The Creature from Jekyll Island

Quote from ivanbaj:

http://en.wikipedia.org/wiki/Federal_Reserve_System

Easy read
"Current functions of the Federal Reserve System include:[6][30]
To address the problem of banking panics
To serve as the central bank for the United States
To strike a balance between private interests of banks and the centralized responsibility of government
To supervise and regulate banking institutions
To protect the credit rights of consumers
To manage the nation's money supply through monetary policy to achieve the sometimes-conflicting goals of
maximum employment
stable prices, including prevention of either inflation or deflation[31]
moderate long-term interest rates
To maintain the stability of the financial system and contain systemic risk in financial markets
To provide financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system
To facilitate the exchange of payments among regions
To respond to local liquidity needs
To strengthen U.S. standing in the world economy
"
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According to the Creature from Jekyll Island, its primary function is really to ensure profits for bankers. Everything is done in the guise of protecting the public interest, but in the end, the banks and financial institutions get bailed out while the cost goes to the taxpayer. The massive bailouts that occurred a few years ago were predicted many years earlier by Griffin.
 
Quote from 5yrtrader:

It is always a better for trade to have a "medium of exchange" rather than a barter system. Barter system: two sheep for a haircut, Medium of Exchange; $25 for two sheep, $50 for a haircut.

In the free banking system, there were very little regulations and each of those banks created its own "medium of exchange." They were notes or bills that the bank would give you representing that you had deposits with the bank, this was the currency. The currency would only be valid if the bank still existed, if the bank was in trouble or thought to be in trouble your note would be worthless than if the bank was considered stable. The US government stepped in created its own medium of exchange (the dollar) to wipe out all these different currencies to increase trade and confidence in the economic system.

The Federal Reserve was created so that no politician could have control over the money supply. When politics are involved you see things like hyperinflation in Zimbabewe recently and Germany circa 1923. This is why its "privately owned," to keep it out of politicians hands, not because its in the hands of a banking cartel. The profits earned are payed back to the treasury department, not the bilderburg group or whatever.

The Fed definitely screwed up in the 1930s by tightening the money supply, but overall we have had much less volatility in financial markets during the Fed era than before. The Fed tries to control the boom/bust cycle that was so prevalent in the begining of the industrial revolution.

5yr
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You are as naive as it gets. I suggest you read some of Rothbard's books:
http://mises.org/store/Rothbard-The-Complete-Collection-P259.aspx
As for the history of fed, a good read is Eustace Mullins' Secrets of The Federal Reserve.
Read them and come back to this forum.
 
I bet the Governors are on a big big wage !!

They are so short sighted, by concentrating on maximising their OWN salaries/pensions they are creating massive resentment which builds and builds into socialism.
We have just had another big dose of socialism in the UK. And as predicted they nearly bankrupted the country ( with a lot of help from Wall St./sub prime mortgage crooks etc. !! )

Their GREED is what keeps socialism going imho
 
Quote from DrPepper:

I am about half-way through The Creature from Jekyll Island but decided to temporarily skip to the end. The book was initially published in 1994, but the author accurately predicted the current flawed economic system leading to a banking crisis and large federal bailouts. He goes on to predict many of the things that people are now worried about, including hyperinflation, economic collapse, a new global currency and domestic violence. This video interviewing the author of The Creature from Jekyll Island, G. Edward Griffin, is not nearly as detailed as the 600 page book, but it is a fascinating summary:

<embed id=VideoPlayback src=http://video.google.com/googleplayer.swf?docid=6507136891691870450&hl=en&fs=true style=width:400px;height:326px allowFullScreen=true allowScriptAccess=always type=application/x-shockwave-flash> </embed>
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Thanks for the link. Very interesting.
 
Thx a lot to all for the delicious posts before... A little comments to these few "guys"....

Quote from Pekelo:

True, but it questions why some Americans are unhappy with the existence of a central bank, when the rest of the world seems to be OK with it...
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Because of Wednesday the fourth of March, one thousand seven hundred and eightynine...

Quote from Bill of Rights :

Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.

A well regulated Militia being necessary to the security of a free State, the right of the people to keep and bear arms shall not be infringed.
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source : http://upload.wikimedia.org/wikipedia/commons/7/79/Bill_of_Rights_Pg1of1_AC.jpg


Quote from Nastyrabbit:

Smart. Sad to say, those with undying loyalty to nationstates will be the losers.
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Loyal to Ideals


Quote from Martinghoul:

Sure...

I think we've had a few discussions of these subjects with various people in the past. I would be happy to watch the video and tell you what I think of it.
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YOU ARE A JOKE !!! sorry... 4u
To see the light you need to open your eyes ^^

P.S.

\\run timeoptimizer.exe
.........100%

>> Move Martinghoul to ignore list
>> Press Y to confirm N to cancel
\\y
>>Martinghoul moved to ignore list
\\esc
 
Quote from Optionpro007:

I think you are making a big mistake. Martinghoul is one of the members who knows most about this subject in this forum.
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I agree. I look forward to MG's comments more than anyone on economics, even though he does not seem to like any of this conspiracy stuff. Although I am still waiting for his promised opinion on the Money Masters video. However, my posted video about The Creature from Jekyll Island is shorter. I would sure like to hear his opinion on that as well.
 
Quote from SNBthetrue:

Thx a lot to all for the delicious posts before... A little comments to these few "guys"....
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Excuse me, did you actually have a point?? Me think not.

When you show me a couple of Western (or any decent sized for that matter) countries operating without a central bank we can talk....

Read American history in the XIX century. There were bank failures left and right. There was a banking crises in every 9 years or so. Know your history...

Once you traveled farer from your city, nobody accepted your money, issued by your bank. Convenience, I say. :)
 
One of the central points made in the Money Masters video is that instead of printing treasuries, that are sold to the fed and other central banks for interest thus enslaving the citizens of the USA, the congress should print money. If they can issue 1 trillion in bonds they can surely issue 1 trillion in green backs instead.

This will break the dependency of the USA from the evil bankers.

Let's discuss this point. Why is the governments so stupid to borrow with interest instead of printing money directly as needed?
 
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