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How the Federal Reserve Harms the Public Interest »
Posted by: populist 2 years, 9 months agoThe Federal Reserve System exists only to serve its owners and member banks and in doing so is hostile to the public interest. That's because it's a banking cartel with the power to restrict competition for greater profits gained at our expense. It goes from our pockets to theirs, and the public loses in at least four ways...
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Comments: 188
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populist
Jan. 14, 2007, 10:32 p.m.if there's anything that needs to be stopped to get the power back to the people in america - it's the fed. that's my opinion!
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Logjammer66
Jan. 15, 2007, 4:47 p.m.Well, David, when you talk about flat tax as being the pinnacle of fairness, you assume that our system of economics is flawless & fair, but were this the case, the gap between the rich & the poor would not be widening at an accelerating pace. The truth is, the poorest (heck, the middle class too) in America need to work harder than ever to make ends meet. Meanwhile, the wealthy among us do less than ever & reap skyrocketing profits. Clearly, something is amiss. Sorry to disagree, but your logic in this post is simplistic.
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jeffery1
Jan. 15, 2007, 5:38 p.m.Lost all credibility? For an article to have credibility it must agree with your ideology 100%? You can't discuss any other point in the article?
So, you have no problem with our system being run for the benefit of some of those people you feel need protection from what you contend is an unfair progressive tax? You have no problem with people gaining exponential power over the rest of America from their wealth?
How about a flat rate for essentials, such as food or medicine, say 10%? This would be equalize the cost of essentials because now the very rich pay a lot less of their income for essentials than the destitute on a percentage basis.
I'll cry about a progressive income tax when the wealthy have no more power than the destitute.
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Logjammer66
Jan. 15, 2007, 5:56 p.m.I'm certain we can debate this point without resorting to the tired, pedestrian "partisan" argument. I say again, the point you mention is simplistic & presumptuous. Rather than underline the original statement, how about offering a thoughtful response to my above rebuttal? Let's have some meaningful discourse here.
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jeffery1
Jan. 15, 2007, 6:03 p.m.Your statement is disingenuous at best. You would first have to guarentee that every citizen has equal protection under the law without regard to wealth and ensure that wealth provides no access to power or power itself.
As it stands now those with wealth get more from society than those without and are treated as better than equal. While tax laws should be fair, as you right-wingers like to say, life isn't. The small bit of perceived unfairness in a progressive income tax is far outweighed by the benefits that the wealthy have provided themselves through political clout.
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betruthful
Jan. 17, 2007, 1:53 p.m.I would be in favor of a flat tax rate ( with a poverty level of 0%) with no deductions for anyone. the richer you are the more dollars you pay. The corporations and the wealthy fight and defeat any effort in this direction. Why do you think they fight this idea? A tax of 8% would produce more revenue than is produced now, but the super wealthy would pay alot more than now with no tax breaks.
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lfergie812
Jan. 14, 2007, 11:03 p.m.I know!! Everybody borrow all the money they can and don't pay any of it back. They would collapse in a month of non payments.LMAO
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JustCallMeV
Jan. 14, 2007, 11:42 p.m.Article I, Section 8 of the U.S. Constitution, only Congress has the right to issue money and regulate its value, so it is illegal for PRIVATE interests to do so. Simply, the Federal Reserve is not part of the Federal Government. It is a PRIVATELY held cartel owned by bank stockholders . That is why the Federal Reserve Bank is listed in the Dun and Bradstreet Reference Book of American Business.
Congress has the power to dissolve the Federal Reserve and should exercise it quickly before we enter into another period of inflation or stagnation. The Federal government would be obligated to buy back its stock in the Federal Reserve, which would cost about 1 billion dollars. Section 7 of the Federal Reserve Act says that if the Fed is dissolved, the surplus becomes the property of the United States. This money would revert directly to the U.S. Treasury.
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JustCallMeV
Jan. 14, 2007, 11:42 p.m.Congress then can authorize the U.S. Treasury to issue redeemable gold and silver certificates into the economy comparable with the gross national product. The Treasury could then loan the certificates, at a low interest rate, to banks, which can mark up the cost of the money to borrowers. The interest paid by the banks to the government could be used to pay for services presently paid for by direct taxation. This leads to eliminating income tax altogether.
Incidentally, a central bank, providing inflatable currency; and a graduated income tax, were two of the ten points in the Communist Manifesto for socializing a country.
All part of the evil agenda that must be stopped!
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grenwichComment has been removed: User banned.
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ETproductions
Jan. 15, 2007, 12:04 a.m.Great article and full of facts. But before we just stop the Fed, let's remember why it was put in place. We don't want a repeat of 1929. However, the Bush Administrations Don't Tax, Just Spend policies are leading us ever closer to a financial catastrophe of the proportions of the Great Depression.
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bubba2
Jan. 15, 2007, 12:23 a.m.And while this makes me mad, it also depresses me. This is so huge and imbedded and layered - can it be fixed before it blows up?
I just don't understand any more why or how people can become so self-serving and/or so greedy and/or so power-hungry that they do not care what happens to ANYONE other than themselves. Now I am even more depressed ...
