Tom Hanks
Clint Eastwood
Al Pachino
Monday, May 4, 2015
The Good, The Bad, The Fed
Many people believe that the Fed is either good or bad. This is a misconception, since the Fed was incorporated for a reason or else it would not be there. A major reason, and a very understandable one at that, people strongly distrust is because the Fed is not actually part of the US government despite it having the title 'Federal' in its name. "the Federal Reserve ... declaring that it was “not an agency” of the U.S. government and therefore it was not subject to the Freedom of Information Act" (1) Since the Fed is not part of the government it is not obligated to release information about itself to the public. "Our money supply has rapidly increased over the past century due to the Federal Reserve printing massive amounts of money like there is no tomorrow"(2) The Fed is completely in control of the amount of US currency is printed and due to this the amount of actual dollars there are has greatly increased over the years. This ultimately has caused inflation which greatly harms the economy. Despite all this it is actually a myth that the Fed prints the money. "Although the Bureau of Printing and Engraving prints it, it delivers it to the Fed, and then the Fed gets to decide how much of it to put out into the economy," says W. Michael Cox, director of the O'Neil Center for Global Markets and Freedom at Southern Methodist University's Cox School of Business. The Fed only determines the actual amount of money released to the public.
(1) http://theeconomiccollapseblog.com/archives/11-reasons-why-the-federal-reserve-is-bad
(2) http://www.bankrate.com/finance/federal-reserve/myths-federal-reserve-1.aspx
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