What is Digg?78 Comments
- dukeeeey, on 10/12/2007, -3/+35The federal reserve is not actually owned by the government
It is owned by a private company - Dochtuir, on 10/12/2007, -2/+24Great idea. I wonder why no country ever thought of that!
- cakestick, on 10/12/2007, -1/+23God, I hope that's a joke..
- JangoFett, on 10/12/2007, -1/+18I thought they shipped it to the Congress in big burlap sacks with $ signs on them so it could be spent on bridges in Alaska.
- GamingNews, on 10/12/2007, -1/+17It amazes me how many people do not know that. It is owned primarily by the Rothschilds and Rockefellers. J.P. Morgan also has a major stake, which is what provides foreign banking families an anonymous outlet to buy into the US gold supply. And to think, until 30 years ago it was illegal for Americans to even own a gold bar (not that all of us have the means).
- sporktek, on 10/12/2007, -0/+16"Where does newly printed money go?"
Easy. Woz buys it. - dracostimpy, on 10/12/2007, -0/+14*cough* Damn chest cold *cough*
- lorean, on 10/12/2007, -5/+19Yeah, and for the love of god NEVER buy a house.
- inactive, on 10/12/2007, -0/+13I think he meant to say not to buy consumer non-durables with debt. That is generally not a good idea. For the most part a primary home serves a dual purpose
1) Gives you a place to live
2) Appreciates in value over time
Cars and clothes do the opposite of #2. Going into debt for an asset that is depreciable is something to be very wary of unless you are making money with that asset, can write off the depreciation on your taxes, and it eventually pays for itself (and the debt service) and then some.
In any case, "never use debt" is a pretty stupid statement. - g30ph, on 10/12/2007, -1/+13US Currency is backed by sunshine and butterflies. Look at me, I'm ice-skating on a rainbow! weeeeeee I live in the land of magical make-believe!
- Aratsu, on 10/12/2007, -4/+15@nick2354: Well aren't you just hot *****? :D
- viriiman, on 10/12/2007, -0/+11*cough*Germany*cough*
(http://en.wikipedia.org/wiki/Hyperinflation#The_1920s_German_inflation) - foobarra, on 10/12/2007, -0/+10Sort of. The problem with describing it as a private company is that it is really made up of a "membership" of private banks and bankers. @GamingNews - you may be correct, wrg to the members, but this is a secret ;)
The Federal Reserve bank is set up as more of a cartel - a limited, fixed membership entity, which controls the "price" and supply of money. - spawnfree, on 10/12/2007, -0/+10search google video for 'the money masters'.
its a long watch but worth it.
everyone should understand the complicated confidence trick that the banking system has us trapped in.
The FED is the envy of every serious organized criminal in america, its like an evil genius's wet dream. - coollettuce, on 10/12/2007, -1/+9...yeah in sheets of $2 bills
- LordSkywalker, on 10/12/2007, -4/+12Out of my printer and into my pocket.
- vertinox, on 10/12/2007, -4/+12@"Yeah, and for the love of god NEVER buy a house."
As opposed to living in someone else's house and paying their mortgage for them with your rent? - guytoronto, on 10/12/2007, -1/+9Pick up Economics 101 for Dummies.
- culbeda, on 10/12/2007, -2/+9You've got to love laser printers. I used to have to let them dry first...
- cruelpupet, on 10/12/2007, -7/+14...and the question of who makes money off of our debt is where?
- hash82, on 10/12/2007, -2/+7The government says "we need 10 million NOW. The federal reserve ( a bank, not part of the government) prints some nice crisp money and loans it to them. Hence the national debt.
want to know who is really in control? The bank.
http://www.freedomtofascism.com/ - JRumph, on 10/12/2007, -2/+7*cough* Russia *cough*
- inactive, on 10/12/2007, -2/+7Well I'm just happy this is a direct link to the article, not a link to some kids blog ABOUT the article.
- mike42780, on 10/12/2007, -1/+6If you need more proof that it is private, just go and look at the business section of your phone book. It's in there, and not in the government section like you'd assume.
