Here 'ya go:
From the Great Depression, to the stagflation of the seventies, to the burst of the dotcom bubble ..., every economic downturn suffered by the country over the last 80 years can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial "boom" followed by a recession or depression when the Fed-created bubble bursts.
Abolish the Fed
THAT NONSENSE IS NOTHING BUT A BLATANT LIE. NOT ONE BIT OF TRUTH IN ANY OF THAT which is posted above.
Rather than letting the pathological lying scum post their shit on here, I recommend that you do some research on the history of the Fed. All the pathological liars want is to see the price of Gold go up because they are invested in it or their friends are.
There is not enough Gold in the entire world to back the Dollars in the world. It is impossible to do so, but the pathological liars claim that is is possible and we should do away with the FED, thinking that in doing so, Gold will soar to an even higher price. So Crazy sons of Bitches like Ron Paul claim that we need to be on the gold standard so he can help his Gold buddies in the industry. I really wish they would try him for Treason and publicly execute him on a gallows. That scum is not loyal to America. He is only loyal to his pocketbook.
The FED is the greatest organization in the history of the world and has allowed the United States to fund our operation when we could have been as poor as Mexico (which has no FED).
I am not a great fan of Congress overspending, but when that happens, the FED is there to make certain the money is there to pay the government bills. The FED does not spend the money that Congress legislates. It just gives it to the government to make their spending bills a reality and the government spends it. The FED does not print money like Ron Paul constantly claims. The Treasury prints money to keep the right amount in circulation to meet the needs of the people as they contract business on a daily basis.
The FED has very limited POWER to control the economy. It tries to do so by raising or lowering the overnight interest rate it charges banks to borrow money for a night. The FED can also buy or sell on the open market. (Bonds, Notes, Stocks) to try to keep the economy flowing. Their charter is to serve the government of the United States.
Right now FED interest rates are at an all time low to try to spur bank investment in the economy. The FED can not force the banks to make their business decisions, either. That is the reason why the banks are all playing it safe with their investments of interest free FED money. It is not the FED's fault that the major and minor banks in America are nearly all malfeasant in their responsibilities.
Technically, the FED can buy all of our government Bonds and Notes. When they do hold government bonds, they take the interest payments and deposit them into the Treasury. The reality of that deposit of interest in the treasury is that the US goveernment gets to borrow money for free. (i.e. There is no real interest paid on it if the FED holds the note.)
Consequenty, if we were to ask the FED to buy the 800 Billion in Bonds and notes that China presently holds, the FED could and would do so and the interest we are paying we would pay to ourselves. I like that idea.
To buy the bonds and notes, the FED makes electronic money out of thin air. That "out of thin air" is very important. Not only can the FED snap their fingers and create money out of thin air, but it can also snap their fingers and make electronic money or bonds or notes disappear. We have never asked the FED to do this, but it is an integral part of their operating capacity. Remember if they snap their fingers to buy the bond, it is no problem to snap their fingers to make the bond go away.
Ron Paul can not make the bonds go away, but the FED can.
