America has given away it's greatest power

Discussion in 'Free Speech Alley' started by fanatic, Jan 28, 2008.

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  1. fanatic

    fanatic Habitual Line Stepper

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    I saw the following printed in the Letters to the Editor in my local paper today. While I agree the author makes some valid points, I'm not sure how he equates this to us becoming a dictatorship. What are your thoughts?

     
    fanatic, Jan 28, 2008
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  2. red55

    red55 curmudgeon Staff Member

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    An uncited, undocumented, and unproven allegation. Who is the dicatator? How is "debt" going to accomplish this?

    Hogwash. The Federal Reserve System is a quasi-public, quasi private agency established by Congress. It has no power whatsoever on elected leaders or the president. The Fed Chairman is nominated by the President.


    The purpose and functions of the Federal Reserve include:
    • to address banking panics (bank runs)
    • to serve as the central bank for the United States
    • to strike a balance between private interests of banks and the centralized responsibility of government
      • supervising and regulating banking institutions
      • protect the credit rights of consumers
    • to manage the nation's money supply through monetary policy
      • maximum employment
      • stable prices
      • moderate long-term interest rates
    • maintain the stability of the financial system and containing systemic risk in financial markets
    • providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system
    • strengthen U.S. standing in the world economy


    Untrue. Look it up.

    Where is any explanation about how this is the fault of the Federal Reserve. A case can be made for the opposite. Why has our inflation been so low compared to others?

    The debt is a responsibility of the budgets created by the Executive and the Congress. The Fed has nothing to do with creating deficit budgets.

    Proof? Examples? Documentation? I call BS.

    Off-topic smokescreen. This has nothing to do with the Fed. Americans also own many banks and much property abroad, anyway. It's a wash.

    Who? What transfers? Whose morality?

    Off-topic smokescreen. The government has not given away anything to the Fed, we are a part of it and Congress oversees fed policy. We have met the enemy and it is us.

    Bullchit.
     
    red55, Jan 28, 2008
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  3. shane0911

    shane0911 Helping lost idiots find their village

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    EVERYONE HIDE, Red posted in a political forum and I agree with it. Oh goodness, where do we go from here. Lol:lol:
     
    shane0911, Jan 28, 2008
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  4. fanatic

    fanatic Habitual Line Stepper

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    Red, I agree with most of what you're saying, but I do think the author has some valid points as well. Agreed that the rant has ZERO to do with a dictatorship. But there are examples of foreign interests buying up real estate and other American assets. The biggest I can think of is the Chinese buying T-Bills. If they were to suddenly cash those it, it would lead to economic ruin and quite possibly war.

    I don't believe that it could lead to a dictatorship (not even sure how he came to that conclusion in his rant), but I do believe that the national debt erodes our power and prestige; though this is no fault of the Fed.
     
    fanatic, Jan 28, 2008
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  5. red55

    red55 curmudgeon Staff Member

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    Indeed. But how is this the fault of the Fed Reserve? They don't issue US Treasury Notes, the US Treasury Department does and if the Chinese didn't buy them we could not pay government expenses because the politicians keep cutting taxes while they raise spending. An unbalanced budget ought to be against the law, like it is in most states. Who makes the budget? Not The Fed.
     
    red55, Jan 28, 2008
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  6. fanatic

    fanatic Habitual Line Stepper

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    Never said it was the Fed's fault and even admitted as such. The writer of the rant went off on some wild tangents, but it seems like he should've directed his anger at the national deficit and the government that let it spiral out of control.
     
    fanatic, Jan 28, 2008
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  7. Rex_B

    Rex_B Geaux Time

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    Rex_B, Jan 28, 2008
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  8. LSUsupaFan

    LSUsupaFan Founding Member

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    LSUsupaFan, Jan 28, 2008
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  9. Bengal Buddy

    Bengal Buddy Founding Member

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    I find myself agreeing with everything Red said. Gosh, I had better rethink my position.:lol:
     
    Bengal Buddy, Jan 28, 2008
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  10. red55

    red55 curmudgeon Staff Member

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    red55, Jan 28, 2008
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