Nationalize the Fed and Create Our Own Money

From Dissidentvoice.org

The Federal Reserve Bank is a private institution owned and controlled by private banks. It is a private bank that enriches its private owners.

The US Mint does not create our money. It creates about 3% of it in the form of dollar bills and coins. The rest is generated through computerized bookkeeping entries by the private banks.

Banks do not make loans only from money they have on deposit… Through what is called “fractional reserve banking,” They loan well over ten times the amount they have on deposit. This is how our money is created. It is created out of thin air.

All debt of the US, all corporate debt, and all individual debt are owed to private banks.

All money is debt.

Over 20% of our taxes are used just to pay the interest on our government debt

Banks are no longer limited to loaning money to make their profit. The 1999 abolition of the Glass-Steagall Act allows them to gamble in the stock market, the commodity exchanges, the foreign currency exchanges, collateralized debt obligations, and to buy and sell other banks and businesses.

I posted this excerpt because it contains mostly true aspects of our Federal Reserve that most people have no idea about. But if we were to abolish the Fed then controlling our monetary policy would be the job of politicians. That would be disastrous. Politicians are not economists...they don't have any understanding of the financial systems. Ruling politicians would always lower rates to stimulate the economy...they would never take the unpopular roll or reigning it back in.