Critical Inquiry: The Federal Reserve

"Only one candidate believed in gold-backed money... and everyone called him a fool."

- Rob Larson, October 24th, on Ron Paul, Federal Reserve

 

In class, we discussed the power of the Federal Reserve and watched a great youtube video on its origin, operation system, and corruption.

I really wanted to write about the Federal Reserve for our Lulu publication...

However, there are almost no websites with FACTUAL data on the Federal Reserve.

I couldn't find any hard numbers

or graphs

or charts

or reports

Information about the Federal Reserve is well hidden... is that for a reason?

 

Here is some of the information I did manage to find after class:

The Federal Reserve: America’s Toxic Relationship with a Fiscal Gold-Digger

The United States of America prides itself on being a nation founded and praised on the principle of freedom. However, the Federal Reserve has the United States bound in oppressive chains. The Federal Reserve, a privately owned bank, controls the actions of the United States Treasury. How can our citizens feel the glorious rewards of freedom, when our government does not know true independence?

According to the Federal Reserve’s website, their mandate is “to promote sustainable growth, high levels of employment, stability of prices to help preserve the purchasing power of the dollar and moderate long-term interest rates." However, the purchasing power of the dollar has declined immensely and the mounting debt restricts the economy’s growth. The Federal Reserve was created in December of 1913. Approximately half a year later, on July 1^st 1914, the United States debt had already reached 2.9 Billion dollars. In fact, during the span when the Federal Reserve was first created, from 1910-1920, the value of the American dollar dropped over fifty percent. In just the first few years of its operation, the Federal Reserve failed on many counts to withhold its promises. Rather, it singlehandedly destroying the American economy, debt rating, and value of the dollar.

The United States created the Federal Reserve as the country’s central bank to study the trends of the economy so that it runs to its maximum efficiency. Ironically, while the nation experienced its worst economic trends during the Great Recession, the Federal Reserve soared to its highest revenue seen in history. According to page 131 of the audit, Federal Reserve loaned out 16.1 trillion dollars to over a dozen banks during the Recession. 

Feel good about the Federal Reserve yet?

No?

Me neither.