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I think it hurts the economy and needs to be abolished. Your thoughts.
I think it hurts the economy and needs to be abolished. Your thoughts.
How does the Federal Reserve hurt the economy, and why does it need to be abolished? Please explain.
It's a private entity. There is more debt than there is money in the world. The Federal Reserve has a monopoly on our monetary system basically. Having a central bank such as that is bad. Having a debt based monetary system is really bad. It will collapse, and it doesn't take long for it to do so.How does the Federal Reserve hurt the economy, and why does it need to be abolished? Please explain.
It's a private entity. There is more debt than there is money in the world. The Federal Reserve has a monopoly on our monetary system basically. Having a central bank such as that is bad. Having a debt based monetary system is really bad. It will collapse, and it doesn't take long for it to do so.
There is nothing government related about the Federal Reserve. Their name suggests otherwise, most people think they are run by the government. The government really has no control in creating money in our economy. Only the Federal Reserve does, in the form of loans.
Nicknamed the FED in recent years, Greenspan, who recently retired from there, was the head fed. You may have or not taken notice when the country held its breath awaiting the word from the FED as to what interest rates were going to be set to. Now granted those interest rates were for the FED making loans to banks. But it did have a trickle down affect as in how much it would cost you to take out a loan. Housing construction would tetter on which direction the rate would go in. Contractors taking out spec loans would either have to pay a higher rate in some cases or go out of business.
If you were to do away with the FED this country's economy would be thrown in to turmoil.
And yes the head fed was nominated by the president and had to be approved by congress and the senate.
The way I see it, local and regional banks would be more responsive to their respective economies than the Fed ever could be so I think the country would be better off not having these banks not tethered to the Fed. And isn't it true we didn't have depressions before the Fed existed?
Been listining to Rush Limbaugh again huh?