To make it worse, it is privately held and owned by some of the wealthy people in world many of whom are foreigners who serve their own interest not the interest of the United States of America.
The Fed through this idiot Ben Bernanke is a chief cause for the housing bubble and the financial crisis along with most of us losing our retirement savings.
Please stick a Pin in this Voo Doo Doll by simply posting here, and hopefully the most horrible of things will happen to this asshole.
f you haven't joined BLOGS FOLLOW ME yet your just not with it.
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In the US the Treasury prints the money. It's unusual because in most countries in the world the central bank is in charge of the currency, which is not the case in the US. The Fed is the central bank and it is based on the reserve banking systems found in Europe. You can read all about it on Wikipedia or where-ever.
ReplyDeleteThe housing bubble had many causes, a big one being Alan Greenspan, the former head of the Fed, who kept interest rates artificially low for political reasons (i.e. Bush) after 9/11, thus making it very cheap and easy for consumers to borrow way too much money. Grab a chart of the Fed's interest rate history and you'll see what I mean.
I'm searching for something in your post that is true and I ain't finding it.
they have real bernanke voodoo dolls at www.pinheadvoodoodolls.com
ReplyDeletedie u lying piece of shit
ReplyDeleteAnonymous @ 11/7/09,
ReplyDeleteTreasury doesn't print the money and please, don't say "check Wikipedia" for answers, that's a moronic thing to tell someone.
Here's how it works: The Treasury has an account at the Fed and puts in their request. In exchange for the new money (which, if we're talking paper money, is physically printed by the Bureau of Engraving and Printing), the Treasury gives the Fed Treasury bills worth the face value of the new money plus interest. So that's where the scam is.
New money is also automagically created by the banks who can take $10 of your money on deposit with them and create $90 worth of loans. If that $90 is reinvested with the bank, the bank can turn around and make $850 in new loans. You with me now? Those numbers are not exact, I wouldn't suggest you check Wikipedia to find the real number but Google "bank reserve requirements" or something along those lines for more specific insight into the matter.
Also: Bernanke sucks but he's not evil. He's a sucker. You think they accidentally put a Great Depression expert in charge of the Fed ahead of the worst financial crisis this country has seen since, well, the Great Depression? You're not giving them enough credit.
I am glad somebody is going against the rich. Drown Ben Bernanke for drowning us in debt.
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