Allen Greenspan when asked about the relationship of The Federal Reserve and the President

[Ekowal1965]

I don't know why but Greenspan reminds me of Mr Bean. Maybe because his such a crackpot:)

[postpanic1]

Yes FU to Mr Greenspan and your buddy Mr Ben Bernanke.

I'd love to do a V for Vendetta and broadcast this world wide, so people can see the truth. The problem I fear thou, is that even if this clip was shown, 90% wouldn't connect the dots. The dumbed down and just damned right stupid virus has taken its tole.

[EpicDoucher]

The shit that comes out of this guy's mouth pisses me off because it's true.

These scumbag bankers rule our country and they are destroying it!

[markv2006]

. . . are reduced to utter poverty through a combination of crushing debt, taxation, and inflation.

[markv2006]

@Renathra

Here Greenspan is simply restating, in the specific case of circa 2001 America, what Mayer Amschel Rothschild, the inventor of modern central banking, said: "Give me control of a nation's money and I care not who makes its laws." In practice this means that a bank granted the monopoly power to create and issue a nation's (necessarily fiat) currency can, over time, purchase a controlling interest in every important public and private institution in that society. In the end, the people

[heightboosting]

he just admitted that the fed OWNS the United states of America, whatever the presidents says is irrelevant

[Wealth4Everyone]

man, this kinda stuff pisses me off. and people are still asleep. and whenever you try to tell them, they complain about reliable sources. most discredit anything online.

so i read my econ text book and found this under currency and the fed chapter "the fed in an independent agency, in that it does not take any orders from the president or congress."

[Yeuxvert]

The Federal Reserve System is NOT an agency of the Federal Government. It has shareholders, and these shareholders are the large banks who wrote and lobbied for passage the Federal Reserve Act of 1913, such as JPMorganChase. As one wag put it, the Federal Reserve is no more a part of the Federal Government than is Federal Express. The Chairman of the Fed is not bound to obey the President, but rather is duty bound to act in the best interest of the shareholders of the Federal Reserve Bank.

[wolfhybred]

@Yeuxvert ! yr ago and a ;few; are starting to get it ! Grr I organizzed the first protest 3 years ago in my city. The Tea party (some of it) joined us, but... They are just barely getting it. Glad ti have the support, but what will they do when they realize printing money out of thin air pays for the nationbuilding/ pre emptivewars/unconstitutional occupations they print money for? Not just our , but for who else? Is an audit an unreasonable thing to ask for? My answer is it would be stupid not

[Renathra]

@Yeuxvert Insane isn't it? Why do we put up with this? Every American needs to stop paying taxes until we take the power away from the banks, every penny of our money is accounted for and a new, transparent reserve system, fully accountable to the taxpayers is written into law. Imagine if we tried to borrow a percentage of their wages from the banksters... with no accountability or assets to back it up? They would laugh in your face! Its time to grow a backbone, America!

[funkymeter411]

@Yeuxvert Clearly you know nothing about Nixon and Arthur Burns. When Nixon appointed Burns, he infamously told Burns that he expected the Fed to do "independently" what Nixon wanted done. Burns himself wrote that the Fed should have reduced the money supply after '64 but was unable to do so b/c of political commitment to the welfare state and the political power of labor unions and big business.

[ncfusion]

An independent FED is how the ACT reads, but I know and likely so do most that have commented that while their independance is the first thing you realize... then you understand independance from political pressure is necessary if men are going to determine interest rates and money supply. I think markets control interest based on risk better than central lanning. To top it off the FED is not independent and fixes rates based on election cycles and is in bed with Washington and Wall Street.

[ncfusion]

It was both guns and butter or war and welfare in the sixties that led to the treasury spending and the FED financing the dollar right off the gold standard with the gold window closing in 71. The dollar became fiat but remained the reserve currency for global transactions. Today the FED contines to finance everything such that both parties look almost the same. Now the Federal Reserve are buying Treasury debt because they know they cannot sell them long term at auction. It is a mess.

[RAMPKORV]

@Yeuxvert It is indeed a federal government, but with private components. However, the difference doesn't matter in practice.