Website review: AxisofLogic/ Economy
Maxismax discovered this in Economics
•1 reviews since Jan 2, 2008
economics
•axisoflogic.com/artman/publish/article_25729....
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Maxismax discovered 8 months ago- Incredibly comprehensive piece about the economy. How we got to this point and some of the reasons why. From the page: "This is what the US does--- it issues Treasury bonds. The US then sells those Treasury bonds to the Fed. The Fed buys the bonds. Wait, how does the Fed pay for the bonds? The Fed simply creates money out of thin air" (book-keeping entry) with which it buys the bonds. The money that the Fed creates from nowhere then goes to the US. The Fed holds the US bonds, and the unbelievable irony is that the US then pays interest on the very bonds that the US itself issued. The mind boggles. The damnable result is that the Fed effectively controls the US money supply. The Fed is just an agency of the US, it's not even a branch of the US government. The Fed is not mentioned in the constitution of the United States. No constitutional amendment was ever created or voted on to accept the Fed. The constitutionality of the Federal Reserve has never come before the Supreme Court. The fed is a private bank that keeps the US forever in debt-or should I say in increasing debt along with ever rising interest payments."
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