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Forum Post: The Fed explained

Posted 2 years ago on Feb. 1, 2012, 11:21 a.m. EST by Underdog (2971) from Clermont, FL
This content is user submitted and not an official statement

Take a break for a few minutes from all this serious discussion and have a laugh about the Fed with these videos. Actually, I take it back...it's really not all that funny when one considers that it's true. More like a bad dream come true.

http://www.youtube.com/watch?v=Oe0fGXzKb1o&feature=youtube_gdata_player

http://www.youtube.com/watch?v=V4e8Cb-Dc4I&feature=youtube_gdata_player

21 Comments

21 Comments


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[-] 3 points by PublicCurrency (1387) 2 years ago

After having a laugh, why not check out the articles at

http://www.WebOfDebt.com and find pragmatic solutions.

Also, Dennis Kucinich has sponsored a bill see

http://www.Monetary.org

Another bill is available at

http://www.TheMoneyMasters.com

Monetary reform is the critical missing element needed to move humanity back from the brink of economic destruction and nuclear disaster, away from a future dominated by fraud, ugliness and warfare, toward a world of justice and beauty.

The power to create money is an awesome power – at times stronger than the Executive, Legislative and Judicial powers combined. It’s like having a “magic checkbook,” where checks can’t bounce. When controlled privately it can be used to gain riches, but much more importantly it determines the direction of our society by deciding where the money goes – what gets funded and what does not. Will it be used to build and repair vital infrastructure such as the New Orleans levees and Minneapolis bridges to protect major cities? Or will it go into warfare and real estate loans creating the real estate bubble – leading to a crash and depression.

Thus the money issuing power should never be alienated from democratically elected government.

http://www.monetary.org/wp-content/uploads/2011/12/32-page-brochure-sept20111.pdf

[-] 3 points by MattLHolck (16833) from San Diego, CA 2 years ago

build public hospitals

[-] 2 points by PublicCurrency (1387) 2 years ago

Read this article and learn how to do just that !

TIME FOR AN ECONOMIC BILL OF RIGHTS

Ellen Brown November 9, 2011 http://www.webofdebt.com/articles/rights.php

[-] 2 points by Underdog (2971) from Clermont, FL 2 years ago

FDR's recorded address, made shortly before his death, is viewable via below link. It was never shown to the public, and only surfaced fairly recently.

http://www.youtube.com/watch?v=effDfpKYcVo&feature=youtube_gdata_player

[-] 1 points by 1169 (204) 2 years ago

Hear, hear

good post underdog, lets call our legislators to make it law!

[-] 1 points by Underdog (2971) from Clermont, FL 2 years ago

Boy, if it were only that simple. If some intelligent words could be put together, we could put a petition on-line on the White House website. There are many petitions already there dealing with various issues. Check it out here:

https://wwws.whitehouse.gov/petitions

[-] 1 points by 1169 (204) 2 years ago

ok but 25000 signatures is a lot,I dont think we have that many posters here.

[-] 1 points by Underdog (2971) from Clermont, FL 2 years ago

The power of the Internet is not to be downplayed. Word can spread very quickly through the power of exponential awareness coupled with action. If 2 tell 2, and they tell 2, and they tell 2, you've got 16 right there, then, 32, 64,128, etc. soon you could easily have 25,000...if not many times that amount. It all has to do with having a concerted effort to raise awareness and encouraging participation.

And here's the important thing. Washington knows that for every 1 American that speaks up, there are at least 1000 more that feel the same way that don't contribute. It is like conducting polls. The statistics are a significant indicator of public opinion. That gets their attention because, if for no other reason, politicians want to get re-elected.

[-] 1 points by 1169 (204) 2 years ago

ok I am trying to create an account right now, next step would be to draft it I guess.

[-] 1 points by Underdog (2971) from Clermont, FL 2 years ago

Yes I already have an account and signed a petition the other night thanks to input from another blogger here.

Regarding any petition, it needs to be very well thought out and intelligently worded. The best ones are probably created by a committee of people working very carefully to ensure they produce a document worthy of national attention/exposure. I don't know if Occupy has a group working on this or not. If they don't, they should.

[-] 2 points by MattLHolck (16833) from San Diego, CA 2 years ago

an updated Bill of Rights makes a good deal of sense

[-] 1 points by Underdog (2971) from Clermont, FL 2 years ago

I just read most of the PDF in reference to HR 2990, and was already aware for a few years of the Fractional Reserve Banking system. I was shocked and disbelieving when I first learned how banks create money out of thin air via loans. I also believe that the Fed should either undergo dramatic reform as per the PDF or outright abolishment.

Two questions:

1) If Congress takes back the power to create money directly instead of the Fed, what checks (no pun intended) and balances would be in place to prevent them from wrecking the economy directly by injecting dollars into the money supply and thus devaluing money directly (aka runaway inflation)? At least with the current Fed system, Congress must issue bonds and exchange them for Fed notes, thereby creating a debt obligation., the presumption of which is that they will pay back the money at some future date. But as we all know, Congress is completely irresponsible with the spending of money, and has run up a 15 trillionish national debt that will likely never be paid off. So if they are irresponsible now, wouldn't they be equally irresponsible if they issued money directly under the proposed changes of HR 2990? I don't see the difference. Help me to understand.

