federal reserve board are Bush appointees. All of them but 1 of them were appointed 2006 to fill a hole left by "Unexpected term ending". Does this bother anyone else? That 4 out of 5 the board of governors of the federal reserve bailed unexpectedly out of a 14 year term within the space of less than a year?
- LuciusBrutus, on 10/10/2007, -4/+9Credit Crunch Not Going Away http://www.minyanville.com/articles/ECB-credit+crunch-banks-foreclosures/index/a/13639
- Jimmni, on 10/10/2007, -4/+8America has money? I thought you guys only had debt, and *pretended* to have money.
- Quaoar, on 10/10/2007, -1/+5The same people that cause the problems are the same ones *being offered* solutions. We all stood by in the late 70s while the savings and loans were ripped off right before our eyes, in the 80s when Chrysler was rescued from its own incompetence, in the 90s when the SEC turned its back on the internet scams, and now in the 00s when the SEC and banking systems allowed lenders to rip off easy profits from the mortgage scams. The entire US financial system is founded on the belief that the Fed will take care of their criminal excesses; and if not, Congress will. In every one of these financial episodes it is the citizenry who are having their futures devalued while the 'major financial institutions' are shielded from their crimes.
When will we stand up and demand accountability from those who make possible these schemes to reduce the citizens to paupers? It must be just too hard for the financiers to earn an honest buck. - badfish0116, on 10/10/2007, -2/+6Dude I cannot respond to every idiotic claim you mad in your blathering. But i will just go for one. You said "Also, I don't find it outrageous that the federal reserve demands interest WHEN THEY LEND THE GOVERNMENT MONEY" hahah Ok so how do we pay that debt off hmmm? With more Federal Reserve notes? That requires more borrowing and then pay that off with more fed notes and borrow and so on until infinity. You simply can never pay off the debt with a Fiat money supply. You have no idea what your talking about. Our money is supposed to be backed by gold or silver. See a dollar is a unit of measure just like an inch or a mile. When the FED changes the unit of measure by means of flooding the market with freshly printed up (worthless) dollars its like making an inch smaller and smaller until a foot is now comprised of 1000 inches. Its an incredibly stupid way to run a country. Have you forgotten about our debt? Or how about the fact that the Chinese govt holds close to a trillion dollars in US treasury bonds of which they could sell off in a heartbeat and make the US an instant semi-3rd world money standard.IE $50 dollars for a loaf of bread. Of course the business cycle happened before the federal reserve came into play but those were admittedly caused by the wealthy elite of the times IE the Rockefeller's,Rothschild's,Morgans,Onassis etc. Please YOU learn history. It doesn't take a genius to realize that the fleecing has been going on for a long time and we are now reaping the consequences. I can sum this up very easy for anyone.
Private Banks loan our country money at interest! Now the Constitution clearly states that the US congress is responsible for the regulation of money and the value thereof. You think its cool to have a totally secretive group of Private billionaire bankers manipulating the currency that you work for? All the fed practices are secrets. You really need to learn your history buddy. Check out what Andrew Jackson said about the Central Banks. Or here is a good one!! Check out what Woodrow Wilson said after signing the damn bill that put the Federal Reserve in charge of our nations money supply I think this sums it up for any morons like DanleyKubrick
Wilson's 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."
If you cannot comprehend that the your truly are a lost cause my friend. Read the book
"The Creature From Jekyll Island" Or just listen to what Dr. Ron Paul says! Or watch America Freedom to fascism. It is ironic though that you say your a nut job if you think the Federal Reserve is a secret organization that controls the world when in fact the man who signed the bill states that regretfully he just transferred power over the USA to a secret organization that controls the world. So is Woodrow Wilson a nut job? I look forward to hearing your answer to this question. And from the indignant self-righteous all knowing way you posted your comment Im sure you ll have no problem doing so! BTW Kennedy was shot by Oswald with a magic bullet. - unsolicited, on 10/10/2007, -0/+4Stock markets oscillate between truth, hope & hype.
- bremstrong, on 10/10/2007, -0/+4Sometimes these financial stories seem difficult to understand. Where are these billions coming from, and who is getting them? What are these "hedge funds", and why are they often based in some obscure island somewhere?
I find it easier to understand what is going on if you view much of it as a large ponzi scheme. The early hedge fund investors do great, but at some point, it all goes bad and the late investors lose their shirt. This sort of thing happens over and over with enough variations that it doesn't look exactly the same way it looked the time before. - evodevo1, on 10/10/2007, -0/+4Alan Greenspan also lowered the interest rate to such a low level and kept it there for such a long time which many economists are now saying is one of the big causes of the housing bubble and the credit crunch we are in right now!!!
- biotch, on 10/10/2007, -1/+5In the past 26 years, the one Democrat in office spent a fraction of what republicans in office spent.
- JackHorner, on 10/10/2007, -5/+9Says the man that doesn't understand that we the people are supposed to run this country.
- biotch, on 10/10/2007, -0/+4Seriously!!
They handed out those stupid subprime loans, I say let them deal with their own mistake. HE FR, IM IN DEBT TOO... WHERES MY BAILOUT!? - jcarrion1976, on 10/10/2007, -1/+5Eight times each year, a group of twelve men meet to make secret decisions that have a profound impact on the US and global economies. None of these men are elected. Their meetings are closed to the public. Even members of the US Congress and the Senate Banking and Finance Committees are barred from attending, or even knowing what is discussed. No detailed account of arguments or discussions is ever made public.
The president only "nominates" someone that has already been chosen by the central bankers. Kind of like how our presidential candidates are chosen for us. The illusion of choice. - Fabc001, on 10/10/2007, -2/+6Those printing presses are working overtime, the Fed has made this once great country into a banana republic.
- splurb, on 10/10/2007, -1/+5If they actually provide enough money to ensure liquidity, inflation will go through the roof. The dollar will be worthless (or more then it is now). On the plus side, all of the US debt that China owns will also be relatively worthless.
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