- klasikahl, on 10/12/2007, -1/+5@nick,
Most retarded comment I've ever read. People who actually drive 7series don't wear that exchange crap, we go for the REAL Collezioni.
Oh and the Japanese own most of the federal debt, so they're the ones taking interest on the Iraq war. And the dollar is backed by what's known as future claims to wealth AKA a promise.
http://en.wikipedia.org/wiki/History_of_the_United_States_dollar#Fiat_standard - gollo, on 10/12/2007, -0/+3Money is actually printed on a type of cloth, not paper.
- inactive, on 10/12/2007, -0/+3*cough* Italy *cough*
- inactive, on 10/12/2007, -0/+3Furthermore, the 16 amendment wasnt properly ratified making it null and void.
- andywirtanen, on 10/12/2007, -0/+3Printable view.
http://www.msnbc.msn.com/id/16328073/print/1/displaymode/1098/ - inactive, on 10/12/2007, -0/+2Actually, if you're talking about the materials that currency is made out of, yes, it IS worth something. Just look at all those people who were smelting pennies for their metal content.
As far as the value that currency represents, its called fiat money, and it is worth something because the issuing government says it's worth something.
http://en.wikipedia.org/wiki/Fiat_money - 3n7r0py, on 10/12/2007, -4/+6http://video.google.com/videoplay?docid=-4312730277175242198&q=Freedom+to+Fascism&hl=en
www.freedomtofascism.com
THERE IS NO LAW THAT STATES US CITIZENS HAVE TO PAY AN INCOME TAX!!!
In 2005, the ILLEGAL tax on your labor collected $927.2 billion.
The LEGAL corporate income tax collected $278.3 billion.
The "Federal Reserve" is a PRIVATE bank! It is NOT a government institution in any sense of the word...
AMERICA NEEDS TO SHUT DOWN THE FEDERAL RESERVE!
If the American people ever allow the banks to control the issuance of their currency…the banks and corporations that will grow up around them will deprive the people of all property, until their children wake up homeless on the continent their fathers conquered. –Thomas Jefferson - Mjuboy, on 10/12/2007, -0/+2Something I've always wanted to know......
- neozeed, on 10/12/2007, -0/+2Into Dick Cheney's pockets. Was there ever any question?
- FreakTrap, on 10/12/2007, -0/+2http://validator.w3.org/check?uri=http%3A%2F%2Fwww.msnbc.msn.com%2Fid%2F16328073%2F
I lol at noncompliance. - VeganG, on 10/12/2007, -0/+2Anyone who's so sure that not paying your income tax won't get you in major trouble, just try it sometime.
- inactive, on 10/12/2007, -0/+2You should feel a little dirty just posting that link. Go to that page, scroll about halfway down. There are four bullet points just under the heading "Dear Lovers of Liberty..."
Those 4 points, while widely held to be completely absurd, are not sourced, are not backed up with facts, and aren't even asserted with a backing of reason.
RFID under the skin? Are you for real? Indiana just now adopted daylight savings time, Arizona still hasnt adopted it, yet you think Americans in general are that progressive as to allow RFID under the skin? Americans protested "New Coke," so think about it.
National ID? Yeah, we've had a few of those for years. Social Security card, Driver's License, they're all linked now, so you dont need a single ID to say you have a National ID. Just get a ticket in Dallas while being licensed in Missouri...it will find its way onto your driving record, i promise you. - MrBaconpants, on 10/12/2007, -0/+2I watched that video about not paying your taxes. I was all fired up. Then I read the law and the 16Th ad. myself and realized that hold video was a waste of my time and *****.
I do agree that income tax and a big slap in the face to our founding fathers but what can they do about it know. All I know is I'm moving to New Hampshire. Live free or Die! - Eliminator, on 10/12/2007, -0/+1Can someone explain what gives gold its value?
