Elon wants the big fish…he wants to audit the federal reserve

I still can't figure out how the FED works

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I still can't figure out how the FED works

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They set it up to where the American taxpayer always loses.

Elon is ignorant about all of this. All he needs to do is read things from Ron Paul. The Fed needs to end. We don't need an audit.

I don't remember if the measures passed during the 2008 financial crisis gave money to the Fed to purchase things, but it did provide money the Treasury Dept to do that - whether that money was sent direct to the Fed to do it or if the Treasury did it, I'm not sure. The result was much the same, and belies what the Fed does that makes it such a bad thing for the economy.

The Fed defenders like to say "we don't print money" but they are the root cause. The Fed will go buy Treasuries from banks (perhaps assets other than treasuries, as well), which puts billions into the reserves of these banks. The banks then engage in fractional reserve banking, giving out loans. If the fractional reserve rate is 10%, then the purchasing of $1B in treasuries ends up putting about $10B into the economy. That is printing money.

Big Money is involved in every step. This infusion of money produces inflation, but Big Money gets loans or sells assets / treasuries early in the process when prices are X, they then use all that new cash to buy homes, businesses, stocks, whatever they believe will increase in value, and because they are so far upstream they get to manipulate the market and what will go up in value. With fractional reserve lending to "bail out" businesses, or give them start up money etc, by the time it gets to lower levels, Big Money already purchased everything but now there's a flood of money out there so people are buying those assets from Big Money at X plus an inflationary penalty, or in the case of housing, the houses are purchased by Big Money (private equity) and then the housing market goes up but those houses are not sold, they are rented and big bucks follow. There's a shortage of houses to buy, prices go up. Home prices go up, rental prices go up.

With this cycle, wealth inequality goes up and that means the cycle continues because the rich get richer, get more leverage, and exercise control upstream while the poor get poorer, live further down stream and have to deal with the effects of Big Money upstream.

We know enough already, IMO, to end the Fed. It was instituted to prevent financial crisis. It did nothing to prevent 2008, and its reaction just made things worse. When there was a crisis back in the early 1900s it was the mega bankers that bailed out the country and they went to the govt and said 'never again' and that is why we got The Fed to begin with. The Fed did nothing to prevent the Great Depression, or 2008. After WWII and the cessation of price and wage controls, wealth inequality has gotten worse over time but it wasn't dramatic until the corruption of our govt became rampant. The connection of Big Gov to Big Money and policies established by things like the Fed all make this worse. It has nothing to do with capitalism, and everything to do with corruption and pseudo-fascism.

It should have been done long ago. The bankers have started wars and committed treason to keep this from happening.

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still can't figure out how the FED works

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I think that’s the point.

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I still can't figure out how the FED works

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A bunch of old white, rich dudes that manipulate shite that allows them to get richer and richer and richer....as well as their friends and family.

Isn't the FED a privately owned outfit?