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Why do YOU hate the fed?

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posted on Apr, 2 2010 @ 12:42 PM
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Please explain your grievance with the fed, with at least one citation to support your claims. After all, we can't just take your word for it, because then anybody could say anything.

So, please, I'm interested in knowing what you guys think, and where you're getting your information from. This shouldn't be hard for most of you, as most of the threads on here mention "fiat money," "federal reserve," followed by some kind of enslavement talk. Since you guys already know so much, please share at least a nugget of your wisdom along with a citation to back it up, for those of us who, like me, do not understand what all the hubub is about.

Thanks




posted on Apr, 2 2010 @ 01:06 PM
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S&F i have no problem with them.
But on the other hand the fed makes me sound cool at star bucks at 10 at night. People who talk at lengh about "the fed" often over use and replace with neo-con, NWO, police state, 1984, sheeple, facist and the constitution.

I mean there are hundreds of youtube documentaries about how bad it is so it must be bad right?


edit to add

Perfect example, long winded conspiracy themed history lesson but the question was not really answered.
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[edit on 2-4-2010 by zaiger]



posted on Apr, 2 2010 @ 01:06 PM
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Edit to add: My problem with the fed is that they are a secretive private banking cartel that prints money based on nothing and then gives it out at interest. There is no reason why we cannot print our own money backed by silver or gold, interest free. But, zaiger, thats just a conspiracy theory, right? Again, do some research yourself.

Whew, where to begin?
Well one of the reasons we had the revolutionary war in 1776 is because the british wouldn't let us print money, and they made us use their money. They also made us pay interest on the money they printed. The central bank of England at the time was controlled by the Rothschild family. The original Rothschild became rich by giving out loans and befriending the royal family. The royal family gave his family special rights, and they expanded their power until they controlled England's central bank where the money is printed. Fast forward a while, we have had several central banks since the U.S. began, but Andrew Jackson got rid of the one that existed when he was around. He told people his greatest accomplishment was that he killed the bank.
In 1913 the next central bank (called the federal reserve) was created by a group of 12 rich bankers. They print money at interest instead of for free. Soon after this the great depression occured. But the bank was not criticized very much and no one knew much about it. Then in the 1960s John Kennedy was elected president. He passed an executive order (#11110 i think) that established a legal way to print interest free money. It was based on U.S. silver reserves which would give the currency strong stability. After his assassination no more silver-based interest free currency was printed. The executive order has never been repealed. Many people now know the FED is up to a lot of illegal things. As a lot of researchers like to say: "It is no more federal than federal express". Ron Paul put in a bill to audit the fed however it was gutted in committee and still hasn't been passed.
The really ironic thing about this is many suspect the Rothschild family own or controls the federal reserve. The same family that owned the bank of England in the 1770s. One of the main reasons we went to war with them...
Anyway thats just enough to get you started, research it.

[edit on 2-4-2010 by time91]



posted on Apr, 2 2010 @ 01:37 PM
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I dislike the feds due to the fact they get to sit back and manipulate money, interest rates and market prices. They are a private entity that gets to collect taxes off our earnings (through the IRS). They are illegal and Unconstitutional, they get to print money out of thin air!

Seeing how money now based on nothing but the paper and ink its printed on.

It cost the same amount to print a one dollar bill as it does to print a one hundred dollar bill...

It's so sickening it makes me want to hurl.

People kill people over this damn money, why are people killing people for pieces of paper with Ink on them.

"In GOLD, OIL, and DRUGS We Trust..."

I don't need sources this is common sense



posted on Apr, 2 2010 @ 01:42 PM
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reply to post by sourdiesel
 




I don't need sources this is common sense


I would not call in sommon sense, i would call it lack of understanding of the united states economy and the constitution. please explain how any of this is unconstitutional.



posted on Apr, 2 2010 @ 01:43 PM
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reply to post by sourdiesel
 


Why does the cost of production of a bank note make you sick?

Should a 100$ bill cost 100 times more to print than a 1$ bill?


Would you rather have us all walk around with a purse of gold coins?



posted on Apr, 2 2010 @ 02:07 PM
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reply to post by Kaytagg
 


This is what happens. Someone will write about our monetary system about how dumb it is and then they will go on to "invent" some new "better" system. As people point out the flaws they always end up back to something like our current monetary system.



posted on Apr, 2 2010 @ 02:13 PM
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Article 1, Section 8, of the U.S. Constitution says:

“The Congress shall have Power ... To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;”

It does not say, "The Congress shall give the power to a private entity, who charges interest on the debt ... To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;”




[edit on 2-4-2010 by sourdiesel]



posted on Apr, 2 2010 @ 02:23 PM
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reply to post by sourdiesel
 


It also says "To borrow money on the credit of the United States."

