Forums
New posts
Search forums
What's new
New posts
New media
New media comments
Latest activity
Classifieds
Media
New media
New comments
Search media
Log in
Register
What's New?
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Navigation
Install the app
Install
More Options
Advertise with us
Contact Us
Close Menu
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Forums
The Water Cooler
General Discussion
Economics 101: Without the BS
Search titles only
By:
Reply to Thread
This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.
Message
<blockquote data-quote="inactive" data-source="post: 1361733" data-attributes="member: 7488"><p>To say that the Federal Reserve system is a private company is a fallacy, as it was 1) established by the government, 2) still is accountable to the US Congress, 3) can be eliminated by the legislature as quickly as it was implemented, and 4) is overseen by board members appointed by the President and confirmed by the Senate. It is as much of a private company as Grand River Dam Authority or CompSource are in Oklahoma.</p><p></p><p>To claim that the money is printed by the Fed is the true cause of inflation is a another fallacy, as any bank involved in the lending of money based on deposit reserves creates money, with or without a central bank. There is far more money in the US banking system than what is printed in physical legal tender. The concept of paper money being the basis of inflation is extremely outdated.</p></blockquote><p></p>
[QUOTE="inactive, post: 1361733, member: 7488"] To say that the Federal Reserve system is a private company is a fallacy, as it was 1) established by the government, 2) still is accountable to the US Congress, 3) can be eliminated by the legislature as quickly as it was implemented, and 4) is overseen by board members appointed by the President and confirmed by the Senate. It is as much of a private company as Grand River Dam Authority or CompSource are in Oklahoma. To claim that the money is printed by the Fed is the true cause of inflation is a another fallacy, as any bank involved in the lending of money based on deposit reserves creates money, with or without a central bank. There is far more money in the US banking system than what is printed in physical legal tender. The concept of paper money being the basis of inflation is extremely outdated. [/QUOTE]
Insert Quotes…
Verification
Post Reply
Forums
The Water Cooler
General Discussion
Economics 101: Without the BS
Search titles only
By:
Top
Bottom
