The Federal Reserve's Shady Past

[P F Tinmore]

Where would you get it to be taxed?

So you want govt to print money for us, and you want govt to print money for itself?
whats essential difference with current system? Notice you dont know what you are talking about so we have to drag it out of you until you see how silly you are??

There are two ways to get money into the economy.

The Fed can print the money, lend it to the government with interest. Then the government spends that money into the economy.

The government can print the money itself debt free and interest free. Then the government spends that money into the economy.

The Fed can print the money, lend it to the government with interest. Then the government spends that money into the economy.

Sounds awful! What percentage of the national debt do you feel was borrowed from the Fed?
What does the Fed do with the interest they get from the government?

Have you given up on your claim that I owe interest to somebody for the $20s in my wallet?

1. All of it.
2. Give it to their stockholders.
3. That is what taxes are for. Remember, the Fed and the IRS were set up at the same time.

All of it.

That would mean you couldn't buy a Treasury Bill, Note or Bond.
Total debt is almost $22 trillion. The Fed currently holds about $2.2 trillion.
In other words, you're really, really wrong.

Give it to their stockholders.

Stockholders only received $1 billion in Fed dividends in 2018.
Fed profits were about $63 billion.

That is what taxes are for.

My taxes are based on my income, not how many or how few Federal Reserve Notes I hold.

Remember, the Fed and the IRS were set up at the same time.

I remember. Still doesn't help you prove any of your claims.

The Fed currently holds about $2.2 trillion.

Interesting. Where did they get that money?

 

[Toddsterpatriot]

So you want govt to print money for us, and you want govt to print money for itself?
whats essential difference with current system? Notice you dont know what you are talking about so we have to drag it out of you until you see how silly you are??

There are two ways to get money into the economy.

The Fed can print the money, lend it to the government with interest. Then the government spends that money into the economy.

The government can print the money itself debt free and interest free. Then the government spends that money into the economy.

The Fed can print the money, lend it to the government with interest. Then the government spends that money into the economy.

Sounds awful! What percentage of the national debt do you feel was borrowed from the Fed?
What does the Fed do with the interest they get from the government?

Have you given up on your claim that I owe interest to somebody for the $20s in my wallet?

1. All of it.
2. Give it to their stockholders.
3. That is what taxes are for. Remember, the Fed and the IRS were set up at the same time.

All of it.

That would mean you couldn't buy a Treasury Bill, Note or Bond.
Total debt is almost $22 trillion. The Fed currently holds about $2.2 trillion.
In other words, you're really, really wrong.

Give it to their stockholders.

Stockholders only received $1 billion in Fed dividends in 2018.
Fed profits were about $63 billion.

That is what taxes are for.

My taxes are based on my income, not how many or how few Federal Reserve Notes I hold.

Remember, the Fed and the IRS were set up at the same time.

I remember. Still doesn't help you prove any of your claims.

The Fed currently holds about $2.2 trillion.

Interesting. Where did they that money?

Where did they [get] that money?

You don't know where Central Banks get money?

 

[P F Tinmore]

There are two ways to get money into the economy.

The Fed can print the money, lend it to the government with interest. Then the government spends that money into the economy.

The government can print the money itself debt free and interest free. Then the government spends that money into the economy.

The Fed can print the money, lend it to the government with interest. Then the government spends that money into the economy.

Sounds awful! What percentage of the national debt do you feel was borrowed from the Fed?
What does the Fed do with the interest they get from the government?

Have you given up on your claim that I owe interest to somebody for the $20s in my wallet?

1. All of it.
2. Give it to their stockholders.
3. That is what taxes are for. Remember, the Fed and the IRS were set up at the same time.

All of it.

That would mean you couldn't buy a Treasury Bill, Note or Bond.
Total debt is almost $22 trillion. The Fed currently holds about $2.2 trillion.
In other words, you're really, really wrong.

Give it to their stockholders.

Stockholders only received $1 billion in Fed dividends in 2018.
Fed profits were about $63 billion.

That is what taxes are for.

My taxes are based on my income, not how many or how few Federal Reserve Notes I hold.

Remember, the Fed and the IRS were set up at the same time.

I remember. Still doesn't help you prove any of your claims.

The Fed currently holds about $2.2 trillion.

Interesting. Where did they that money?

Where did they [get] that money?

