The Federal Reserve was supposedly created by JP Morgan and his cronies in 1913 with the mandate of providing price stability and preventing financial crisis. The result for the American people has been crisis after crisis and a scientifically created relentless debasement of our currency. Ask yourself who benefitted. Did you?
Thunderbird says:
I would be interested in seeing a graph showing Purchasing power in the value of gold verses the value of gold in the same timeline between 1900 and 2012 overlaid against the Rising price in US Dollars. That would tell the real story about the value of the dollar and why debt has replaced saving. With the type of inflation we have experienced during the timeline of 1970 to 2012 it made more sense to purchase products using debt to pay for them.
But now we have come full circle back to 1933 when the United States became bankrupt with too much debt and we switched into a fiat currency; the start of an inflatable money supply.
What are we going to switch into now to kick the can down the road a few more decades?
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1st December 2012 at 3:17 pm
Steve Hogan says:
They’ve done a real bang-up job on the whole price stability thing. And their other mandate, full employment, is wildly successful too.
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1st December 2012 at 3:44 pm
Thunderbird says:
Where are the comments?
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1st December 2012 at 3:54 pm
Thunderbird says:
Interesting this other mandate to facilitate full employment. Could this imply that large global corporations were to be created to fulfill this mandate or that the government would be the mechanism to create and keep full employment?
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1st December 2012 at 3:58 pm
JIMSKI says:
ADMIN
A while ago you posted a graph with 2 lines. One was the value of the dollar and the other one was the gold content of roman coins the last 100 years. Find that one it is a classic. It was like a double highway.
We kind of know how it worked out for Rome……….
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1st December 2012 at 6:02 pm
TeresaE says:
Haven’t we yet figured out that what they tell us their job is, and what their actual job is, are two completely opposing things?
The Federal Reserve’s main job is to keep banks and the US government capitalized. Any correlation between those main jobs and an increase in the standard of living for the masses was accidental, at best.
The oligarchs know they are doing exactly the job they were set up to do. Trade our efforts and production for bank bonuses.
Success.
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1st December 2012 at 6:06 pm
Novista says:
http://www.petitiononline.com/fedres/petition.html
A new petition … heh. Page seems to spin its wheels, maybe doesn’t want signatures.
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1st December 2012 at 6:11 pm
Administrator says:
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1st December 2012 at 6:19 pm
Llpoh says:
Laughed coffee out my nose when I read the title of this thread.
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1st December 2012 at 6:30 pm
Muck About says:
I don’t know if this’ll print or not.. It looks a little unwieldy..
MA
Please note that the purchasing power of gold versus oil over time is essentially f-l-a-t. The variations are kinks in supply and demand.
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1st December 2012 at 9:17 pm
Kill Bill says:
Need versus demand
Would be more apt in my opinion
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1st December 2012 at 11:24 pm
Mountain Man says:
But, but, the middle class is doing fine.
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1st December 2012 at 8:41 am
sangell says:
Jeff Snider offers up a deeper look into what the role of the Federal Reserve is with his Friday piece in Real Clear Markets. Price stability was NOT job one, it was to sever the link between currency and ‘money’ so as to enable banks to extend more credit. He quotes a fascinating piece written by Andrew Carnegie in 1908 to show the problem then was a shortage of government bonds preventing
an expansion of the money supply and how breaking the constraint between money supply and actual money was ultimate ‘achievement’ of the Federal Reserve.
http://www.realclearmarkets.com/articles/2012/11/30/absent_a_monetary_rule_fiscal_cliffs_will_be_the_norm_100014.html
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1st December 2012 at 10:56 am
Thunderbird says:
Muck About: Thanks for the graph. It really shows the worthlessness of fiat currency over time and it’s abuse by the powers that be.
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1st December 2012 at 11:35 am