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The Federal Reserve - A Modern Engima

In my opinion, the purpose that The Federal Reserve, or “The Fed”, truly serves is an enigma of scandalous proportions. In fact, it would not be outrageous to go as far as to claim that The Federal Reserve could even be described as hive of tyranny embedded within the United States. The Fed, a privately owned central bank which wields power unchecked by the government, is run by unelected and unaccountable bureaucrats who constantly deny the need for transparency and insist on operating under a veil of secrecy. The board of governors in the Fed are not directly elected by the American people, however these seven governors ultimately decide the price and purchasing value of the dollar- this type of central planning would never exist in a true free market economy.

The Fed Chairman Bed Bernanke has the power to dramatically alter our economy at a moments notice. The United States Dollar is currently fiat currency- it backed by absolutely nothing- and the Fed can print as much money as it wants out of thin air. The economic laws of supply and demand apply to printed fiat currency; the more printed money there is in circulation, the less the money will be worth. The Fed has printed money like there is no tomorrow! This has continually devalued the dollar ever since the Fed’s formation and the abolition of the gold standard. In fact, since the formation of the Fed in 1913, the value of the dollar has decreased in value by 95%. This has hurt the lower class because of the dangerous combination of the lower class’s low disposable incomes and the increasing cost of goods due to inflation.

The Fed is extremely secretive. The Fed has never been fully audited by any outside source and has very little oversight by congress. The Fed also routinely bails out big banks and corporations. In March of 2011 The Federal Reserve was ordered through a Freedom of Information act request to disclose 28,000 pages of documents. According to Campaign for Liberty, the documents exposed show that some of the largest recipients of Federal Reserve money were: the Brussells and Paris based Dexia SA, the Dublin based Depfa Bank Plc, the Bank of China, and the Arab Banking Corp. Due to provisions under the misguided Dodd-Frank financial overhaul law, a first-time, watered-down audit of the Fed in July of 2011 was conducted by the Government Accountability Office (GAO). Investigators for the GAO were not allowed to view most of the Fed’s monetary policy decisions including window lending, open-market operations and details on transactions with foreign government and banks. This first ever audit of the Fed revealed that the Fed gave away $16 trillion in secret bailouts to corporations and banks around the world in less than three years; bailouts which were composed of taxpayer money and which never received a single vote in any chamber of Congress. And finally, the Federal Reserve is unconstitutional. The federal government is granted very few and limited powers by the constitution; since the constitution makes no mention whatsoever of central bank, the Fed is therefore unconstitutional. In my opinion, the reason why the Federal Reserve is permitted to exist, let alone have the vast amount of unchecked power it wields and operate in suspicious secrecy, is an enigma of outrageous proportions.
 

DaveFagan

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Sounds like you are saying that the Federal Reserve represents Big Money and I agree. It is apparently allied with the elitists that think what is good for Corporations is good for the USA. The FED was trapped by the big banks and their insolvent real estate portfolios. The cash the FED gave the banks bought them time and they hope the real estate portfolios regain value. They are working real hard to make that so. Nothing has been invested at the local entrepreneurial level to build local economies. It is all "privatize" and grow the status quo of Corporate America. I think it is a bogus policy to save the elitists. Let it crash and we'll all sink or swing of our own accord.
 
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