Sunday, September 9, 2012

Happy Birthday Federal Reserve



 December 23, 2013 will be the 100th anniversary of the Federal Reserve System. With the 100th anniversary a little over one year away, Chairman Ben Bernanke should be making preparations for a large celebration.


The Federal Reserve Act was enacted on December 23, 1913 and signed into Law by President Woodrow Wilson. The three main objectives of the Federal Reserve Act are:

Maximum employment
Stable prices
Moderate long-term interest rates



The Federal Reserve is a central bank whose policy does NOT need to be approved by the president or anyone else in the executive or legislative branches. The Federal Reserve serves the interests of the general public and private bankers. Hmmm. Let me repeat that:

The Federal Reserve serves the interests of the general public and private bankers.

What? How does that work out for the general public?

A little history from our friends at Wikipedia:

In 1816, however, Madison revived it in the form of the Second Bank of the United States. Years later, early renewal of the bank's charter became the primary issue in the reelection of President Andrew Jackson. After Jackson, who was opposed to the central bank, was reelected, he pulled the government's funds out of the bank. Nicholas Biddle, President of the Second Bank of the United States, responded by contracting the money supply to pressure Jackson to renew the bank's charter forcing the country into a recession, which the bank blamed on Jackson's policies[citation needed]. Interestingly, Jackson is the only President to completely pay off the national debt. The bank's charter was not renewed in 1836. From 1837 to 1862, in the Free Banking Era there was no formal central bank. From 1862 to 1913, a system of national banks was instituted by the 1863 National Banking Act. A series of bank panics, in 1873, 1893, and 1907,[5][6][7] provided strong demand for the creation of a centralized banking system.


Or if you prefer


One option to fund the 100th Anniversary party of the Federal Reserve System is for the Federal Reserve to institute another quantitative easing. If an organization like the Federal Reserve has failed to meet its objectives (maximum employment, stable prices, and moderate long-term interest rates) in a century, should it continue to exist?


My opinions…supported by FACTS ! !

Julie Farrell

For an inappropriate video on the Federal Reserve, please contact

j_farrell@hotmail.com

4 comments:

  1. All good and interesting points. It doesn't seem any part of banking works for the best interest of the people these days. We need extreme reform but not by the plans of the Republicans OR Democrats. Both parties are guilty of irresponsible market manipulations.

    Another question: how come the mainstream media doesn't report about the LIBOR scandal? Why are things like this suppressed?

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    1. Could it be like the GSNOOS, they only tell people what they want Them to Know? Oh No, how could it be? Easy, thats why when people need to know what is really going on in Templeton, they go to Paulys Blog. Thank goodness, we have not got to the point where we would be shot for standing up for what is right. We all know in some countries, that really happens. Bev.

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  2. None of our Congressmen have signed on to audit the FED! Please go to:

    http://www.auditthefed.com/

    and ask Rep. Olver, Senators Kerry and Brown to sign onto bills to audit the Federal Reserve. The Federal reserve has never been audited! I thought it was taking forever to get an audit of the wind turbine!

    16 trillion dollars of your taxpayer money! Where did it go?

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    1. It seems the politicians don't bother to listen to what the public says unless they have a campaign donation check in their hands. Its worth a try. But I doubt they really care what we say. Maybe we can get the Supreme Court to declare "citizens" are a "corporation". That way we can get the politicians' attention.

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