2) Do you know the current status of the bill? With just a quick read of the PDF, it appears to have some good ideas. I would have to dig a lot deeper to get a better understanding of all the specifics and their implications, but if this bill stands any chance of becoming law it would be worthwhile for me to do so. That represents a significant use of my time, and so I am not inclined to get too deep into it if the bill has no chance of making it to the President for signing into law.

Thanks for making me aware of this!

[-] 1 points by PublicCurrency (1387) 2 years ago

Thank you for reading the bill and for your continued interest.

I've been researching and reading books on this subject for several years but this is only the beginning, am planning to read "The Lost Science of Money," by Stephen Zarlenga in the near future.

Have you watched "Inside Job," Academy Award Best Documentary Film 2010? The pepetrators of the 2008 Financial Crisis are exposed in their own words. You can watch the entire film or download a high definition copy for free - click:

http://www.movie2k.to/movie-525565-Inside-Job-film.html

Also, "Griftopia" by Matt Taibbi explains how stupidity, greed, and criminality created the financial crisis.

"We are absolutely without a permanent money system... It is the most important subject intelligent persons can investigate and reflect upon.

It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon."

Robert H. Hemphill, Credit Manager Federal Reserve Bank of Atlanta, Georgia (1935) In the foreword to a book by Irving Fisher, entitled 100% Money (1935)

“All of the perplexities, confusion, and distress in America arises, not from the defects of the Constitution or Confederation, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit, and circulation.”

John Adams, Founding Father of the American Constitution

“Whoever controls the volume of money in our country is absolute master of all industry and commerce...and when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.”

James A. Garfield, assassinated president of the United States

[-] 0 points by economicallydiscardedcitizen (761) 2 years ago

Finally a mention of Basel I and II as contributors of the crash that began in 2006/7

Eventually the goal is towards a cashless society meaning no more paper bills, coin, black markets/underground economies thus everything anybody purchases or sells will be tracked.

Many years ago I worked as a temp at Wells Fargo's customer accounts call center and saw how for example a heavy credit card user's habits and lifestyle were so easy to see just based on the expenditures clearly noted on their statements including flights with city and countries.

Will the 99% fight for the preservation of physical cash and coin?

“The purpose of this financial crisis is to take down the U.S. dollar as the stable datum of planetary finance and, in the midst of the resulting confusion, put in its place a Global Monetary Authority [GMA - run directly by international bankers freed of any government control] -a planetary financial control organization”- Bruce Wiseman

[-] 1 points by EndTheFED (65) 2 years ago

I heard that the FED is a global bank and part of this thing called "The New World Order"

[-] 1 points by Underdog (2971) from Clermont, FL 2 years ago

Because we have the worlds largest economy, anything we do has a global impact. But the Fed exists to serve the best interests of the USA (at least theoretically) since 1913. It is not a global bank, but a central bank designed to regulate the national money supply and provide input for national fiscal policy. On a practical level, the Fed may indeed be looked at as a "Global" bank because we live in a global economy today. But the Fed was created by America and Americans have the power to revoke its charter and abolish it if we so chose. There are probably very powerful people who would do their utmost to prevent that, but it is still within our power to do it if we are united enough in our efforts to do so.

"The New World Order" is a phrase going back to Papa Bush. There was a lot of talk and concern among people back then about the Trilateral Commission and other elitist organizations taking financial control of the entire world. That may have already been quietly accomplished under everyones noses already. There probably is no real way of knowing for certain exactly what organizations are pulling the strings of the world. But it doesn't mean that we shouldn't be trying to find out and bringing that truth to the light of day.

UPDATE AND CORRECTION: "The New World Order" actually precedes GHW Bush. Wikipedia can provide the details. My apologies.

It is interesting to note, and perhaps should come as no great surprise, that Alan Greenspan and Paul Volcker, both later heads of the Federal Reserve system, were also founding members of the Trilateral Commission, among others.

[-] 1 points by Underdog (2971) from Clermont, FL 2 years ago

Love this quote ~Underdog~

============

"Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money.” 

– Sir Josiah Stamp, Director of the Bank of England (appointed 1928). Reputed to be the 2nd wealthiest man in England at that time.

[-] 1 points by SparkyJP (1646) from Westminster, MD 2 years ago

I've seen this clip and it is funny ....... and true. Highly recommended!

[-] 1 points by MattLHolck (16833) from San Diego, CA 2 years ago

watched about 2 min

[-] 1 points by Underdog (2971) from Clermont, FL 2 years ago

The funniest part comes toward the end...

[-] 0 points by economicallydiscardedcitizen (761) 2 years ago

Where did all the bailout money go? John Stossel reports with Elizabeth Warren and clips from the Senate floor:

http://www.youtube.com/watch?v=9CGAGgFKDUM&feature=youtube_gdata_player