Should the Federal Reserve be abolished?

[Contumacious]

The FED is audited every year.

The teabagger fed protesters don't understand what an audit is. They think an audit means a record of ever transaction the Fed completes - including the names of the individuals, businesses, and institutions on the other side of the transaction - is posted for their internet consumption.

The fascists don't understand what an audit is.

In the 28,000-page FOIA requested document, it had been exposed that the Fed had secretly loaned out money to the Arab Bank Corporation owned partly by the Libyan central bank, Bank of China, Brussels- and Paris-based Dexia SA, and Dublin-Based Depfa Bank PLC. It was no wonder the Fed had been operating with such secrecy. After the first ever watered-down version of a Federal Reserve Audit in July 2011, it was discovered that the Fed loaned out $16 trillion at 0% interest to banks and corporations around the world in less than three years.

.

 

[eagle1462010]

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[eagle1462010]

Warnings from Our Forefathers:

Thomas Jefferson warned us about the dangers of having a central bank when he said, “I sincerely believe that banking institutions are more dangerous to our liberties than standing armies. The issuing power should be taken from the banks and restored to the people to whom it properly belongs. If the American people ever allow private banks to control their currency, first by inflation then by deflation, the banks and corporations that will grow up around them will deprive the people of all their prosperity until their children will wake up homeless on the continent their fathers conquered.”

President James Madison warned, “History records that the money changers have used every form of abuse, intrigue, deceit and violent means possible, to maintain their control over governments, by controlling money and its issuance.”

In 1834 President Andrew Jackson said, “If Congress has the right under the constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations… The bold effort the present bank has made to control the Government, the distress it has wantonly produced…are but premonitions of the fate that awaits the American People should they be deluded into a perpetuation of this institution (The Bank of the United States), or the establishment of another like it.”

Abraham Lincoln warned us “The ‘money power’ will endeavor to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few, and the Republic is destroyed.”

Seven Ways the Federal Reserve is Destroying the American Republic | Z3 News

 

[jasonnfree]

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I started hearing this "dollar becoming worthless" stuff even before Reagan's presidency. Some became wealthy predicting it. Hasn't happened yet.

 

[eagle1462010]

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I started hearing this "dollar becoming worthless" stuff even before Reagan's presidency. Some became wealthy predicting it. Hasn't happened yet.

Yet..............

 

[Toddsterpatriot]

Warnings from Our Forefathers:

Thomas Jefferson warned us about the dangers of having a central bank when he said, “I sincerely believe that banking institutions are more dangerous to our liberties than standing armies. The issuing power should be taken from the banks and restored to the people to whom it properly belongs. If the American people ever allow private banks to control their currency, first by inflation then by deflation, the banks and corporations that will grow up around them will deprive the people of all their prosperity until their children will wake up homeless on the continent their fathers conquered.”

President James Madison warned, “History records that the money changers have used every form of abuse, intrigue, deceit and violent means possible, to maintain their control over governments, by controlling money and its issuance.”

In 1834 President Andrew Jackson said, “If Congress has the right under the constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations… The bold effort the present bank has made to control the Government, the distress it has wantonly produced…are but premonitions of the fate that awaits the American People should they be deluded into a perpetuation of this institution (The Bank of the United States), or the establishment of another like it.”

Abraham Lincoln warned us “The ‘money power’ will endeavor to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few, and the Republic is destroyed.”

Seven Ways the Federal Reserve is Destroying the American Republic | Z3 News

Thomas Jefferson warned us about the dangers of having a central bank when he said, “I sincerely believe that banking institutions are more dangerous to our liberties than standing armies. The issuing power should be taken from the banks and restored to the people to whom it properly belongs. If the American people ever allow private banks to control their currency, first by inflation then by deflation, the banks and corporations that will grow up around them will deprive the people of all their prosperity until their children will wake up homeless on the continent their fathers conquered.”

Love that fake quote.

 

[Toddsterpatriot]

bump

I started hearing this "dollar becoming worthless" stuff even before Reagan's presidency. Some became wealthy predicting it. Hasn't happened yet.

Yet..............

Wow! Looks like the gold standard didn't work very well. Lots of inflation.

 

[eagle1462010]

A message from the dollar to the Federal Reserve.



bump

 

[Procrustes Stretched]

Should the Federal Reserve be abolished?