- cruelpupet, on 10/12/2007, -0/+1@nick2345
You seem to have misunderstood my comment. Yes, with general everyday items that people put on credit cards, credit card companies make the profit on the debt. But since this article is about the Federal Reserve, I would hope that it would be obvious that I was pointing out the lack of the question of "who makes money off of our gov't debt". That would be the Federal Reserve and the companies behind it. - Otto, on 10/12/2007, -1/+2>>>"There is no law on the books that forces citizens to pay an income tax"
Are you an idiot? What part of "Title 26 of the U.S.Code" did you not understand? It's a law. Look it up. - ogmandino, on 10/12/2007, -0/+1How do you make that annoying msn ad go away?
- cruelpupet, on 10/12/2007, -0/+1@ Eliminator
Scarcity and peoples desire to own it. One might also consider its value as a material, its superior electrical properties to copper.
Basically what it all boils down to is things are only worth what people are willing to pay for it. - TDot1980, on 10/12/2007, -0/+1"From time to time, when the government is about to run out of money and needs a bigger credit limit, there are some in Congress who threaten to shut down the government as a form of protest. You can usually find them on C-SPAN speaking eloquently to an empty chamber."
lol... - mmortal03, on 10/12/2007, -0/+1Check out the counterarguments here: http://evans-legal.com/dan/tpfaq.html
- dimitrisokolov, on 10/12/2007, -0/+1>> Can someone explain what gives gold its value?
Your mind. If people believe something is valuable, then it is. There's nothing more to it. Since the US dollar is not backed by gold anymore, it is now backed by nothing. You accept dollars for work because you can go to the store and buy *****. The store owner takes dollars because they can go and buy *****.
The situation is actually worse than you think, because US dollars are Federal Reserver Notes which are just IOUs. We pass those IOUs around. Who owes the money? The US government owes the debt to the Federal Reserve and anyone who buys bonds.
The Federal Reserve is the biggest scam. The US treasury could create money w/o the Fed if they wanted and did so for hundreds of years. Now the US govt has to borrow money when it needs it instead of just printing more. Silly system and one big house of cards. - polyGone, on 10/12/2007, -0/+1The supreme court said it gave no new powers of taxation.
- BeefotronX, on 10/12/2007, -0/+1Watch me explain why fiat money is bad without sounding like a conspiracy theorist.
Currency is, among other things, a measurement system for economic value. Of course the value of something will change over time.
Anyone who knows anything about Einstein's theories knows that time and space aren't that rigid either. That doesn't make precise definitions for the second and meter useless, and it doesn't mean replacing them with more poorly defined units would be just peachy.
The dollar should be thought of first and foremost as a unit of measure. As a unit of measure, it must be defined in terms of something measurable in order to be useful. Even though the economic values of goods and services shift in relation to one another all the time, a measurement based on something real is way better than something based solely on something completely arbitrary. That's why fiat money is dangerous. It's not really based on anything but the integrity of the banks printing it.
A specific amount of a precious metal would make a better standard for a unit of currency. That doesn't have to mean all money has to be backed in gold or silver, just the economic value of everything should be measured in those units.
For my next trick, I shall eat my own head. - justinjacobs, on 10/12/2007, -0/+1Is there a cold going around or something? You should all get those coughs checked out.
- phineous, on 10/12/2007, -1/+2Recently they've been shipping bundles of it to Iraq;
http://www.countercurrents.org/iraq-whyte090206.htm
One CPA official giving evidence to a US senate committee, told Custer Battles to “bring a bag” to pick up their cash. He produced a picture of two company officials smiling to the camera as they loaded up duffel bags with over £1.1 million of Iraqi oil money. Custer Battles never did the job they were contracted for, but ran off with the cash, using it instead to set up barrack accommodation for cheap imported labourers that they hired out to other Western firms.
http://www.amconmag.com/2005/2005_10_24/cover.html
The CPA reportedly distributed funds to contractors in bags off the back of a truck. In one notorious incident in April 2004, $1.5 billion in cash that had just been delivered by three Blackhawk helicopters was handed over to a courier in Erbil, in the Kurdish region, never to be seen again. Afterwards, no one was able to recall the courier’s name or provide a good description of him. - Sgurdcrimp, on 10/12/2007, -0/+1Is it just me, or is anyone else wondering how so many people dugg this, and how
dumb someone could be to not know banks existed?
This is probably the worst dugg article/question i've seen...... BURIED -
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