So, lets pretend that the fed is private, and lending out money at interest to the US. That's still perfectly legal.

In reality, though, the fed isn't private, however it is run independent of the executive branch (afaik). Meaning, Obama can't walk over to the Fed and dictate monetary policy. He and the congress can, however, i believe, impeach the head of the fed, if they want.

Any extra money the fed makes goes back to the treasury, so it's not like they're collecting taxes and giving it to themselves.

The whole idea that some private banker owns the fed, and is lending money to the US, then collecting it all back + extra and keeping it for himself is completely ridiculous.



posted on Apr, 2 2010 @ 02:28 PM
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I assume you mean the federal reserve.

Here is just one for starters.

It is from a speech he made so don't just say it's wikipedia and denounce it.

He has done all 7 of his plan and has violated the law, Well he got congress to make it legal so does that make it legal?

en.wikipedia.org...



posted on Apr, 2 2010 @ 02:32 PM
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my only problem is this it seams to me that the fed has lost contact with the common man and woman of this great country. I feel that they need to get back amongst the people spend less time in Washington dc and more time at home in town halls stop voting on party lines and start voting the way the MAJORATY of the people back home want. if I could tell my congressmen anything it would be.

"Hey stop the madness please. and start paying attention to what we want if the majority wants something that goes against what you believe than who cares it is not about you it is about us and if the decision we make is a bad one well it was our decision the majority not the minority."

that is how I feel about it any way



posted on Apr, 2 2010 @ 02:34 PM
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I´d like the Fed a lot better when two things happen:

1) The audit is finished.

2) We find out how much gold is really in our vaults.



posted on Apr, 2 2010 @ 02:42 PM
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www.federalreserve.gov...

from the feds website.

"Today, the Federal Reserve’s duties fall into four general areas:
• conducting the nation’s monetary policy by inf luencing the monetary
and credit conditions in the economy in pursuit of maximum employment,
stable prices, and moderate long-term interest rates"

Do you think they are doing this?

"• supervising and regulating banking institutions to ensure the safety
and soundness of the nation’s banking and financial system and to
protect the credit rights of consumers"

Are they protecting your credit rights?

Why did they allow these banks to give you a mortgage they intended to sell off as a mortgage backed security? This meant the bank did not care if you could afford it our if you would even pay it. They had every intention of selling it to someone else to worry about.

• maintaining the stability of the financial system and containing
systemic risk that may arise in financial markets

They contained the risk to themselves, not you.

• providing financial services to depository institutions, the U.S. government,
and foreign official institutions, including playing a major
role in operating the nation’s payments system

Foreign official institutions. Cool.

See it was their responsibility to keep those banks from doing exactly what they did. But they by law can not be audited. and have no check and balances. No one knows what they are doing because you can not look at their paperwork. No freedom if information act with them. Its all top secret.

Interest rates are at zero. Not for you but for the banks. No why they were so profitable so fast after a crash?

They borrowed money from the FED at zero interest and bought US savings bonds or treasury bills, that pay interest and made free money. That's right FREE money. While we are all broke and out of jobs. Really cool huh?

Is that capitalism? Sounds like embezzlement to me.



posted on Apr, 2 2010 @ 03:07 PM
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Quotes from the Federal Reserve Website


"Soon after the creation of the Federal Reserve, it became clear that the act had broader implications for national economic and financial policy. As time has passed, further legislation has clarified and supplemented the original purposes."

"Key laws affecting the Federal Reserve have been the Banking Act of 1935;"

2 years later:

The Recession of 1937 is only considered minor when compared to the Great Depression, but is otherwise among the worst recessions of the 20th century. Three explanations are offered for the recession: that tight fiscal policy from an attempt to balance the budget after the expansion of the New Deal caused recession, that tight monetary policy from the Federal Reserve caused the recession, or that declining profits for businesses led to a reduction in investment.



