Toddsterpatriot
Diamond Member
There is also the fact that the Federal Reserve was largely to blame for the Great Depression, although neocon and liberal economists heatedly deny this fact and class it as a myth. Many neocon and liberal economists seek to blame the Great Depression on high tariffs (never mind that we had had high tariffs for decades) and/or on the gold standard.
Here is a good article on this subject on the Foundation for Economic Education website:
The Gold Standard Didn’t Create the Great Depression, the Federal Reserve Did | Germinal G. Van
The Fed didn't create the Great Depression. They absolutely made it worse.
During a Congressional hearing in 1937 Representative Binderup stated the following with reference to Henry Ford:
"It is perhaps well enough that the people of the Nation do not know or understand our banking and monetary system, for if they did I believe there would be a revolution before tomorrow morning."
JWK
That's just as impressive as if Bernie Sanders, Barney Frank or Maxine Waters had said that.
Oh come now. The obvious truth is, the Federal Reserve System is nothing less than a predatory money monopoly created by Wall Street Bankers, allowing its operators to freely consume, without cost, what America’s labor and industries have produced.
The Federal Reserve System, when stripped of its fancy terms and alleged necessity, is nothing more than a variation of the mob’s protection racket to get a piece of the action: you will use our Bank Notes as the only legal tender to transact your business, and you will pay interest for the privilege of renting these Notes.
JWK
“Of all the contrivances for cheating the laboring class of mankind, none have been more effectual than that which deludes them with paper money. This is the most effectual of inventions to fertilize the rich man’s field by the sweat of the poor man’s brow.”_____ Daniel Webster.
the Federal Reserve System is nothing less than a predatory money monopoly created by Wall Street Bankers, allowing its operators to freely consume, without cost, what America’s labor and industries have produced.
What does that even mean?
You never explained the rent you pay to use FRNs, where do you mail the check?
you will use our Bank Notes as the only legal tender to transact your business, and you will pay interest for the privilege of renting these Notes.
I've got a $20 FRN in my wallet, never paid interest on it.
How much interest do you pay on your $20s?