JK, the FED is a consortium of private banks that "constitute" our central bank. They print our money and charge us $ billions in interest to use it. The original idea was to screw us good. The original stated
idea was to be independent of GOV so that they would have some independence to pursue monetary policy with GOV controlling them.
The FED was forced on us in 1913. 16 years later, their policies caused the great depression .
Much of this crash was rightly blamed on the FED. The SEC had a lot of responsibility also.
believe that the Greenspan bubbles were blown at the behest of the U.S. GOV. Worldwide competition was killing our manufacturing base. The FED blew bubbles to maintain our standard of living for a while longer.
Several years ago, the FED was tasked with the job of maintaining high employment. This is obviously impossible in a declining economy. Global wage arbitration was draining jobs. The FED printed money and GOV dispersed it to it's employees. This added money to the economy and bought jobs and loyalty of GOV employees.
The House of Representatives is where all spending bills originate. The FED regularly blames the House for all the spending. The FED prints the money. The GOV earmarks it and spends it.
True, the FED sent hundreds of $billions to foreign banks. Don't forget, these foreign banks bought hundreds of $ billions in toxic assets. The FED secretly reimbursed them for their losses,,, to avoid prosecution from Interpol.
In essence, everyone but the poor was defrauded by Greenspan's bubbles. Everyone was robbed by the resulting inflation.
The FED is just a greedy bunch of bankers with Bernanke as their mouthpiece. Everyone wants to blame Bernanke;
In truth, there was plenty of malfeasance. BUT, much of the problem is / was from market forces. The stupid consumer is to blame for buying all the foreign manufactured stuff. The runaway greed on wall street was a big influence.
The Viet-Nam war was the first step that caused the dollar to go off the gold standard. Runaway printing followed. Things got worse as we tried mightily to expand our empire.
The projected deficit is $ 1.5 trillion but, it looks to reach $ 2 trillion this year.
The FED is printing like mad. Several years ago, Bernanke authored a good paper showing that quantitative easing does NOT work.
He knows that he is doing wrong and that it is ultimately FUTILE.
Congressman Reid proposed $ 72 billion in budget cuts but, later said that it was too draconian.
The FED is the boogeyman here but, market forces and political forces are huge factors.
Obama proved that he can't create jobs. The FED can't create jobs. Only market forces can create jobs. Shifting all the R&D and creativity into the military sector has left us stagnated. There are plenty of "drivers" for our problems. The FED is just one.
I don't post things because I believe that they are the absolute truth. I post them because I believe that they should be considered.