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Originally posted by Jean Paul Zodeaux
reply to post by Kaytagg
Serve to explain how policy is formulated every day, down to the minute, and how how their intervention affects immediate changes in the markets. The Federal Reserve is neither private nor public it is as Cooper said it was a curious hybrid of both, where private banks purchase membership stock in order to elect regional Directors to Regional Reserve Banks, who in turn select presidents who serve on the Federal Open Market Committee that controls the economy of the United States for America, through immediate interventions upon the whims of its directors and presidents all working for private bank members, which for all intents and purposes, is a cartel.
A cartel comprised of private banks who manipulate money and interest rates, affecting the U.S. economy with the snap of a finger. This is the reality of the Federal Reserve, and money supply system that was entrusted to Congress, now "delegated" to a curious hybrid of a system where a privately owned quasi-public organization works "within" the government to affect economic policy. It is a system antithetical to free market advocates, and is an undeniably artificial intrusion into the market. This private/quasi-public nature of the Federal Reserve, coupled with its control on the markets, is just one reason so many people oppose the existenceof this sort of centralized banking system.
However, you asked for citations and for elaboration on fiat money and how this "enslaves" the people, so I must end this post here, and continue with yet another.
It can not be denied that, over all, the fed has brought significant stability to the currency. It's also nice having the ability to create money out of thin air, because that gives you the ability to stave off problems in the economy which can be fixed by increased money flows.
The value of the dollar is not determined by the Fed, despite the fact that it is a fiat currency, it is determined by the free market, as the USD is a floating currency. What gives it value is not that we say it's worth "this much" or "that much," but rather by the price points set up buyers and sellers on the forex market -- and it changes a little bit every second.
There's no slavery involved..
What citations do you want? I'd be happy to provide them.
Also, the "free market" determines the value of the currency, and it's done, primarily, over the forex. The central bank simply adds to the supply to dilute it, or refine it.
What "marxist platitudes" are you accusing me of making? Have you ever actually read Karl Marx, or is this one of those accusations like when conservatives call Obama "Hitler?" Btw, I've actually read a little Karl Marx -- Wage Labour and Capital. It's a good read. (although, I'm sure by saying "it's a good read," you'll someone use that to discredit me as being a socialist, or some kind of uneducated nonsense like that. Be my guest, if this is your intention)
Karl Marx said:
To say that "the most favorable condition for wage-labor is the fastest possible growth of productive capital", is the same as to say: the quicker the working class multiplies and augments the power inimical to it – the wealth of another which lords over that class – the more favorable will be the conditions under which it will be permitted to toil anew at the multiplication of bourgeois wealth, at the enlargement of the power of capital, content thus to forge for itself the golden chains by which the bourgeoisie drags it in its train.
They both had a point, except Marx blamed capitalism, while Jefferson blamed banks. Somehow we got the worst of both worlds.
About the slave part, I more or less agree that debt is slavery -- but this isn't the fault of the federal reserve, it's simply how our capitalist system operates. Don't like it? Save money until you are reasonably out of debt, or live on the streets, or do whatever. Don't expect sympathy from anybody for being lazy and not wanting to work, though.
The federal reserve sets monetary policy, not the member banks of the fed. The member banks are private, but the fed is not; the president assigns the head of the fed, and it is confirmed by the senate.
The fed was also established by the congress, and can be repealed by the congress.
There is no conspiracy of some elite banker owning all the money in America and owning the fed. That's just nonsense.
Article I Section 8 - Powers of Congress
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures
You want me to define "free market?" Why are you even discussing the fed, when you don't know what "free market" means? That's like a person discussing quantum physics without understanding what the atom is.
To the Dak Kaptial: I haven't read this, but I HIGHLY doubt Karl Marx was "admitting" that capitalism was a better system. It sounds more like you didn't understand it very well, to me. I assume it's not an easy read..
After reading Wage Labour and Capital, I wanted to be a capitalist, because I liked the predator aspect to capitalism. It's hard to morally justify treating people so unfairly, but it has served me well enough; that doesn't mean I wouldn't like to see more equality, however.
I would also like to see more social safety nets, because it's unfair to let some people fall on such hard times through no real fault of their own; some people are just born without the right equipment or upbringing to help themselves in any significant way. Although, you'll probably say "who am I to say that," well, just look at the data.
The fact of the matter is, we live in a society where the top 10% own, if I'm not mistaken (look it up) 95% of the wealth.
The fact of the matter is, it's mainly big business interests which have given us the society we live in.
People are too dumb to change it, and most of them aren't even aware what the problem is because they'd rather watch monday night football and receive their enlightenment from youtube conspiracy buffs.
The federal reserve has nothing to do with your ability to save or spend money. If you have even the slightest financial education, you can work around inflation very easily with minimal risk. The simplest way is through commodities; to that end, gold is the most popular, but not necessarily the best.
People who scoff at the suggestion that the government might restrict private gold ownership should remember that many other countries have restrictions on (or absolute prohibitions against) private gold ownership. They should also remember that, in 1933, Franklin Delano Roosevelt dealt with a monetary and banking crisis by confiscating all privately owned gold; paying for the gold at $20.67 per ounce; immediately devaluing the dollar by 40 percent; and setting the price of gold at $35.00 per ounce. At a single stroke, Roosevelt increased the government's gold assets, stabilized the monetary system and increased wholesale prices by more than 33 percent. However, he also inflicted losses of 40 percent on gold owners and stripped them of the gold that they saved to insure their financial futures.
Don't blame the federal reserve for your complete lack of financial understanding.
And btw, have you bothered to even consider your own theories? That GS/JPM owns the fed, that the fed is secretly giving all it's money to these institutions, but somehow they still went bankrupt even though they own the fed which can make free money for them so they had to go through congress and make a big public hubub about getting bailout money, but GS actually got most of its bailout money through AIG by way of credit default swaps for its mortgage backed securities which failed?
That makes no god damn sense. If GS owned the printing press, why would they even bother showing up to work every day? Do you realize how easily shot down your conspiracy theories are? Or that they make no god damn sense at all? Have you ever thought about this?
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