Skip to comments.Why Bankers Created the Fed 100 Years Ago
Posted on 12/24/2013 1:45:23 PM PST by Errant
The Democratic Party gained prominence in the first half of the nineteenth century as being the party that opposed the Second Bank of the United States. In the process, it tapped into an anti-state sentiment that proved so strong that we wouldn't see another like it until the next century.
Its adversaries were Whig politicians who defended the bank and its ability to grow the government and their own personal fortunes at the same time. They were, in fact, quite open about these arrangements. It was considered standard-operating procedure for Whig representatives to receive monetary compensation for their support of the Bank when leaving Congress. The Whig Daniel Webster even expected annual payments while in Congress. Once he complained to the Bank of the United States President Nicholas Biddle, I believe my retainer has not been renewed or refreshed as usual. If it be wished that my relation to the Bank should be continued, it may be well to send me my usual retainer.
(Excerpt) Read more at marketoracle.co.uk ...
lol, a plant by the fed to throw us off of the real reason.
governments print currency — Weimar Republic, 100 percent loss of value, economy in ruins
consortium of private banks print currency —steadyish inflation culminating in huge amounts of Quantitative Easing, 90 percent loss of value, economy on skids and sinking
private banks individually, private parties print currency — confusion, inefficiencies in the economy, and some of them go broke, bust too....total loss of value for some at least, see histories of the Panic of 1837, the Mormon banking (or “anti-banking”) attempts (multiple, successive failures....), Bitcoin today?
anyone got a better solution?
Tell me again what was wrong with the period between the BUS and 1913. Did we not build the greatest nation on earth?
Looking at your money expansion charts I have to ask:
1. What keeps inflation from skyrocketing?
2. What keep the price of gold down?
Whereas all agree government should remain out of matters involving religion, I would suggest that likewise currency should fall under the same protection granted by Constitution amendment.
If that were the case, IMO, PMs and perhaps today Cryptocurrencies, would be the major mediums of exchange. I'm guessing goods and services would be priced in weights/measures of PMs instead of some arbitrary value assigned by government central banks protected through coercion and manipulation.
Central bank control, for now.
Very, very few people are spending all that new money the Fed has made available. So, prices are increasing on a relatively small number of commodities.
If business investment were to pick up [unlikely under this administration], the competition for resources would begin the price spiral.
What about the Big Guy in Washington D.C. He spends around a $Trillion or so every year that he doesn't have. Surely it is the Fed who feeds that machine. That money is being spent.
Thanks for the link - excellent!
What about the Big Guy in Washington D.C. He spends around a $Trillion or so every year that he doesn’t have.
ALL federal reserve money is money they dont have...
It’s FIAT money.. duuugh
Indirectly, big banks gambling with this "free money" caused turmoil in the price of commodities around the world. It's one of the reasons for unrest in the Middle East.
One day in the future, the central banks will lose control. I happen to agree with Mark Faber that war and inflationary depression will be the likely result.
Says all I need to know
Yep. Sadly, those who depend upon the current system the most, like the 50 million now relying on government for subsistence, will have no other choice but to riot, bringing drastic measures to retain order by the very same government that led them into dependency.
The Fed’s charter says that they will maintain stable prices. Stable means 0% inflation. How is that going.
A secret more protected than Obama’s birth certificate
Just paid $5.28 lb for stew meat. Wanted a roast to cut up but that was over $6 lb! I have never in my life paid more than $3.69 lb for beef stew meat. I know there have been lots of problems with beef production recently, however all groceries are getting outrageous. Folks on fixed incomes are screwed and COL adjustments haven't reflected actual the cost of living increases for at least the last decade.
So, I'd say we're being lied to on inflation as well...
Agree. Kind of makes you wonder what else the two have in common...
I remember reading a bit about how Adam Smith saw this.
With a fixed amount of money out there, you end up seeing more goods chasing the same amount of money.
Price deflation is the natural result.
It also encourages saving, because saving money makes sense if your money will buy more tomorrow than today.
Bankers don’t like this one bit.
They want increasing money supply and increasing prices.
This encourages borrowing and an increasing supply of interest payments (to them!).
what are the alternatives to a central bank?
please note that all ‘gold-backed-currencies’
have either failed or have been withdrawn.
Whoever owns it owns Obama and our presidents. They are puppets for big
Ah, there’s a catch to that. To you, stable means 0% inflation, but to them it simply means low volatility. So, as long as the inflation is steady and doesn’t rapidly spike, they consider that a “stable” money supply.
I think the alternative to a central bank is no central bank, and preferably no banks. Cryptocurrency technology allows for that possibility.