The FED (Federal Reserve Bank) is a Commercial Privately Owned Bank

WHY THE FED SHOULD BE ABOLISHED

1. ...

...

No. Unless of course one wants to go backwards

 

[Skylar]

It has been a while since such mundane things as the Constitution or Passed Law were relevant to the Executive branch of government. The Treasury will do what ever they are told to do by their boss..

.

The Treasury doesn't have the authority to 'buy back' the FED either. That part of the OP is simply imaginary nonsense. There is no such clause in US law.

Congress couldn't do it alone. There is virtually no will in congress to do so. None in the executive. And even less in the judiciary. All of which would have to agree for it to happen.

Its not going to happen.

Clauses in US law are not relevant when you have a couple trillion dollars in your checking account and a friendly banker who will cash all your checks.

.

And such clauses are even less relevant when they're completely imaginary and exist no where in the law.

Like the non-existent 'buy back clause'.

 

[Skylar]

If that were the case, why does the Fed give over 90% of their annual profits to the US Treasury?

Profits aren't holdings.

 

[Toddsterpatriot]

If that were the case, why does the Fed give over 90% of their annual profits to the US Treasury?

Profits aren't holdings.

And Fed holdings aren't private.

 

[eagle1462010]

Should the Federal Reserve be abolished?

The FED (Federal Reserve Bank) is a Commercial Privately Owned Bank

WHY THE FED SHOULD BE ABOLISHED

1. ...

...

No. Unless of course one wants to go backwards

Backwards would be nice to dream about. Imagine our dollar to gain in value for a change.

 

[eagle1462010]

If that were the case, why does the Fed give over 90% of their annual profits to the US Treasury?

Profits aren't holdings.

And Fed holdings aren't private.

The Federal Reserve is a Private Financial Institution | Global Research

The courts differ with that opinion.

 

[Procrustes Stretched]

[MENTION=43857]eagle1462010[/MENTION]

Should the Federal Reserve be abolished?

The FED (Federal Reserve Bank) is a Commercial Privately Owned Bank

WHY THE FED SHOULD BE ABOLISHED

1. ...

...

No. Unless of course one wants to go backwards

Backwards would be nice to dream about. Imagine our dollar to gain in value for a change.

you're as big an imbecile as ever.

nice to know some things never change

 

[eagle1462010]

No. Unless of course one wants to go backwards

Backwards would be nice to dream about. Imagine our dollar to gain in value for a change.

you're as big an imbecile as ever.

nice to know some things never change

and when it rains are you nervous..............

As you ignore the data presented many times that our currency value is dying.

You refuse to acknowledge that the Fiat currency has a part to play in that equation, as you support Fiat monetary policies.

 

[g5000]

6. Abolishing the FED will lead to eventual balance budget.

BWA-HA-HA-HA!

It isn't the Fed that is spending more than it takes in in revenues, skippy!

I guess they didn't really need all those loans after the crash then skippy.

Non sequitur. You really have no clue how things work.

 

[eagle1462010]

BWA-HA-HA-HA!

It isn't the Fed that is spending more than it takes in in revenues, skippy!

I guess they didn't really need all those loans after the crash then skippy.

Non sequitur. You really have no clue how things work.

BS.

Private banks are the Federal Reserve skippy. They bet to the next universe on BS. Increased Derivatives/bets to insanity.........and then were Too Big to Fail when their chickens came home to roost.

Then they took loans from the Fed to a tune of 16.1 Trillion as shown in the GAO report already posted.

I've proven that side of the equation skippy. How about you?

 

[g5000]

Americans like more government than they can afford.

Americans pay about $2.6 trillion in taxes but ask for $3.7 trillion in services. So the United States government has to borrow about $1.1 trillion.

This $1.1 trillion comes from other countries like China and Japan and Britain, as well as from the Fed.

Abolishing the Fed will not change the fact that Americans demand more in services than they pay in taxes.

The OP is completely oblivious to this.

If the Fed goes away, our government will still need to borrow $1.1 trillion. Abolishing the Fed will not magically balance the budget, and only an idiot would believe so.

 

[g5000]

The Money Masters

The Money Masters is economics for credulous retards. It's as factual and reliable as a film about UFOs.