"the Employment Act of 1946;

2 years later:

The 1948 recession was a brief economic downturn; forecasters of the time expected much worse, perhaps influenced by the poor economy in their recent lifetime.[35] The recession began shortly after President Truman's "Fair Deal" economic reforms. The recession also followed a period of monetary tightening


"the Bank Holding Company Act of 1956 and the amendments of 1970;

2 years later:

The recession of 1958: Monetary policy was tightened during the two years preceding 1957, followed by an easing of policy at the end of 1957. The budget balance resulted in a change in budget surplus of 0.8% of GDP in 1957 to a budget deficit of 0.6% of GDP in 1958, and then to 2.6% of GDP in 1959


"the International Banking Act of 1978; the Full Employment and Balanced Growth Act of 1978; the Depository Institutions Deregulation and Monetary Control Act of 1980;

2 years later, still going on but you see the trend:

The recession of 1980: The NBER considers a short recession to have occurred in 1980, followed by a short period of growth and then a deep recession. Unemployment remained relatively elevated in between recessions. The recession began as the Federal Reserve, under Paul Volcker raised interest rates dramatically to fight the inflation of the 1970s. The early '80s are sometimes referred to as a "double-dip" or "W-shaped" recession"


the Financial Institutions Reform, Recovery, and Enforcement Act of 1989;

Early 90's recession: After the lengthy peacetime expansion of the 1980s, inflation began to increase and the Federal Reserve responded by raising interest rates from 1986 to 1989. This weakened but did not stop growth, but some combination of the subsequent 1990 oil price shock, the debt accumulation of the 1980s, new banking regulations following the S&L Crisis and growing consumer pessimism combined with the weakened economy to produce a brief recession"

" the Federal Deposit Insurance Corporation Improvement Act of 1991;

And the big one that collapsed it all:

"and the Gramm-Leach-Bliley Act of 1999".

Which was a repeal of this:

en.wikipedia.org...

which did this:

en.wikipedia.org...

It basically allowed the bank that you deposit6 your money in could now run insurance and investments and risk you savings. Nice huh?

The subprime mortgage crisis led to the collapse of the United States housing bubble. Falling housing-related assets contributed to a global financial crisis, even as oil and food prices soared. The crisis led to the failure or collapse of many of the United States' largest financial institutions: Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers and AIG, as well as a crisis in the automobile industry. The government responded with an unprecedented $700 billion bank bailout and $787 billion fiscal stimulus package. By July 2009, a growing number of economists believed that the recession may have ended. This view was bolstered with the initial estimate of a 3.5% rise in the GDP (Q3 09). As is often the case at the end of a recession, unemployment is still rising. The National Bureau of Economic Research will not make this official determination for some time.



Still think the Federal reserve is good for us?

Do you think they did their job to keep the economy stable, to create jobs? NOT!

They made money for the banks an screwed us all in the process!



posted on Apr, 2 2010 @ 03:28 PM
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reply to post by whattheh
 


And...?

What is your problem with this speech?



posted on Apr, 2 2010 @ 03:45 PM
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Originally posted by whattheh
www.federalreserve.gov...

from the feds website.

"Today, the Federal Reserve’s duties fall into four general areas:
• conducting the nation’s monetary policy by inf luencing the monetary
and credit conditions in the economy in pursuit of maximum employment,
stable prices, and moderate long-term interest rates"

Do you think they are doing this?

"• supervising and regulating banking institutions to ensure the safety
and soundness of the nation’s banking and financial system and to
protect the credit rights of consumers"

Are they protecting your credit rights?


More or less, yea, they are, by keeping the value of the currency relatively stable, controlling inflation, and cartelizing the banks to get a somewhat uniform system of lending.


Why did they allow these banks to give you a mortgage they intended to sell off as a mortgage backed security? This meant the bank did not care if you could afford it our if you would even pay it. They had every intention of selling it to someone else to worry about.

Your beef is with CAPITALISM AND THE 'FREE MARKET,' not the fed. The federal reserve did not have anything to do with the securitization of mortgages or their complicated derivatives. That was all, 100% free market capitalism and it was rated AAA+++ by the free market oversight rating agencies. The fed had nothing to do with it.

In the wake of the crisis, law makers decided that the Fed should have more oversight over these activities, in order to prevent another collapse.

When this was mentioned, the right wing conservatives shouted that it was socialism and a government take over... Pretty ironic, if you ask me.


• maintaining the stability of the financial system and containing
systemic risk that may arise in financial markets

They contained the risk to themselves, not you.

This makes no sense.. What are you talking about?



See it was their responsibility to keep those banks from doing exactly what they did.

No it's not. The free market caused this epic catastrophy, not the fed. And as I said before, in the wake of the disaster, there was a lot of talk about giving the fed more authority, to prevent this from happening in the future, but the conservatives called it socialism and a government take over.



They borrowed money from the FED at zero interest and bought US savings bonds or treasury bills, that pay interest and made free money. That's right FREE money. While we are all broke and out of jobs. Really cool huh?

Is that capitalism? Sounds like embezzlement to me.