If PMs are used for currency then banks become necessary for storage and to generate some kind of fractional notes based on gold/silver.
Currencies for the most part retain their value until governments get involved, run up debt and then debase the currency in order to do business as usual. Governments are the ones who get to steal or commit fraud without repercussion, as we're seeing with programs like Obamacare in the news today and etc.
We need government and their central bank cronies out of our medium of exchange (whatever it may be) forever. The people will then only have to contend with crooks whom can be arrested and thrown in prison for their justly deserved punishment.
We need another Andrew Jackson to wipe out the FED.
The rousing presence of Webster brought those thousands to Stratton Mountain by stagecoach, horseback, even on foot. At a time when rural rallies were the rule, it was also, a weekly newspaper commented, the outcropping of "political excitement which pervaded the Union." To see and hear their candidates, the people had to go there, they had to be there. _________________________________________________
Considering the remoteness of this site, it is quite remarkable that 15K journeyed under extremely difficult circumstances to hear D Webster speak.
Thanks for that post. Awesome video.
Love those fake numbers!
Who owns the Federal Reserve?
The Federal Reserve System fulfills its public mission as an independent entity within government. It is not “owned” by anyone and is not a private, profit-making institution.
As the nation’s central bank, the Federal Reserve derives its authority from the Congress of the United States. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.
However, the Federal Reserve is subject to oversight by the Congress, which often reviews the Federal Reserve’s activities and can alter its responsibilities by statute. Therefore, the Federal Reserve can be more accurately described as “independent within the government” rather than “independent of government.”
The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation’s central banking system, are organized similarly to private corporations—possibly leading to some confusion about “ownership.” For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.
Love those fake numbers!
Well, coming from you, I guess that means we can just ignore that fake 17T debt they say we owe (over 4T to the Fed alone)! That's a relief. Are you sure the Fed's member bank owners won't mind if we suspend payment???
The only question in my mind, is can we survive this mess they've gotten us into?
I suspect the States will move to make gold and silver legal tender, bypassing the Fed all together, when the collapse of dollar begins in earnest.
It will come too late to prevent rioting and blood in the streets from the result however.
Feds Once-Secret Data Compiled by Bloomberg Released to Public - I suppose this is all fake too?
That's $50,000 dollars for every man, woman, and child living in the US. If the Fed had loaned those dollars to "Main Street" instead of a few banksters cronies, do you think that would have "stimulated" the economy?
Begs the question: Where did all of those dollars go, BagDadTodd?
Oh no, we really owe that money.
Are you sure the Fed's member bank owners won't mind if we suspend payment???
You want to suspend payment to people who bought debt from the US Treasury?
Yeah, I thought you'd change your tune when it came to the banksters not getting "their" money!
You want to suspend payment to people who bought debt from the US Treasury?
How 'bout a list of who we owe the funds to? Not everyone mind you, just a list of every one of the Fed member bank owners, and how much...
I couldn’t even finish that silly, error filled book of Griffin. What a joke. He has found his target audience though. LOL!
What did the bankers in Iceland do that was against the law? Any links?
No, I don't think a series of overnight loans, fully collateralized, would have stimulated our economy.
What would you have done with a $50,000 over night loan? Would a 1 month loan have stimulated your spending?
Begs the question: Where did all of those dollars go,
To the banks, and once the liquidity crisis passed, quickly repaid to the Fed.
Really? Do point out an error...
What are you talking about? I don't think the Treasury should default on their debt, even if it was incurred by idiotic overspending by idiot Bush or idiot Obama.
How 'bout a list of who we owe the funds to?
I could find you a list of debt owed to foreign nations. The Fed holds about $2.2 trillion. The rest is owned by people, mutual funds, institutions, pensions, you name it.
just a list of every one of the Fed member bank owners, and how much...
The US government owns the Fed.
You think we see the Fed's books concerning their loans to certain foreign and private banks and repayments? Why did they try to keep it a secret, and then only revel the 16T loan data after Bloomberg took them to court?
What else are they keeping a secret? Maybe they have Obama's documents in their vault?
Need more links? Can't wait 'till the people in this country have had enough and do the same!
One of the bigger lies you've tried to get away with telling.
"Q: Who owns the Federal Reserve Bank? A: There are actually 12 different Federal Reserve Banks around the country, and they are owned by big private banks."
I know you love links: http://www.factcheck.org
As the saying goes, the Fed is no more Federal than Federal Express...
You saw the money loaned, on their spreadsheet, and repaid, on their spreadsheet.
Why did they try to keep it a secret, and then only revel the 16T loan data after Bloomberg took them to court?
Historically, they never revealed borrowers.