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rathskeller
Jan. 15, 2007, 1:46 a.m.Excellent article...familiar with major depression, really not looking forward to great depression...little catastrophic humor...very little...peace...
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Twistoflex
Jan. 15, 2007, 3 a.m.I believe most of the problems with America and the erosion of our Constitution, freedoms and liberties began with the creation of the Federal Reserve and the hijacking of the US Treasury by a cabal of bankers - a Chairman and Central Committee of command economists.
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jdhatl
Jan. 15, 2007, 3:23 a.m.Abraham Lincoln and John F. Kennedy both tried to mess with the Bankers. You know what happened to them. Here's a partial but simple solution: People in America should start doing business in Euros.
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JustCallMeV
Jan. 15, 2007, 1:12 p.m.That is exactly right. As well as President Garfield and the Lindberg incident when they spoke out about the Federal Reserve.
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Star_Poet
Jan. 15, 2007, 6:42 a.m.I wish I had something Constructive to add to this thread. I feel the article speaks for itself.
My opinion is pure fantasy, yet if Washington is to become real, everyone must step down at the same time to let real people represent the real people in our country.
My 2 cents.
[You may not be able to read my opinion, for Netscape is deleting left and right these days]
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Tango57
Jan. 15, 2007, 7:16 a.m.I have always been a "pay as you" go through life person, never believing in accumulating personal debt. Recently I became involved in helping people with their financial obligations and was devastated when I saw how much banks, credit card companies charge in interest fees. It is mind boggling to me that institutions are charging up to 40% in interest!! It reminds me of the old mafia clans charging less at 27% interest. Without going into a lot of detail, I am working on this one...
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betruthful
Jan. 17, 2007, 2:13 p.m.dkbeus99 - We need to go one step further and think as human beings not just as Americans.
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Lurch
Jan. 15, 2007, 7:37 a.m.Sad thing about the Fed Reserve is that even if you don`t accumulate debt or pay taxes, they still are f`ing you by attacking the value of your money by printing new ones out of nothing. The actual value of our treasury doesn`t grow, it just gets diluted ever further.
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Amazing1
Jan. 15, 2007, 9:09 a.m.V has it right. Congress was granted the right to be in charge of the money. Instead, historically, they have been busy with their own purses for re-election and have neglected their duties. They need to adhere to the Constitution, disband the Federal Reserve and get back to a monetary system that is based on something besides faith in the dollar.
The current system is doomed. Never, in the history of the world has a fiat currency failed to collapse.
In addition, "federal indebtedness has grown by 40% just since 2001 and financed in large part by "the kindness of (foreign) strangers" that may be growing restive." We are in deep do-do and Congress needs to act immediately.
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Bobola
Jan. 15, 2007, 9:30 a.m.It is time to return to gold standard. As far as I remember this proposition was already put forward by Nobel Price in Economy winner few years ago. It is doable and will prevent inflation. It will result in significant raise in price of gold per ounce.
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questionseverything
Jan. 15, 2007, 9:02 p.m.actually thats what the bankers want is the gold standard because they have already stolen most the gold
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UBCONFUSE
Jan. 15, 2007, 9:43 a.m.The purpose of the Federal Reserve is manifold, but primarily it is to regulate the money supply. The Great Depression happen because the money supply was tied to gold reserves. Gold supply is finite and so was the money supply (M-1)Nixon took the US off the gold standard which allowed the money supply to expand and contract as needed. The end result is a supply of money equal to demand.
The Federal Reserve is not some sinister evil cartel all the lefties love to hate. It simply is a unique and brilliant solution to money supply problems. The world economy is beholden to the actions of the US Federal Reserve. The Federal Reserve holds trillions in foreign currency and uses these holdings to aid worldwide financial stability.
Here is a quiz for you uninformed?
What happens to the money supply when the Russians print US dollars and yes, it is counterfeit?
Why is China against allowing their currency to float against the dollar?
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bigG
Jan. 15, 2007, 10:03 a.m.UBCONFUSE,
You are not confused on this one at all. It amazes me how little people know about the Federal Reserve. It is part of the US Government. If it wasn't, then why on earth would the President of the U.S. get to appoint its Chairman of the Board? And that appointee must be ratified by Congress?
Believe me folks - I am right on this one.
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rrrtx
Jan. 15, 2007, 10:42 a.m.Thank you. A voice of reason.
I'll venture a guess at number 2 although I won't count myself as one of the uninformed. If China floats it's currency it will appreciate in value and make Chinese goods more expensive. It's exports, on which it is totally reliant for growth, will become more costly. Imports into China will become less expensive. The balance of trade will shift in a way that is unfavorable to China.
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Lurch
Jan. 15, 2007, 4:45 p.m.>The purpose of the Federal Reserve is manifold, but primarily it is to regulate the money supply.
Sorry, but your wrong from the first line.
The government can regulate money without paying to borrow our own money from a private company. The primary purpose of the Federal Reserve is to enrich a group of individuals and corporations while giving them immense control over our nation. Think. Use your head already. If you understood how the Fed really works you would understand how this is about the most expensive solution we could have to regulating the money supply. And I give the Fed credit for doing a good job through many years.
