Alan Greenspan starts to talk about ending the Fed...

[Magneto]

If Alan Greenspan Wants To 'End The Fed', Times Must Be Changing - Forbes

 

[IndyDave1776]

He has either seen the light, or knew the lie in the first place.

 

[GodFearinGunTotin]

So they'll need to commit a number of egregious errors before the public clamors for its end? The public doesn't care or even know about the Fed. They will care when Grecian style austerity comes to the US. The DHS will then have a use for all that HP ammo they've been buying and the new gun control measures will certainly come in handy.

 

[AtTheMurph]

Alan Greenspan, Gold and Economic Freedom (1966)

 

[Jludo]

It's really amazing how few people know about the FED, my grandparents just only in the last few years found out it wasn't a part of the government. I don't know how people can make it that long without any knowledge of how the monetary policy in the US works.

 

[IndyDave1776]

It's really amazing how few people know about the FED, my grandparents just only in the last few years found out it wasn't a part of the government. I don't know how people can make it that long without any knowledge of how the monetary policy in the US works.

It seems pretty simple to me.

First, it isn't something most people deal with directly or even indirectly within any short chain of connection.

Second, most people will take more from a name than what is realistically supported. For example, they are more likely do do business with a provider of goods and services with a name that suggests integrity, efficiency, or stability than one whose sound of the name may open the doors to suspicions of a fly by night operation, regardless of whether or not there is any truth to the name (and often there isn't). The extreme example was a woman of my acquaintance who voted for a man named Wise believing that being so named he must be (no, I am NOT making this up!). This is why the Madison Avenue crew makes so much money without producing anything of actual value--they know how to manipulate through image, including careful naming of products.

That said, we have plenty of people who naturally assume that the FEDERAL reserve must be an integral part of the FEDERAL GOVERNMENT when in reality the government doesn't have a much more solid connection with the Federal Reserve than it does with Federal Express, but people aren't going to see that when the obvious assumption to the contrary jumps out as soon as they consider the name. Besides, it is quite a stretch of the imagination for those not given to strict analysis that those lovely pieces of paper and metal that say "United States of America" are NOT issued by the federal government.

 

[kman1977]

It's really amazing how few people know about the FED, my grandparents just only in the last few years found out it wasn't a part of the government. I don't know how people can make it that long without any knowledge of how the monetary policy in the US works.

yes it is amazing
my father in law who is a smart businessman still doesn't believe me when I tell him that the Fed is not part of the Federal Gov't. He just looks at me like I am making this stuff up.

 

[Sfrandolph]

I know that the Fed is not part of the Federal Govt. I also have known for quite awhile that the Fed "favored" various big banks much to the detriment of the public. But what worries me is if the Fed is done away with, what happens to the trillions that the Federal Govt owes to the Fed. The Fed is the largest debt holder of the US Federal Govt. And what happens to OUR dollars that are in banks and retirement accounts? All could go in the crapper pretty easily.

 

[lucky4034]

It's really amazing how few people know about the FED, my grandparents just only in the last few years found out it wasn't a part of the government. I don't know how people can make it that long without any knowledge of how the monetary policy in the US works.

I'd go out on a limb and say that if you polled 100 American's on what the Federal Reserve was... less than 50% would know that it was our "Central Bank" and less than 5% would know that it wasn't government ran.

 

[ilikeguns]

Created by Congress.The board of governors , including the president and vice president,is appointed by the POTUS confirmed by the senate, the whole thing is subject to congressional oversight, the gov. sets the salaries of the top ranking employees and also receives all annual profits from the system. I think it is not that surprising that most people think it is a part of government. Really hard to see where the government ends and the independency begins in the Federal Reserve.

 

[Trigger Time]

I know that the Fed is not part of the Federal Govt. I also have known for quite awhile that the Fed "favored" various big banks much to the detriment of the public. But what worries me is if the Fed is done away with, what happens to the trillions that the Federal Govt owes to the Fed. The Fed is the largest debt holder of the US Federal Govt. And what happens to OUR dollars that are in banks and retirement accounts? All could go in the crapper pretty easily.

Congress has the power to tell the fed to take a hike and that would be that. Who has the guns? The fed or congress?
It's so bad that that would be the only way out now. We are paying trillion of dollars to the fed just in interest payments

 

[AtTheMurph]

I know that the Fed is not part of the Federal Govt. I also have known for quite awhile that the Fed "favored" various big banks much to the detriment of the public. But what worries me is if the Fed is done away with, what happens to the trillions that the Federal Govt owes to the Fed. The Fed is the largest debt holder of the US Federal Govt. And what happens to OUR dollars that are in banks and retirement accounts? All could go in the crapper pretty easily.

What you just pointed out is that the dollar is in fact worthless, didn't you? Yet you seem to be clinging to your "guns and religion" and want to believe in a worthless piece of paper.

The US gov cannot repay the Fed. The US govt is broke. It spends 50% more than it can take in. When interest rates start to rise the only answer the govt will have will be to print money to buy the debt to keep rates artificially low because the debt service costs will overrun the entire budget.

That means that printing massive amounts of dollars is in our future. Not possibly, not probably but certainly. The dollar is already dead. You have been given a window of opportunity. Use it.

 

[Sfrandolph]

What you just pointed out is that the dollar is in fact worthless, didn't you? Yet you seem to be clinging to your "guns and religion" and want to believe in a worthless piece of paper.

The US gov cannot repay the Fed. The US govt is broke. It spends 50% more than it can take in. When interest rates start to rise the only answer the govt will have will be to print money to buy the debt to keep rates artificially low because the debt service costs will overrun the entire budget.

That means that printing massive amounts of dollars is in our future. Not possibly, not probably but certainly. The dollar is already dead. You have been given a window of opportunity. Use it.

So from your reply, what are you suggesting as the appropriate action to take in the short term?

 

[Jludo]

We are already printing dollars, it just hasn't seemed to catch up yet. The money is being hoarded by banks and inflating the stock market but hasn't seemed to hit prices hard yet.

Also any interest the Fed makes on the US treasuries it turns right back over to the treasury dept. So essentially the govt doesn't pay any interest on debt held by the fed, which helps the fed maintain low interest rates and enables our govt to keep borrowing without a rising interest rate. Smoke and mirrors.

Also interesting to note that according to JPMorgan Chase right now the Fed is buying 90% of new bonds.

 

[zippy23]

so what should we all be doing? Isnt that the REAL QUESTION?

 

[Jludo]

so what should we all be doing? Isnt that the REAL QUESTION?

I would say alternative currencies but the fed govt pretty well stomps those out before they get going.

 

[qmikep]

so what should we all be doing? Isnt that the REAL QUESTION?

Stop paying them.