re: For those of you who like to criticise the Fed ...

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We should never, EVER question an entity that prints money out of thin air (backed by nothing) and that magic money (backed by nothing) is to be paid back with interest.

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Would you prefer to have several thousand individual, private banks create "money" out of thin air by issuing their own "bank notes" (hence where the term originated) and giving them out to customers? Because that was the system in place in the U.S. up until the Federal Reserve was created. Back then banks only secured a fraction of the amount of bank notes they issued with gold.

It was also the main contributor to a systemic financial panic in the U.S. occurring almost once a decade in the U.S. starting in the second half of the 19th century through the first decade of the 20th century and which led to Congress creating the Fed in 1913.

In the over 100 years since the Fed was created by Congress the U.S. has had 2 financial panics. One was in 1929 and the other was in 2008.

As I've often posted on here, so far the Federal Reserve is the worst banking system in the world except for all the other types of banking systems we've ever had....

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TX Tiger

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Like a fly to shite....