A big mistake

There appears to be some question over the quote's authenticity. Or at least whether the first 2 sentences were part of the rest of it.

https://en.wikipedia.org/wiki/Talk%3...ve_Act#:~:text


Questions for the OP: 1) How "concentrated" was our system of credit before the Federal Reserve was created in 1913? How did a single banker - J.P. Morgan - play such a big role in stopping the Financial Panic of 1907?

2) If the Fed is so dangerously powerful, dominant, and able to control the "growth of the nation", why did it let the Great Depression drag on for a decade? Originally Posted by lustylad

Question for you Lusty, is the Federal Reserve Federal or a reserve? It’s neither. But it sounds official. Who owns it? Is Federal income tax in the original constitution? Or was it ratified thru the 16th amendment in 1913? The same year as the Fed? Yeah, Lincoln instituted a Fed income tax in 1862 after the civil war because the country was deeply in debt. But it expired in 1872.

Don’t be naive LL. The Fed isn’t doing the good work for “we the people”. They wouldn’t be printing worthless money hence inflation which is a bigger tax on Americans. They want to crash the financial system. And you’ll “own nothing and be happy” like Klaus Schwab has said. Then they’ll offer the CBDC as the savior.

Everything’s rigged. Banking, exchanges and elections. It’s a big club but we’re not in it.
Wake up

Question for you Lusty, is the Federal Reserve Federal or a reserve? It’s neither. But it sounds official. Who owns it? Is Federal income tax in the original constitution? Or was it ratified thru the 16th amendment in 1913? The same year as the Fed? Yeah, Lincoln instituted a Fed income tax in 1862 after the civil war because the country was deeply in debt. But it expired in 1872.

Don’t be naive LL. The Fed isn’t doing the good work for “we the people”. They wouldn’t be printing worthless money hence inflation which is a bigger tax on Americans. They want to crash the financial system. And you’ll “own nothing and be happy” like Klaus Schwab has said. Then they’ll offer the CBDC as the savior.

Everything’s rigged. Banking, exchanges and elections. It’s a big club but we’re not in it.
Wake up Originally Posted by bambino

Do you always answer questions with questions? Since you act like you already know the answers to your questions, what's your point?

"Everything's rigged"? You sound a lot like Fauxcohontas Liz Warren. She's always whining about how the "system" is "rigged" in favor of the wealthy and privileged. Meanwhile, she gamed it by pretending to be part Cherokee. And the same system she denounces with her faux populist rhetoric paid her $400,000 a year to teach one course at Harvard.

If you want to criticize the Fed, have at it. I do it all the time. So do most trained economists and business analysts. The Fed makes plenty of mistakes. Jerome Powell has been blasted by everyone and your uncle for keeping interest rates too low too long. Since Feb. 2022, the Fed has been playing catch-up to tamp down Joe Biden's inflation surge.

Again, what's your point? The Fed "wants to crash the financial system"? That's a really, really dumb thing to say. Last time I looked the Fed had a dual mission of promoting 1) price stability and 2) full employment. I didn't see anything about crashing the financial system. Got a link for that? Without a Federal Reserve and its assorted monetary tools, we would find ourselves a lot more helpless in countering and recovering from future financial crises.

By the way, every country in the world has a Central Bank, for reasons too obvious to enumerate here. You seem to want to abolish ours. The US dollar is the linchpin of the international monetary system. It's not the Iraqi dinar. It's not the Vietnamese dong. Our dollar is the world's primary reserve and settlement currency, involved in nearly 90% of global FX transactions. Eliminating the Fed would leave the "almighty dollar" without an issuer, custodian, guarantor. That's completely nuts. You're the one who wants to crash the financial system, not the Fed.