If the America people ever allow private banks to control the issuance of their currencies, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their prosperity until their children will wake up homeless on the continent their fathers conquered. -Thomas JeffersonAt this point, the Federal Reserve can expand or reduce the money supply with no government oversight. It can essentially counterfeit as much money as it wants and charge interest on it. Money is loaned out to government to allow deficit spending and money is loaned out to other public and private entities. The net effect is that the purchasing power of the dollar for people who CAN'T print up their own money has fallen 96% since the Fed was created. In the past one family member could pay for a house and all other expenses; now it takes two workers. What should be done??
First, note that Jefferson was talking about PRIVATE banks, not the Federal Reserve (which didn't exist then). Second, the purchasing power of the dollar hasn't fallen by 96%. And, if you choose to live in the same type of home that was common in Jefferson's era, go ahead and build it (most folks built their own homes with their own hands -- basic and rather crude, but affordable). If, on the other hand, you want modern convenience, automatic heating and cooling, electronics galore and two cars in a push-button garage, then yes, both of you will have to work. What should be done? a prayer of thanks to both Jefferson and Hamilton would be appropriate.
Jefferson was definitely an opponent of the first national bank of the U.S. created by Alexander Hamilton. Chief among his objections was the private ownership of these banks, something that Hamilton held as a virtue. To some extent, the original structure of the Federal Reserve validated that concern. The central oversight agency (then called the Board of Directors) was relatively weak and the large-bank dominated branches showed surprising indifference to bank failures. That all changed with the Bank Act of 1935. Absolute power over the system was given to the newly renamed Board of Governors. The branches were reduced to day-to-day operations. So it would be wrong to say that there is no government oversight. Read up on the Board of Governors. That should help with your understanding -- if you're willing to question fringe site thinking.
because of the fact the Fed isn't private (it relatively is self sustaining--it relatively is distinctive) your question would not make experience. You your self admit that it became into created via an act of Congress. clarify how something created via Congress, that must be dissolved via Congress, that has a board appointed via the President and shown via the Senate is by some ability private--are you able to locate even one private enterprise the place it relatively is genuine? because of the fact it became into created via regulation, please prepare the place interior the regulation it says that it relatively is private.
