politicsstuff asked:
Milton Friedman explains what happened during the great depression and what the role of the federal reserve is during economic ups and downs. This is from a 10 hour documentary series which can be viewed online at: http://www.ideachannel.tv/
Tags: Depression, depression
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Tags: Documentary Series, Economic Ups, Federal Reserve, Gold, Great Depression, Milton Friedman, Ups, Ups And Downs
The federal reserve regional banks are privately owned. The chairman is the only appointed offical. The board of Governors are all basically private bankers.
There is an audit possible by the Inspector General, and Gov accountabilty office, but not of open market operations one of the biggest factors in monetary policy or Board of Governors actions in washington, just at the regional banks and member banks are audits conducted.
“You didn’t disprove me”
You said there are 18 member banks, there aren’t.
You said the Federal Reserve is privately owned, it isn’t.
You said the Fed has never been audited, you’re wrong about that too.
You think the Fed controls M3, why don’t you prove it? Because you’re wrong about that too.
I weep for our public school system, you’re proof they do a poor job.
Thanks for playing. You’ve lost this one as well.
Do you even speak English? You didn’t disprove me, you agreed with me moron. You also contradicted several of your other postings in doing so.
During 2007, the Federal Reserve System’s earnings totaled $41.9 billion. Of this amount, approximately $34.4 billion was distributed to the United States Treasury
“Wrong. Its not gross profits from the member banks that go to the treasury–”
You poor girl, still confusing the Federal Reserve with the thousands of member banks. How sad. LOL!
“M1 is not a gauge of inflation, M3 is”
Besides M1, what elements of M3 do you imagine the Fed controls?
“Nothing you’ve yet said is correct”
Which thing do you imagine I got wrong, poor girl?
“Read the Federal Reserve Act. Yes, the Treasury gets profits above dividend”
Excellent! The owners earn 6% and the Treasury gets well over 90% of total earnings. Sounds like the government gets a better deal than the private owners.
“If you’re really arguing that you’re a total moron”
Arguing? You poor girl, I love it when you disprove your own claims. LOL!
“You made silly claims and can’t answer?”
You have no point. I answer your questions and yet you dodge the point every time. You continually contradict yourself and most of your postings are both unrehearsed and intellectually stunted.
You don’t understand M3. You don’t understand where quasi government turns private. You don’t understand the charter of the central bank and you’ve never even looked at the FED act as published. You’re a total suck in video commenting chain. You fail.
“Which gives well over 90% of its profits to the Treasury each year. Some privacy. LOL!”
Wrong. Its not gross profits from the member banks that go to the treasury–try again moron.
M1 is not a gauge of inflation, M3 is. This isn’t even a debatable point. Different markets react faster to inflation than others–ECON 101 moron. Look at CPI (as released by DOL) its gone up over 140% since 1980 dip-shit.
Nothing you’ve yet said is correct and most of it contradicts other things you’ve posted on this page.
“…GAO auditors are restricted by law from reviewing monetary policy operations and transactions carried out by the Federal Reserve on behalf of foreign central banks.”
Yeah, full audit.. are you really that dumb? This is only one caveat to the “audit” we so thoroughly conduct! READ, don’t just cut and paste you worthless moron.
Did you bother to read what you cut and pasted? You absolute waste of an internet connection–the 12 member banks are audited independently and the results are reported to the Board of Governors, not the GAO. Fucking moron–in your own words and available to any idiot, even you, with google.
The gold reserve, for example, has not been audited since 1980. Also: You’re own statements “Excellent. Why would the GAO audit a private bank?” is a clear contradiction of whatever rambling and totally wrong point you are now trying to demonstrate.
Read the Federal Reserve Act. Yes, the Treasury gets profits above dividend. If you’re really arguing that you’re a total moron.
Its in section 7 of the federal reserve act you complete idiot.
You can find the source for the 3 previous comments if you Google the phrase Federal Reserve Audit, click on the 2nd link,
FRB: FAQs: Federal Reserve System.
Or continue to repeat the lie that the Fed has never been audited. LOL!
The Board’s financial statements, and its compliance with laws and regulations affecting those statements, are audited annually by an outside auditor retained by the OIG. The financial statements of the Reserve Banks are also audited annually by an independent outside auditor. In addition, the Reserve Banks are subject to annual examination by the Board. The Board’s financial statements and the combined financial statements for the Reserve Banks are published in the Board’s Annual Report.
…activities. In addition, the Board’s Office of Inspector General (OIG) audits and investigates Board programs and operations as well as those Board functions delegated to the Reserve Banks. Completed and active GAO reviews and completed OIG audits, reviews, and assessments are listed in the Boards Annual Report (before 2002, the reviews were listed in the Board’s Annual Report: Budget Review).
Are the Federal Reserve System and Reserve Banks ever audited?
The Board of Governors, the Federal Reserve Banks, and the Federal Reserve System as a whole are all subject to several levels of audit and review. Under the Federal Banking Agency Audit Act (enacted in 1978 as Public Law 95-320), which authorizes the Comptroller General of the United States to audit the Federal Reserve System, the Government Accountability Office (GAO) has conducted numerous reviews of Federal Reserve …
“Correct. The Federal Reserve is a private bank”
Which gives well over 90% of its profits to the Treasury each year. Some privacy. LOL!
“If you gauge inflation by watching only M1″
I’m not doing that. I’m just blaming the Fed for M1, not M3.
” If you don’t think the FED creates and controls inflation”
You think the Fed controls inflation? Is that why housing soared while they kept M1 steady?
“Profit goes to the shareholders and, theoretically, the treasury”
The Treasury gets the profit from a private bank? LOL!
Thanks for playing.
Correct. The Federal Reserve is a private bank.
Profit goes to the shareholders and, theoretically, the treasury. As the system has never been audited there is no way in Enron of really knowing. The real profit comes through the investment banks that know when the rate changes are coming–EG. Goldman Sachs. Fannie Mae and AIG are also beneficiaries of the FED system that support dangerous lending and investment practices with tax dollars. You could consider them FED derivatives as they couldn’t exist without it.
You’ve not only contradicted yourself you’ve totally missed the point. The point is the FED controls the amount and value of currency in circulation. M3, which every credible economist will tell you is a measure of money supply, is the best gauge available to track in-system currency. If you gauge inflation by watching only M1 you’re nothing less than an idiot. If you don’t think the FED creates and controls inflation: there isn’t much hope for you.