Abolish the Federal Reserve

[annarborgator]

Fuck the banksters. We'd be better off without them anyway.

The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=home

[DocZaius]

Fuck. I'm gonna have to find some mason jars for when I pull my money out of the system.

[radbag]

letting the people know would effectively telegraph to the world who and who isn't in dire need of funds.

if you were an institution in dire need, would you want the world to know? you lose your competitive advantage

[annarborgator]

If you are in dire need, you shouldn't even HAVE a competitive advantage, IMO. That seems more like a competitive DISadvantage, no? Or are you just implicitly admitting that our entire banking and monetary system is a huge ponzi scheme, a house of cards that requires lies and obfuscation to work properly?

[radbag]

you've got a point wes.

problem is - you've got the neutrality and objectiveness of governing bodies getting involved in a society of businesses that are set up to make money and profit....they don't mix

i just think that the program was designed to bail out banks...they can accomplish their goal without having to identify those in need....if there was total anonymity, the program would be more utilized...if the world gets to see that Bank XYZ needed an infusion of 20BLN to stay solvent, it could set off a series of events that would negate the bailing out offering.

[annarborgator]

Banking, in its current form, is the 2nd biggest scam of an industry. Right after government.

[annarborgator]

From the Baltimore Chronicle in an article discussing Ron Paul's legislation to abolish the FED:

In theory, the Fed was established to stabilize the economy, smooth out the business cycle, manage a healthy, sustainable growth rate, and maintain stable prices. In fact, it failed dismally. It contributed to 19 US recessions (including the Great Depression) and significantly to the following equity market declines that accompanied them as measured by the Dow or S & P 500 average - the S &P's inception was 1923; it became the S & P 500 in 1957:

* 40.1% (Dow) from 1916 - 1917;
* 46.6% (Dow) from 1919 - 1921;
* the 1929 (Dow) crash in two stages - 47.9% in 1929 followed by a strong, temporary rebound; then - 86%; an 89% peak to trough total from October 1929 to July 1932;
* 49.1% (Dow) from 1937 - 1938;
* 40.4% (Dow) from 1939 - 1942;
* 25.3% (S & P) from 1946 - 1947;
* 19.8% (S & P) in 1957;
* 26.8% (S & P) from 1961 - 1962;
* 19.3% (S & P) in 1966;
* 32.7% (S & P) from 1968 - 1970;
* 45.1% (S & P) from 1973 - 1974;
* 20.2% (S & P) from 1980 - 1982;
* 32.9% (S & P) in 1987;
* 19.2% (S & P) in 1990;
* 18.8% (S & P) in 1998;
* 49.1% (S & P) from 2000 - 2002; and
* about 50% (S & P) and counting (excluding a bear market rebound) from October 2007.

The Fed is also directly responsible for monetary inflation and the decline in the US standard of living since its year end 1913 inception and especially since the 1970s. From the late 18th century to 1913, virtually no inflation existed under the gold standard except during times of war. Using government data, it now takes over $2000 to equal $100 of pre-Fed purchasing power. In other words, a 1913 dollar is worth about a nickel today.[/size]

So the FED failed at its purpose AND has destroyed our money? Sweet, nice work by the gangster banksters. Their fundamental goal was to line their pockets and we all know they did that.