>It simply is a unique and brilliant solution to money supply problems.
If you were informed you would know the Fed is neither unique nor brilliant.
>The world economy is beholden to the actions of the US Federal Reserve.
NS. And only the uninformed think this is a good thing.
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assian
Jan. 15, 2007, 9:52 a.m.UBCONFUSED, You wrote, "The Federal Reserve is not some sinister evil cartel all the lefties love to hate. It simply is a unique and brilliant solution to money supply problems. The world economy is beholden to the actions of the US Federal Reserve. The Federal Reserve holds trillions in foreign currency and uses these holdings to aid worldwide financial stability". Ubeconfused,may I enlighten you further.
Interestingly enough the Federal Reserve is one of the ultra elite members that actually control the world !!! The other members are the Bank of England, Bank of Tokyo and the International Band of Switzerland. The four entities are so powerful that they work together to loan money, set interest rates, grant favorable status to countires for money..... etc ...... Also, they never do anything unless they all four agree and benefit from the decision. Anyway, their you have it a list of who I believe actually controls our modern planet capitalistic system.
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Eagle_Eye
Jan. 15, 2007, 6:05 p.m.Also Royal Bank of Scotland is becoming a major player here in the USA.
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amazed
Jan. 15, 2007, 10:10 a.m.There is much of this article that rings true. Absolutely, there are problems with the Fed. And while there have been recessions and one depression since its inception, by its nature, the economy is cyclical. What we haven't had since the Fed is panics -- yes, there were a few bank holidays and runs during the depression, but they were due to the other economic disasters that were going on at the time -- the collapse of the stock market -- caused by ridiculous amounts of speculation, and the great drought that accompaniied the depression. The Fed did NOT cause the great plains to dry up and turn into a dust bowl for the the major part of the 1930's. The Fed also did NOT cause the high cost of manufacturing in this country as opposed to others -- that puppy would more accurately be laid at the feet of the labor unions who insist on higher wages without a corresponding increase in productivity.
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HomeGManComment has been removed: User banned.
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simonsez
Jan. 15, 2007, 10:46 a.m.This is another one of those contrived worries here on the internet.
The federal reserve is a quasi corporation that must be kept out of the hands of congress because they would mess with it constantly. They have done a pretty good job of keeping things balanced and our money supply safe and stable.
How could you possibly trade your dollars for gold in a crisis?? The line would be around the world several times and probably couldn't be accomplished in 100 years.
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JustCallMeV
Jan. 15, 2007, 2:23 p.m."The few who understand the system, will either be so interested from it's profits or so dependant on it's favors, that there will be no opposition from that class." - Rothschild Brothers of London, 1863
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Eagle_Eye
Jan. 15, 2007, 6:09 p.m."kept out of the hands of congress", how about the Presidents office to. But they already have their hands in it, that is part of the problem.
How are you going to trade your worthless government printed paper vs rare metal valued around the world?
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rumple4skin
Jan. 15, 2007, 10:47 a.m.I am in Europe. I can say to you that our dollar is pretty much kaput for tourists. Can anybody describe what would happen to our "dollar" and economy if we put our currency on a gold standard? There are lots of N-scape posters out there with economic backgrounds ... what say you to this idea?
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Lurch
Jan. 15, 2007, 4:51 p.m.There is no way to put our currency back on a gold standard. The Fed has doubled the supply of dollars out there (out of thin air btw) over the past several years, deflating the value of the dollar against gold. We have so little gold now and so many dollars, it would be impossible to shrink the dollar supply to the point where we could go back to a gold std without causing hyper-inflation. Also, there just isn`t enough gold for sale out there to back up the amount of dollars in the world.
Practically speaking, it is impossible to switch to a gold std at this point.
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walden3
Jan. 15, 2007, 10:55 a.m.all i know is everytime i hear the fed raised rates and i expect rates to up on my consumer loans, i say to myself another huge trasnfer of wealth from the working class to the wealth holding class. thank you fed reserve.
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Bobola
Jan. 15, 2007, 11:17 a.m.rumple4skin;
Gold standard was already used by USA in unlimited exchange and limited exchange forms. In general having paper money backed by rare commodities such as gold and silver does not affect strongly dollar standing abroad. It insures however that Fed. Res. will not be able to manipulate prime rate,it will eliminate inflation and it will force US government to balance the budget. For world economics it will prompt other government to follow the lead and also reintroduce gold standards for their currency or face rapid decline their currency with respect to that of USD.
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HMMace
Jan. 15, 2007, 11:21 a.m.Maybe our forefather did not have all the right answers? Maybe we need a revolution to start over, with new laws..new ways to live, and handle our businesses..Maybe stop people from buying off our politicians...be more of a country of laws...i hear that some of our pres hopefuls are buidling up 200 million dollar bankrools to pay for running....all for a job that pays less than 200 thousand a year???? To who is he beholding when he gets to Washington??? NEVER RE ELECT ANY POLITICIANS---EVER....
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