You don't know where Central Banks get money?

Sure, they create it out of thin air and lend it to our government to be paid back with interest.

Our treasury can create money out of thin air without the debt.

 

[Toddsterpatriot]

The Fed can print the money, lend it to the government with interest. Then the government spends that money into the economy.

Sounds awful! What percentage of the national debt do you feel was borrowed from the Fed?
What does the Fed do with the interest they get from the government?

Have you given up on your claim that I owe interest to somebody for the $20s in my wallet?

1. All of it.
2. Give it to their stockholders.
3. That is what taxes are for. Remember, the Fed and the IRS were set up at the same time.

All of it.

That would mean you couldn't buy a Treasury Bill, Note or Bond.
Total debt is almost $22 trillion. The Fed currently holds about $2.2 trillion.
In other words, you're really, really wrong.

Give it to their stockholders.

Stockholders only received $1 billion in Fed dividends in 2018.
Fed profits were about $63 billion.

That is what taxes are for.

My taxes are based on my income, not how many or how few Federal Reserve Notes I hold.

Remember, the Fed and the IRS were set up at the same time.

I remember. Still doesn't help you prove any of your claims.

The Fed currently holds about $2.2 trillion.

Interesting. Where did they that money?

Where did they [get] that money?

You don't know where Central Banks get money?

Sure, they create it out of thin air and lend it to our government to be paid back with interest.

Our treasury can create money out of thin air without the debt.

Sure, they create it out of thin air and lend it to our government to be paid back with interest.

You said they loaned all of the deficit to the Treasury.
But it is actually about 10%, not nearly the 100% you claimed.

Our treasury can create money out of thin air without the debt.

They could. What happened the last few times they tried that?

And you didn't comment on the $62 billion in Fed profits that weren't
paid out as dividends. Did you forget?

 

[P F Tinmore]

1. All of it.
2. Give it to their stockholders.
3. That is what taxes are for. Remember, the Fed and the IRS were set up at the same time.

All of it.

That would mean you couldn't buy a Treasury Bill, Note or Bond.
Total debt is almost $22 trillion. The Fed currently holds about $2.2 trillion.
In other words, you're really, really wrong.

Give it to their stockholders.

Stockholders only received $1 billion in Fed dividends in 2018.
Fed profits were about $63 billion.

That is what taxes are for.

My taxes are based on my income, not how many or how few Federal Reserve Notes I hold.

Remember, the Fed and the IRS were set up at the same time.

I remember. Still doesn't help you prove any of your claims.

The Fed currently holds about $2.2 trillion.

Interesting. Where did they that money?

Where did they [get] that money?

You don't know where Central Banks get money?

Sure, they create it out of thin air and lend it to our government to be paid back with interest.

Our treasury can create money out of thin air without the debt.

Sure, they create it out of thin air and lend it to our government to be paid back with interest.

You said they loaned all of the deficit to the Treasury.
But it is actually about 10%, not nearly the 100% you claimed.

Our treasury can create money out of thin air without the debt.

They could. What happened the last few times they tried that?

And you didn't comment on the $62 billion in Fed profits that weren't
paid out as dividends. Did you forget?

You are trying to confuse the issue.

 

[Toddsterpatriot]

All of it.

That would mean you couldn't buy a Treasury Bill, Note or Bond.
Total debt is almost $22 trillion. The Fed currently holds about $2.2 trillion.
In other words, you're really, really wrong.

Give it to their stockholders.

Stockholders only received $1 billion in Fed dividends in 2018.
Fed profits were about $63 billion.

That is what taxes are for.

My taxes are based on my income, not how many or how few Federal Reserve Notes I hold.

Remember, the Fed and the IRS were set up at the same time.

I remember. Still doesn't help you prove any of your claims.

The Fed currently holds about $2.2 trillion.

Interesting. Where did they that money?

Where did they [get] that money?

You don't know where Central Banks get money?

Sure, they create it out of thin air and lend it to our government to be paid back with interest.

Our treasury can create money out of thin air without the debt.

Sure, they create it out of thin air and lend it to our government to be paid back with interest.

You said they loaned all of the deficit to the Treasury.
But it is actually about 10%, not nearly the 100% you claimed.

Our treasury can create money out of thin air without the debt.

They could. What happened the last few times they tried that?

