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The new rules would see the Fed given the authority to “regulate” any company whose activity it believes could threaten the economy and the markets....
In other words, the Fed, which is already totally unaccountable to Congress, is to be placed in complete control of the entirety of the US financial system, to do as it wishes without repercussion.
Originally posted by Mr. Toodles
This took longer than I expected. Seems as though World War 3 will not just be a world wide war. But a war between the citizens of planet earth and the Federal Reserve of the good ol' United States of America. This country was great once. But that seems to have died horribly in the past 50 years or so. I say hand over all the power to the post humanist Google corporation.
The Federal Reserve System is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act (signed by Woodrow Wilson), it is a quasi-public and quasi-private (government entity with private components) banking system that comprises the presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.; the Federal Open Market Committee; twelve regional Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the United States Department of the Treasury, each with its own nine-member board of directors; numerous other private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks; and various advisory councils.
Originally posted by IthinkIbelieve
reply to post by zorkthegreat
I'm sure there more than just a bit irony in your statement, and a pinch of ignorance as well. In case you've lived under a rock these last few month's, you'd know that what ruins America, ruins the world.
As screwed up as it is, THAT IS how it is. But lets just sit back and enjoy the show, not much to do about it anyway.
Fiat money is money declared by a government to be legal tender. The term derives from the Latin fiat, meaning "let it be done".
Fiat money achieves value because a government accepts it in payment of taxes and says it can be used within the country as a "tender" (offering) to pay all debts.
In effect, this allows it to be used to buy goods and services and to pay tax.
Where fiat money is used as currency, the term fiat currency is used. The most widely-held reserve currency, the US dollar, is a fiat currency.