Federal Reserve

First is inflation, 100$ in 1832 equals 120$ in 1872, we lost 1/6 our moneys value, whereas 100$ in 1940 equals 588$ in 1980, the Federal Reserve multiplied inflation by 5 this blows the whole "But the Federal Reserve prevents inflation" notion out of this debate. Second is the constitution, according to the constitution, congress should control the monetary system, the only dispute I got over this is "Congress controls the Federal Reserve", the Federal Reserve Board of governors does. Third is that it isn"t part of the government, it is a privately owned central bank, some people try to argue that allowing a group of nonelected officials is a good thing because supposedly politicians would use their economic power to sway elections, nonelected politicians are not more trustable than elected politicians. Fourth is checks and balances, what checks and balances does the Federal Reserve have? If the board of governors wanted to make 30 Trillion Dollars out of nowhere right now, they could, they just have to set an order with the Beuro of Printing and Engraving, there"s not even a consensus, the Beuro just does what the Federal Reserve says. Fifth is the Federal Reserve Act, the group that proposed the act were a group of capitalists including J. P. Morgan (The frivolous banker), and John. D. Rockefeller (Ludlow Massacre John. D. Rockefeller), Senator Aldrich proposed the bill, it was turned down, until the bills name was changed from "The Aldrich Bill" to "The Federal Reserve Act", congress read the Aldrich Bill, but not the Federal Reserve Act, this should tell you something about the bill, but this isn"t the point, the point is the text, you will never find "To preserve the buying power of the American Dollar", or "To preserve the middle class", or "To ensure the general welfare of the public", what you will find is "To provide cheap loans to businessmen", and "to promote business growth", so it makes itself very clear that its intent is to help the billionaires and monopolies. Sixth is trustworthy ness, in 2008 9 Trillion Dollars went "missing" from the Federal Reserve, they kept quiet about it, it took them 7 years to come up with this "it was a corporate bailout" thing, this is ridiculous as there is 9 trillion dollars in our economy, not 18 Trillion, if it was used to bail out an American corporation, the money would still be in America, it had to go to a foreign country. Seventh is term limits, people will say that the board of governors are not eligible for reappointment , why then has Goldman sacks been CEO of the Federal Reserve since before the Reagan Administration? Eight is recessions, we had 6 major recessions in American history, 1807, 1837, 1873, 1893, 1929, and 2008, 4 of which happened under the supervision of a central bank, 1807 happened under the First Bank of The United States, 1837 under the Second Bank of The United States, and 1929 and 2008 under the Federal Reserve, what you can conclude from this is that a central bank is bad for any economy. Ninth is repercussions, the Federal Reserve caused both 1929 and 2008 disasters through loose economic policy, they issued a lot of money, causing inflation, causing stock prices to increase, causing people to buy into it in hopes of their value increasing later so they could sell it for more later, low interest rates enticed more loaning, allowing people to loan money to buy stock, bubble pops, recession, same with 2008, just replace stock with houses, and 1929 with 2008. Tenth is power, there is no way a group of nonelected officials can be trusted with our economy, the largest economy in the world and the largest currency in the world, the most powerful economic institution in the world, anyone would use that power for their own interests. Eleventh is a practicality; is it practical to have a central bank? What has a central bank benefited any economy in history? Well the Bank of England got Brittan debt up the wazoo, The Bank of Canada got Canada 9 Trillion in debt, the European Central bank got all of Europe in a debt crisis, the Federal Reserve got us 18 trillion dollars in debt, and The Bank of Mexico, well you got me there Mexico"s economy to a great position (just look at their GPA).