And you didn't comment on the $62 billion in Fed profits that weren't
paid out as dividends. Did you forget?

You are trying to confuse the issue.

I'm trying to clear up your confusion.

Did you seriously think there was no public market for US Treasury debt?
Did you seriously think there were no issues with the US Treasury printing all the money needed to fund our deficit spending?
Did you seriously think the Fed "shareholders" received all the earnings of the Fed?

 

[EdwardBaiamonte]

There are two ways to get money into the economy.

The Fed can print the money, lend it to the government with interest. Then the government spends that money into the economy.

The government can print the money itself debt free and interest free. Then the government spends that money into the economy.

I didn't ask for two ways!!!!!!!!!!!!!!!!! I asked what is difference with current system. Can you say??

 

[P F Tinmore]

There are two ways to get money into the economy.

The Fed can print the money, lend it to the government with interest. Then the government spends that money into the economy.

The government can print the money itself debt free and interest free. Then the government spends that money into the economy.

I didn't ask for two ways!!!!!!!!!!!!!!!!! I asked what is difference with current system. Can you say??

I thought I was quite clear. One we owe money the other we don't

 

[P F Tinmore]

 

[Toddsterpatriot]

Did you seriously think there was no public market for US Treasury debt?
Did you seriously think there were no issues with the US Treasury printing all the money needed to fund our deficit spending?
Did you seriously think the Fed "shareholders" received all the earnings of the Fed?

 

[EdwardBaiamonte]

I thought I was quite clear. One we owe money the other we don't

so does that mean you have discovered a way to make the economy grow at 6% or 20% rather than 3%???

 

[Toddsterpatriot]

Tinny, why ya hidin'?

 

[PoliticalChic]

How many folks actually know what the Federal Reserve is, or does?

And....how many know how and why is was begun?



1. "The outbreak of the Panic of 1907 occurred following a series of scandalous revelations about the investments of some prominent New York financiers, which triggered widespread runs on trust companies throughout New York City..... The events of the Panic of 1907 that had the most severe consequences for financial markets were the widespread runs on trust companies that began in October....triggered by a failed attempt to corner the shares of United Copper Company, a mining concern, which resulted in significant losses for the speculators involved. " http://isites.harvard.edu/fs/docs/icb.topic1029951.files/Carola Paper.pdf




2. "The following passage, taken from "Chapter One: The Early 1910s: Post-Panic Creature and Party Posturing," outlines the influence of leading bankers, including J.P. Morgan, during the creation of the Federal Reserve - and the lengths to which government officials went to cover it up.

a. "Their plan called for the establishment of a National Reserve Association.
In keeping with the strategy to create a central bank without calling it such, the moniker omitted the word "bank."

b. The men agreed upon a central structure, with fifteen quasi-independent branches whose policies would be coordinated through a central national committee. It would have the power to create one standard currency that would support the country and the big banks in times of emergency, ensuring their stability.

c. The Treasury was in charge of creating coins and paper currency; its Bureau of Engraving and Printing had been producing all currency for the U.S. government, including silver and gold certificates, since 1877. A central bank would add another dimension to the U.S. banking system. (On October 28, 1914, the bureau began printing paper Federal Reserve notes, as instructed by Federal Reserve members.)....

d. The fact that it really was a means to provide an easier money supply to the big banks would not be part of its publicized benefits."
How Big Bankers Kept Secret Their Role in the Fed s Creation - Bank Think Article - American Banker





3. " The Federal Reserve is an independent central bank that derived its power in the aftermath of the Panic of 1907... a failed attempt to corner the copper market. Leery of banks, depositors withdrew savings in droves. The run ignited widespread concern in banking circles and Congress. ... prominent financier J.P. Morgan intervened, using his money (and recruiting help from fellow bankers) to keep banks afloat and prevent the New York Stock Exchange from going under. Many considered Morgan a hero for saving the economy, but the perception changed as the public came to believe Wall Street bankers actually caused the panic.

a. ... Congress created the National Monetary Commission to review bank policies and develop a sound national monetary system. Chairing the Commission was Senator Nelson W. Aldrich, who, closely aligned with bankers, had no intention of leaving them out when crafting the Federal Reserve Act—

b. .... the nation’s top financiers arrived at the exclusive Jekyll Island Club on the Georgia coastline for one purpose: to devise a plan to restructure banking in America.
In“From Farm Boy to Financier,”an article in the February 9, 1935, issue of the Post, author Frank A. Vanderlip—a leading banker and former Assistant Secretary of Treasury for President William McKinley—chronicled the top-secret meeting that helped create the Aldrich Plan, which would frame the Federal Reserve Act.

