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
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.
ReplyDeleteAnother question: how come the mainstream media doesn't report about the LIBOR scandal? Why are things like this suppressed?
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.
DeleteNone of our Congressmen have signed on to audit the FED! Please go to:
ReplyDeletehttp://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?
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.
Delete