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Federal Reserve System

Forum: Heated Debates


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July 22nd, 2008, 09:10 AM
$pryNinja's Avatar Zef Fre$ Mom
Join Date: Jun 2007
Location: Ontario Canada
Posts: 5,557
Stabilizing America's economy

The central banking system in the U.S. is the Federal Reserve System, commonly known as "The Fed".*

The Fed's creation was controversial. The Owen-Glass Federal Reserve Act of 1913 created an institutionalized monopoly of special-purpose banks located in major cities throughout the country. 12 Federal Reserve Banks are led by the Bank of New York, which is a publicly traded corporation started by New York businessmen and Alexander Hamilton on June 9, 1784.

As America's central banking system, the Fed is a system of banks for bankers. The Federal Reserve Board (board of governors) members are appointed by the U.S. president. The Regional Federal Reserve Banks are corporations whose stock is owned by member banks located within the region of each branch Fed bank. The Fed is highly regulated and thus has great credibility.

There was great resistance in Congress and the press to the Fed's inception. Conspiracy theories, and predictions of America becomming a slave state to the European bankers, were popular topics in the papers. William Jennings Bryan's eloquent speech before congress, the Cross of Gold Speech dramatically illuminated the situation.

In 1916, three years after its inception, President Woodrow Wilson denounced the Federal Reserve System:

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world, no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men."[/b]


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July 25th, 2008, 05:13 PM
Cereal Killer's Avatar Aiming for mediocrity
Join Date: Sep 2005
Location: in my house
Posts: 7,374
Here is a thorough explanation of how corrupt the Federal Reserve is.
Wife, Mother of 4, Homeschooling, and wine drinking.

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