Demea wrote:
False. It is designed to be semi-public to ensure accountability.
Yeah the Fed is "semi-public" if you really want to be that literal. However, the Fed's private half is the problem. The purpose of the fed was to protect both the people(public) and the banks(private).
According to official Federal Reserve documentation, are to conduct the nation's monetary policy,supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions.
The Federal Reserve Board also supervises banks, provides financial services, and researches the United States economy and the economies in the surrounding region.
Other purposes are stated in the Federal Reserve Act, such as "to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes" I wonder what those other purposes might be. hmmmm
The Fed is supposed to:
To strengthen U.S. standing in the world economy, It's failing hard.
stable prices, including prevention of either inflation or deflation... Fail yet again
To supervise and regulate banking institutions.. Oh this must mean bailout the crooks, right.
The next part is so important and explains what I meant by claiming the fed prints money. I will bold it for significance.
How does the Fed get its money? It doesn't need to borrow it; it merely creates an entry into its balance sheet. All the Fed requires to “print†money is a keyboard connected to a computer. The difference between the Fed and the Treasury issuing money is that the Treasury needs to get permission from Congress before selling bonds. In this context, it shall be mentioned that physical cash (coins, bank notes) are entered as liabilities on the Fed's balance sheets; they are rather unique liabilities, however, as you can never redeem your cash: if you went to a bank, the best you can hope for in return for your dollar bill is a piece of paper that states that the bank owes you one dollar. While it is possible for central banks to remove cash in circulation, they are not obliged to do so. In case anyone reading this is confused, the Fed doesn't print money literary, but they print money via debt..IE credit.
Quote:
False. They only control the enactment of monetary policy of the US Dollar.
That's a lie. The Fed "owns" those global banks like Goldman sachs who screwed over Ireland. Dont you dare tell me they don't control monetary policy. The might not do it directly, but they do it nevertheless.
Quote:
]False. The Treasury Department prints currency.
You're right sorta, I meant money though and today's banking is done by credit. See above how the Fed prints money.
I'm walking out the door now, but I just wanted to thank you for providing a serious answer.
Here is the link for anyone who cares to read it.
http://www.marketoracle.co.uk/Article7578.html
Edited, Oct 6th 2011 12:02pm by ShadowedgeFFXI