The Origin of This Financial Crisis: 1913 »
Posted By Shana4Liberty 8 months ago in News
Economists disagree on the identity of the true culprit behind our current crisis. Some blame Wall Street; some blame the progressive politics that pushed Freddie Mac and Fannie Mae beyond their capacity; some blame the profiteering loan brokers, the foxy house flippers, and the naive subprime home buyers in their rush for quick profits. Some blame the Federal Reserve, including me from time to time.
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Shana4Liberty
I'm a stay-at-homeschooling mom of 4 living in central Alabama, but a native of south Texas. Feel free to friend me and send me ...
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hyperbola8 months ago
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This article shows a total lack of knowledge about American history when it asserts that our financial system worked fine up until 1913 (when the Fed was introduced).
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In fact in the late 19th, early 20th century we had repeated financial crashes and massive social unrest that even included US troops shooting Americans in the streets.
Indeed, the "credit derivative" gambling game that just sunk our economy is simply a repeat of the "bucket shop" scam that caused a major crash in 1907. For almost a century we had strict federal and state laws against this type of scam. Unfortunately in the "deregulation" frenzy, "financiers" bought politicians to do away with those protections.
The following article is a highly informative and easy to read analysis of "what caused this crash".
What Cooked the World's Economy? It wasn't your overdue mortgage.
What we are living through is the worst financial scandal in history. It dwarfs 1929, Ponzi's scheme, Teapot Dome, the South Sea Bubble, tulip bulbs, you name it. Bernie Madoff? He's peanuts.
Credit derivatives—those securities that few have ever seen—are one reason why this crisis is so different from 1929....
http://www.propeller.com/story/2009/03/13/what-coo... -
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alakazam8 months ago
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The problem is not so much with The Fed...it's with Central Banking.
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"I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a moneyed aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs."
- Thomas Jefferson -
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canadianrancher578 months ago
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The origin of this financial crisis is likely similiar to most crisis that happen in economies. Every time that we have a new development in manufactuuring or technology there is a resulting boom in the economies that make use of the new stuff, after the first world war the world changed alot which led to a boom in much of the world but was unsustanable since the consumer market was very limited, but it did cause a boom for awhile and prosperity led to speculation. The same could be said of what happened after the second world war and because of the rebuilding of much or Europe and Japan and Britian it was a good time for North america but as these countries caught up they became comepetition and with the emergence of countries like China and India in the last decade markets for products became very competative.
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This crisis should of happened years ago but government intervention merely delayed it, the government thought that they could maintain the standard that the American people were accustom to. What you government is doing right now may work for short term but unless the worlds standard of living goes way up the standard of living will have to come down in the US. Remember we live in a global economy and I still feel that production is the engine that drives the economy not government, the finacial crisis was caused by a economy that boomed for many years and created a speculative bubble which was bound to break. -
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Pecossam8 months ago
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Shana4Liberty,
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Thanks for another GREAT and timely posting. Let us remember what President Woodrow Wilson said later about his signing of the Federal Reserve Act:
"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 most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by the conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men."
It is my considered opinion that both the Federal Reserve Act and the 16TH Amendment (the income tax, which did away with taxation through apportionment and enumeration, not to mention the "Uniformity Clause"), have been most detrimental to our country.
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