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Report: U.S. deficit to hit $2.29 trillion (pg. 2)
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| Massive84 |
i hate these long articles.
can someone put this in simple words?
does it matter that the US have a deficit of 2.29 trillion? it seems it's not. |
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| Yoepus |
| quote: | Originally posted by Massive84
i hate these long articles.
can someone put this in simple words?
does it matter that the US have a deficit of 2.29 trillion? it seems it's not. |
Ya, I'll sum it up for you (mind you I haven't read the long articles - what? do I look crazy to you??!! I have better things to do with my time, or at least I like to think so):
No it doesn't matter.
The government can always print more money anyway, so who cares?!
The Federal Reserve is an evil-capitalistic cartel bent on world-domination and must be destroyed.
There you have it, this thread in 50 words or less. |
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| Massive84 |
| quote: | Originally posted by Yoepus
Ya, I'll sum it up for you (mind you I haven't read the long articles - what? do I look crazy to you??!! I have better things to do with my time, or at least I like to think so):
No it doesn't matter.
The government can always print more money anyway, so who cares?!
The Federal Reserve is an evil-capitalistic cartel bent on world-domination and must be destroyed.
There you have it, this thread in 50 words or less. |
but then comes the question.
why doesn't africa do this? or holland? or any other country? |
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| occrider |
| quote: | Originally posted by Massive84
but then comes the question.
why doesn't africa do this? or holland? or any other country? |
Every country does do this. What do you call the Eurobank and the ECB? They perform the same function of affecting the m1 money supply and conducting monetary policy.
These institutions will never be abolished because they perform critical functions that ensure stability in economies. Abolish the fed and its monetary controls and you expose the public directly to market interest rate shocks. Yup, the fed would be abolished right until the point when you looked at the adjustable rate mortgage on your house or credit card bills. |
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| Trancer-X |
| quote: | Originally posted by occrider
Every country does do this. What do you call the Eurobank and the ECB? They perform the same function of affecting the m1 money supply and conducting monetary policy.
These institutions will never be abolished because they perform critical functions that ensure stability in economies. Abolish the fed and its monetary controls and you expose the public directly to market interest rate shocks. Yup, the fed would be abolished right until the point when you looked at the adjustable rate mortgage on your house or credit card bills. |
Gold standard :toothless |
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| malek |
| quote: | Originally posted by Yoepus
The Federal Reserve is an evil-capitalistic cartel bent on world-domination and must be destroyed.
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you forgot to add zionist
The Federal Reserve is an evil-capitalistic zionist cartel bent on world-domination and must be destroyed.
:toothless |
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| Yoepus |
| quote: | Originally posted by malek
you forgot to add zionist
The Federal Reserve is an evil-capitalistic zionist cartel bent on world-domination and must be destroyed.
:toothless |
indeed! and with lots of mustard!
On a sad note, I think I need to go to the doctor and see how the fact that Greenspan is Jewish slipped my memory :(
:p |
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| ogvh5150 |
Great response but fix your links:
From their own page:
| quote: | Originally posted by federalreserve.gov
FEDERAL RESERVE ACT
SECTION 13—Powers of Federal Reserve Banks
1. Receipt of Deposits and Collections
Any Federal reserve bank may receive from any of its member banks, or other depository institutions, and from the United States,
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If they ARE a government agency then WHY do they speak as if they are a THIRD party? |
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| Yoepus |
| quote: | Originally posted by ogvh5150
If they ARE a government agency then WHY do they speak as if they are a THIRD party? |
If its not a federal agency then how come you can submit a FOIA (Freedom Of Information Act) request to the Federal Reserve?
Hmm.. that must mean they're a federal agency, no?
http://www.federalreserve.gov/gener...oia/default.cfm
cough, cough:
| quote: | The Board of Governors of the Federal Reserve System was estab-lished
as a federal government agency. It is made up of seven
members appointed by the President of the United States and con-firmed
by the U.S. Senate. The full term of a Board member is four-teen
years; the appointments are staggered so that one term ex-pires
on January 31 of each even-numbered year. After serving a
full term, a Board member may not be reappointed. If a member
leaves the Board before his or her term expires, however, the per-son
appointed and confirmed to serve the remainder of the term
may later be reappointed to a full term. |
http://www.federalreserve.gov/pf/pdf/frspf1.pdf |
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| occrider |
Whaa? Of course the federal reserve is a federal agency. What you would have Bank of America or Citigroup conduct monetary policy? :stongue: The reason why any of the fed banks accept receipts and what not from the United States is because the Federal Reserve is a distinct and seperate entity from the Treasury Department. The Treasury Department ultimately is under the Executive Branch. While the treasury department can issue debt to private markets to raise money for federal spending, the federal reserve can engage in open market operations by buying or selling US treasuries in an effort to influence the economy in either direction. The whole purpose of creating this division between the Fed and the Treasury Department is so the President can't unduly influence the Fed to say, keep interest rates low during a President's entire term while being negligent of inflation. Anyway here's a basic history:
http://www.auburn.edu/~johnspm/glos...rve_system.html |
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| ogvh5150 |
The same way you can get a FOIA request from the United States Post Office which ceased to be a government agency in 1970 and became the United States Postal Service. If the USPS is a gov't agency then why does it sponsor Lance Armstrong? Amtrak (Gov't agency) holds corporation status and both of these turn profit.
| quote: | Originally posted by The Freedom of Information Act 5 U.S.C. § 552
(f) For purposes of this section, the term--
(1) "agency" as defined in section 551(1) of this title includes any executive department, military department, Government corporation, Government controlled corporation, or other establishment in the executive branch of the Government (including the Executive Office of the President), or any independent regulatory agency; and... |
So if it both consider themselves government agencies why do they do business as corporations? Why does the Fed as an office of the United States say that it collects from Federal Reserve banks and the United States? |
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