"Although today the governors of the Federal Reserve are literally the gods of the nation's money supply and financial policy, in previous eras of American history, leaders warned specifically against an unaccountable, unelected central bank:
* "I sincerely believe ... that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale." â Thomas Jefferson
* "Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money." â Daniel Webster
* "Whoever controls the volume of money in any country is absolute master of all industry and commerce." â James A. Garfield
* "All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation." â John Adams
Now I doubt these individuals knew what would happen with the FED. As a capitalist, I wonder if the FED is truly needed. Like today's action, weak but the market moved 80+ points on the cooling of the economy outlook....which pointed to "FED's LESS LIKELY TO RAISE AGAIN" mental attitude. All day long, news of such came across my bloomberg terminal.....It will be interesting to see how the effects of Higher Energy Prices but slowing "Manufacturing", "Retail Spending" (wmt told of lower sales expectaions as did most retailers), and "Johnny Has had 4 refies and cant pull any more money out to spend" population comes to a slowdown.
Hummmm
Er
* "I sincerely believe ... that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale." â Thomas Jefferson
* "Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money." â Daniel Webster
* "Whoever controls the volume of money in any country is absolute master of all industry and commerce." â James A. Garfield
* "All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation." â John Adams
Now I doubt these individuals knew what would happen with the FED. As a capitalist, I wonder if the FED is truly needed. Like today's action, weak but the market moved 80+ points on the cooling of the economy outlook....which pointed to "FED's LESS LIKELY TO RAISE AGAIN" mental attitude. All day long, news of such came across my bloomberg terminal.....It will be interesting to see how the effects of Higher Energy Prices but slowing "Manufacturing", "Retail Spending" (wmt told of lower sales expectaions as did most retailers), and "Johnny Has had 4 refies and cant pull any more money out to spend" population comes to a slowdown.
Hummmm
Er