I'm not defending these practices, but it hardly amounts to the mountain of a conspiracy some people in here try to make it out to be.

Also, who do you think pays interest on your savings account? The bank. That comes out of their pocket. So those treasury bills might help prop up the banks, or it could just be a huge scam. One wonders what part of the story is missing from your above statement, because, if it's true as you present it, they could borrow an infinite amount of money from the fed, buy an infinite amount of treasury bills, and be infinitely wealthy based on the spread.

Obviously, that hasn't happened, so there is some kind of restrictions in play for how much they can borrow, and for what reason... which is how a good regulatory institution should work, for the most part.



posted on Apr, 2 2010 @ 03:45 PM
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reply to post by Kaytagg
 


Did you read it?

The seven steps that the Federal Reserve needs to take are:
1) Increase the money supply (M1 and M2).
"The U.S. government has a technology, called a printing press, that allows it to produce as many dollars as it wishes at essentially no cost." "Under a paper-money system, a determined government can always generate higher spending and, hence, positive inflation."
2) Ensure liquidity makes its way into the financial system through a variety of measures.
"The U.S. government is not going to print money and distribute it willy-nilly ..."although there are policies that approximate this behaviour."
3) Lower interest rates - all the way down to 0 per cent.
Bernanke observed that people have traditionally thought that, when the funds rate hits zero, the Federal Reserve will have run out of ammunition. However, by imposing yields paid by long-term Treasury Bonds,
"a central bank should always be able to generate inflation, even when the short-term nominal interest rate is zero ...[this] more direct method, which I personally prefer, would be for the Fed to announce ceilings for yields on all longer-maturity Treasury debt."
He noted that Fed had successfully engaged in "bond-price pegging" following the Second World War.
4) Control the yield on corporate bonds and other privately issued securities. Although the Federal Reserve can't legally buy these securities (thereby determining the yields); it can, however, simulate the necessary authority by lending dollars to banks at a fixed term of 0 per cent, taking back from the banks corporate bonds as collateral.
5) Depreciate the U.S. dollar. Referring to U.S Monetary Policy in the 1930's under Franklin Roosevelt, he states that:
"This devaluation and the rapid increase in money supply ... ended the U.S. deflation remarkably quickly."
6) Execute a de facto depreciation by buying foreign currencies on a massive scale.
"The Fed has the authority to buy foreign government debt ... [t]his class of assets offers huge scope for Fed operations because the quantity of foreign assets eligible for purchase by the Fed is several times the stock of U.S. government debt."
7) Buy industries throughout the U.S. economy with "newly created money" In essence, the Federal Reserve acquires equity stakes in banks and financial institutions. In this "private-asset option," the Treasury could issue trillions in debt and the Fed would acquire it - still using newly created money.

He wants to cause inflation.

Therefore, what you buy costs you more money.

If you can't afford it you have to go to the banks to get credit or a loan.

Then they make more money money.

If our goods cost more money, no other countries can afford them and we can not compete and all manufacturing goes to China.

He wants to devalue the dollar. you don't mind if your hourly wage stays the same and you dollar is worth less?

he wants to control yield on corporate bonds and privately held securities. So he thinks he needs to be involved in the yields of stocks you own?

In addition he stated he wanted to buy industry with newly created money.

So they print money that the government owes them money on and buy stocks in companies with it.

Maybe you should read the speech and then ask what is wrong with it.



posted on Apr, 2 2010 @ 03:49 PM
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reply to post by Kaytagg
 


You missed the point, the FED was suppose to oversee banking activities and regulate them.

They let the banks go hog wild and we paid for it with our tax dollars.

How do you claim a bank make a loan with no intentions of collecting the payments is the free market system. It's called fraud when they gave you a loan they knew you cold not afford.



posted on Apr, 2 2010 @ 03:53 PM
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reply to post by whattheh
 


Again, this has nothing to do with the fed.

You're mad at the "free market," not the fed, because the fed had nothing to do with the activities, investments, swaps, derivatives, equity holdings and other securities of these banks. That was 100% free market capitalism.

What you're citing as "reasons for hating the fed" are completely baseless, and in actuality, you're mad at 1) Private enterprise, and 2) Deregulation.

Again, the fed had nothing to do with investment banks buying insurance, participating in equity holdings, participating in unregulated swap and credit derivatives, etc.

And, again, when it was brought up that the fed should have the ability to regulate these activities, the conservatives called it socialism and a government take over.



posted on Apr, 2 2010 @ 03:55 PM
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reply to post by Kaytagg
 


Oh whatever!

I give up.

Maybe you should do some research.

Bye!



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