Old Guy said:
"History like economics was not your best subject in school. Remember, the US had a series of financial crisis, and the solution was to take control of the financial market away from the government. So, Congress started the Federial Reserve. It is not a government agency, it is a mix of public and private enterprises. It is not funded by the government. It works independently from the government. I don't expect you to understand the working of the Fed, but you should know it is made up of 12 banks and is not a government agency."
Glad he said it.
I was about to throw you under the bus myself for your profound ignorance, Crowbot.
Now, as you must yourself not be aware Crowbot,
the US Central banking system was created in 1913. Signed it law (Federal Reserve Act ) by president Woodrow Wilson. The Act itself was a result of secret meeting held in Jekyll Island GA, a few years before. American and European financiers attende, who recognized the apparent need for a central bank.
Wilson later regreted signing the Act, believing he had in fact handed too much power--monetary policy--to bunch of private individuals which would theoretically, be able to independently undermine the government's ability to control and regulate in the best interest of nation and it's people.
When those same American bankers later handed the Russian Bolseviks the money used to pay off the a reparations debt demanded by the Germans (1918) , the Soviets had enough breathing space to consolidate their gains, a civil war lasting until 1922 resulting in the "Soviet Union."
Thes events led to WWII , after America joined the war (WWI) in Europe. The US and France wanted reparations from defeated Germany -- and the German central banks in turn bankrupted the German economy to pay their "debt" .. They printed money causing inflation-- just like they recently in the US on Creepy Joe's watch-- The excuse this time was to pay for the massive spending the Democrats appropriated to " fight Covid"
Central Banking has been at the center of every American conflict and war since the Federal Reserve Act created it. Some people believe the central bank is fully to blame for all that,
BUT the function of separating "monetary policy" from political "fiscal policy" on the surface appears to be necessary.
Would you want Nancy Pelosi to call the shots on monetary policy AND spending ( fiscal policy) ?
So who really does call the shots?
I think it's kinda obvious
billionaires wouldnt be billionaires for very long if they let mere " elected officials " make all the laws and policies. The Military Industrial Complex would still be making saddles for horses if money couldn't be created (ex nilo ) as "Credit" .. and spent by the government
"loaned at interest" to the Government.
And then,
we the taxpayers pay those billionare central bankers " interest " on the credit they simply printed into existence.
It becomes "legal currency" when the note is signed by the US Treasury Secretary.
Every so often, some politicians in Washington threaten to not sign a new (higher) debt ceiling - which would mean not "borrowing" (printing) and spending as much money.
This is pure theater, of course. The ceiling is always raised. The band plays on.
On the Commercial side, Central banks operate like a drug distribution network..selling their printed money discount interest rate" to commercisl banking franchises to keep the minimum reserve balance ( 10%) at the local level. The commercial banks create debt as "commercisl paper" when in turn, we take "loans"and from them pay interest on the debt we just created.
The money supply grows roughly in proportion to the aggregate volume of private economic activity, government spending, production, and finance.
Central Banking is actually the genius stroke which fueled the development of the Capitalist modern world. It's critics can also rightly point-out the disproportionate power un-elected bankers do have over national politics and Creepy joes so-called "democracy"
The real problem is human nature-- there has never been a fail safe "system" designed to contain what theologians have always called "evil" -- the old adage:
"Power Corrupts, Absolute Power Corrupts absolutely!" ( Lord Acton)
And so we will continue to have booms and busts. and lies and disinformation, and wars and treaties, and more recently the modern "orchestrated crises" used to enrich the few and powerful, empoverishing thd poor and middle class masses. ( if only decreasing our buying power 9%, this time!)
Such is the world," behind the curtain. " (the Wizard of Oz)
CNN: "Pay no attention to that man vehind the curtain!"
Terrified and manipulated, our true believers on the "yellow brick road":
Crowbot " The Straw man" -- the guy who makes cut-and-paste straw-man arguments ( "Trump!" "TrumpRINos!)
Jetsheep "The Cowardly Lion " The guy who growls at "extremists" everywhere, and wears a dress...
and
The Buddha " The Tin Man" -- Looking for a heart, he can't ever seem to find one in an elected politician -They always promise him the world, but they never seems to deliver.
So he blames "TRuMp" as the nexus and source of his dashed hopes and dreams ( Hillary?!?)
What do these three Lib "pilgrims" have in common?
They still believe in:
" How The Great and Powerful OZ!"
Useful idiots!
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