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The Federal Reserve returns all profits beyond operating costs back to the US Treasury, so the US government effectively pays no interest on the money it borrows from the Fed.
It does pay interest on the money that it borrows from everyone else.
Well, I guess we just have to take the Fed's word for how much they make, since they aren't audited. We can trust them, right? And I suppose their operating costs are just a few billion... I have a better idea. Let's just cancel the debt owed to the Fed, nationalize them, and make Bernanke and crew Federal employees, with a salary and really great benefits.
Last edited by KRAMERCAT; 09-22-2011 at 09:39 PM..
Where does it say that the United States has to borrow money from private bankers and repay it to them with interest?
It's called a "contract." That's a two-syllable word, so I'm not sure you'd understand it.
Quote:
Originally Posted by KRAMERCAT
For a moment, imagine that there is a privately-owned organization in the United States that can create U.S. dollars out of thin air whenever it wants and can loan that money to whoever it wants to.
Why don't you enlighten everyone with your acumen and explain the alternative.
Central bankers are debt pushing narcissistic control freaks and pathological liars. The last two posts are truly bizarre and a graphic example of why the economy cannot grow as long as people keep pushing that garbage. You will not find solutions with those people.
Well, I guess we just have to take the Fed's word for how much they make, since they aren't audited. We can trust them, right? And I suppose their operating costs are just a few billion... I have a better idea. Let's just cancel the debt owed to the Fed, nationalize them, and make Bernanke and crew Federal employees, with a salary and really great benefits.
This was a one-time audit authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which Republicans have vowed to kill, gut, or defund.
Banking was invented some 5,000 years ago to facilitate the concentration of wealth from the farmers to the market owners and the Kings. Through the millennia they have been very good at this. Their primary method is to make certain everybody owes them money at compound interest. This may be as significant a human invention as agriculture or beer.
These systems eventually become too large, complex and usurious to be tolerated by most of the societies. Eventually both the Kings and the peasants cannot afford the interest so they tell the bankers to stuff it and the system collapses and starts over. I think the world is only a couple of decades away from doing this to the central bankers of our era. That will be interesting times.
Well, I guess we just have to take the Fed's word for how much they make, since they aren't audited. We can trust them, right? And I suppose their operating costs are just a few billion... I have a better idea. Let's just cancel the debt owed to the Fed, nationalize them, and make Bernanke and crew Federal employees, with a salary and really great benefits.
Presumably the US government knows how much interest is due on their own debt, and they can see whether or not the Federal Reserve writes them a check, so even if the Fed were not audited, it would be easy to determine if the US was getting its interest payments back.
Nationalizing the Fed and giving Congress direct control over printing money would be disastrous. There would be even less restraint on runaway deficit spending than there is now.
I am reading a book on this subject titled "Debt: The first 5,000 years". The discussion is about debt, money and credit and how and what they do. This book is helping me understand how and why international debt is formed.
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I watched an interview with the author of that book recently.
America, wake up! We are controlled by private bankers who make their fortunes creating money out of thin air, and then lending it to us with interest. We are the greatist nation in the world, aren't we? Why are we afraid of a few super-rich bankers? We should print our OWN money, and tell the private bankers to take a hike!
Actually the fed is handing them the money in their QE nonsense and the banks are turning around bying up tbills with it sucking up the interest on the money given to them in the first place all paid for by you and me.
I am reading a book on this subject titled "Debt: The first 5,000 years". The discussion is about debt, money and credit and how and what they do. This book is helping me understand how and why international debt is formed.
I, a raving leftist, have wondered why we have our money supply controlled by a privately owned and essentially unregulated "Federal" reserve instead of having the U.S Treasury be the effective Bank of the United States? At least a government owned bank could control interest rates and inflation (preferably kept at zero) for the benefit of the entire economy instead of for the few money center bank owners.
I watched a small bit of an interview of the author of that book Debt on C-Span. I made a mental note to purchase that book and forgot. Thanks for refreshing my memory.
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