What does the Federal Reserve do?
Why was the Fed created, and why do some people hate it so much?
http://www.bloomberg.com/news/2012-02-1 … choes.html
It was created by a secret group.
Aldrich invited men he knew and trusted, or at least men of influence who he felt could work together. They included Abram Piatt Andrew, assistant secretary of the Treasury; Henry P. Davison, a business partner of Morgan's; Charles D. Norton, president of the First National Bank of New York; Benjamin Strong, another Morgan friend and the head of Bankers Trust; Frank A. Vanderlip, president of the National City Bank; and Paul M. Warburg, a partner in Kuhn, Loeb & Co. and a German citizen.
Its basic functions are to loan and create money for the Government and the Banks.
People hate it because it was created in secret, loans money at below market rates to banks, creates money to finance the government which equates to a hidden tax.
The Federal Reserve has numerous functions. It was created as a result of the fact that banking panics had become to common place. The two primary functions of the Fed are monetary policy and banking regulation. It's monetary mandates are designed to control the pace of inflation and attempt to use monetary policy as a means to impact employment. To do this the Fed sets short term interest rates through the discount rate and the Fed Funds rate. Additionally it can use open market operations (the buying and selling of Gov't bonds).
There are many fair criteque's of the Fed that I agree with. they have clearly expanded their power base beyond areas that I personally am comfortable with. However despite popular opinion, their actions and creation are not based in conspiracy. Rather most of their reckless actions are a result of poor fiscal policy and passing the buck to the monetary arm of economic policy.
by Gary Anderson 8 years ago
This guy is or was high up in the Fed. The fed is a PRIVATE bank, despite the lie on their website. The fed is owned by private stock and the US government owns none of that private stock. http://www.frbatlanta.org/publica/eco-r … hriszt.pdf
by fishskinfreak2008 7 years ago
Web-site/URL: http://news.yahoo.com/s/huffpost/201002 … UtY2xhc3M-More evidence that the worst recession since World War II is still NOT over and won't be until we see some spending and there is a TRUE drop in unemployment (i.e. when the decrease ISN'T because SOME PEOPLE HAVE GIVEN UP...
by Wesman Todd Shaw 6 years ago
It's all so simple, really, and a wicked man stated long, long ago that it never mattered who a king was - so long as he controlled the currency - he was lord and master.http://auditthefedphonebomb.com/bailout … rillion-2/
by GA Anderson 3 years ago
Here is what the Federal Reserve describes as its charter:" The Federal Reserve System, often referred to as the Federal Reserve or simply "the Fed," is the central bank of the United States. It was created by the Congress to provide the nation with a safer, more flexible, and more...
by rakuba 7 years ago
Does Existence of the Federal Reserve Contradict Free Market?
by Jack Lee 13 months ago
What do you think of this? Do you agree? what should the Fed fund rate be?My personal opinion is that the rate has been kept too low for too long. We need to raise the rate back up to about 3 or 4 percent in line with traditional rates...
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