re: How the Federal Reserve works

Early in our nation's history there were some national banks. They were not popular because it appeared they were manipulated by the elite and it reminded people of the Bank of England. Shocking, I know.

There were some crashes and around 1907 there was a crash that was pretty bad. JP Morgan was able to convince some super rich to put cash out there to keep things afloat. Then convinced the federal government that a central bank was needed to prevent bank runs etc. Woodrow Wilson, a huge jackass elitist, signed the Federal Reserve Act into law in 1913.

The Fed completely abandoned its designated purpose in the Great Depression and made things much worse.

And now the Fed is right back to being controlled by the elites, and it then controls the economy through monetary policy. A few decades ago there were "reforms" for transparency but then Congress gave the Fed several exemptions, so there's never actually been transparency.

We need to end the Fed and either have a national bank that is there solely to prevent bank runs, and not do bailouts, or worry about price controls or employment numbers, or we should simply let things run their course, however they go.