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MYTHS AND ANSWERS!
The Real Problem: When
a great economist such as Milton Friedman doesn't know that the Federal Reserve System is as Federal as Federal
Express and that it is not part of the Government and has never been part of the the Government. We are all in
serious trouble.
So while he is right in all his explanations as to what the Fed did wrong,
he has seemed to have forgotten or has been fooled like the rest of the people ito believing that the Federal Reserve
is part of the Government.
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MYTHS AND ANSWERS!
The real truth of the matter is it is not, it is big business, and neither
the President nor the Congress has any power over the policies of the Federal Reserve. It is also true that if
the Government did not step in, if FDR did not institute public works programs, take us off the Gold Standard,
and cause more money to be pumped into the economy. who knows how long the Great Depression would have continued.
What most Americans do not realize is that all the banks that constitute
the Federal Reserve are privately owned. What is also true is that through their member banks the Federal Reserve
has caused, does cause and will continue to cause the booms, depressions and recessions as they see fit. The reason
why it will do this is because the business of business is business and these are the things that allow banks to
make a profit. So if you believe that these periods have anything to do with what's best for the people, you are
sadly mistaken.
Yes Dr. Friedman it is the Federal Reserve that is solely responsible
for the inflation imposed upon us. It is imposed upon us not only by the rise in the cost of goods and services,
but it also imposed upon us directly from the government needing to tax us to pay the interest that the Federal
Reserve charges us. A debt of interest that is growing from the billions of dollars a year to the trillions of
dollars a year. Yes right again Dr. Friedman, the Constitution does give the government the right to coin money.
So why doesn't it?
Remember what we have to do to get the money to pay for things that we
cannot afford. We have previously discussed 3 ways. There is of course a fourth way and that is to borrow. However
now we must pay the principle due and the added the interest. The truth of the matter is simply this. You cannot
borrow your way out of debt, anymore than you can drink yourself sober. So let's take the power to coin money out
of the hands of the bankers and put back in the hands of the people.
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