c. .... Aldrich concocted a scheme to bring together an elite group to help draft reforms. To ensure secrecy, Aldrich invited five key leaders from banking and government—Henry Davison, A. Piatt Andrew, Benjamin Strong, Paul Warburg, and Vanderlip—to the isolated Jekyll Island Club—“without a journalist within 50 miles.”
Jekyll Island and the Secret Behind the Fed The Saturday Evening Post

"Next: Trump’s Promise on the Fed?
Editorial of The New York Sun | March 24, 2019
1523


President Trump’s plan to nominate Stephen Moore to a governorship of the Federal Reserve could come to be seen to be as important as the justices he’s named to the Supreme Court. We understand that it’s not yet widely perceived that way. During the 2016 campaign, though, Mr. Trump made an issue of monetary policy, and this is the first substantive signal we’ve had that he might redeem that pledge.

Few issues have so riveted these columns as the monetary problem — how to work our way back from the wilderness of fiat money, meaning currency unmoored to gold or silver. How can we return to a system more in line with what the Founding Fathers of America intended and signaled in the Constitution and in statute? On this, we believe, will depend our success at home and abroad.

What we like about Mr. Moore is that he is prepared to ask basic, even radical questions about our monetary system, such as whether we need the Federal Reserve in the first place."
Next: Trump's Promise on the Fed?

 

[EdwardBaiamonte]

whether we need the Federal Reserve in the first place."

We need the Fed since it can keep inflation and deflation at around 0% better than any other system know to man. If we wanted to improve it we might do as New Zealand does and impose penalties on Fed for not meeting its mandate to keep inflation and deflation around 0%.

 

[Toddsterpatriot]

whether we need the Federal Reserve in the first place."

We need the Fed since it can keep inflation and deflation at around 0% better than any other system know to man. If we wanted to improve it we might do as New Zealand does and impose penalties on Fed for not meeting its mandate to keep inflation and deflation around 0%.

Ohhh, what kind of penalties?

 

[EdwardBaiamonte]

Ohhh, what kind of penalties?

they lose their jobs

 

[Toddsterpatriot]

Ohhh, what kind of penalties?

they lose their jobs

All of them?

 

[EdwardBaiamonte]

Ohhh, what kind of penalties?

they lose their jobs

All of them?

A mechanism for holding the Reserve Bank Governor accountable was written into the Act by (1) making the Governor directly responsible for the conduct of monetary policy, and (2) allowing for the Governor’s dismissal if the goals established in the PTA are not met.

This structure makes responsibility clear: The Governor, and not a committee such as the FOMC, is responsible for policy decisions, and success or failure to fulfill the goals of the PTA are transparent–the inflation rate as measured by the CPI is frequently available and widely publicized.

 

[Toddsterpatriot]

Ohhh, what kind of penalties?

they lose their jobs

All of them?

A mechanism for holding the Reserve Bank Governor accountable was written into the Act by (1) making the Governor directly responsible for the conduct of monetary policy, and (2) allowing for the Governor’s dismissal if the goals established in the PTA are not met.

This structure makes responsibility clear: The Governor, and not a committee such as the FOMC, is responsible for policy decisions, and success or failure to fulfill the goals of the PTA are transparent–the inflation rate as measured by the CPI is frequently available and widely publicized.

You realize that the Fed doesn't have absolute control over interest rates or inflation, right?

 

[EdwardBaiamonte]

Ohhh, what kind of penalties?

they lose their jobs

All of them?

A mechanism for holding the Reserve Bank Governor accountable was written into the Act by (1) making the Governor directly responsible for the conduct of monetary policy, and (2) allowing for the Governor’s dismissal if the goals established in the PTA are not met.

This structure makes responsibility clear: The Governor, and not a committee such as the FOMC, is responsible for policy decisions, and success or failure to fulfill the goals of the PTA are transparent–the inflation rate as measured by the CPI is frequently available and widely publicized.

The realize that the Fed doesn't have absolute control over interest rates or inflation, right?

not sure what the details are or if anybody actually got fired.