So the United States credit rating was just downgraded....again

[OsO]

We're not bickering over semantics. We're talking about you trying to making sweeping statements about monetary policy and not even knowing the Fed is. I think it's pretty fundamental to any discussion about monetary policy that the parties involved know what the Federal Reserve is first.

The Fed is not "a private bank," it's a central banking system comprised of a Board of Governors appointed by the President, the 12 regional Fed banks and all the banks that comprise them...I think something like 40% of all U.S. banks are part of the Federal Reserve system, and the Federal Open Market Committee that's made up of some of the 12 regional bank presidents and some of the Board of Governors.

I know you don't know shyt about what you're talking about at the most basic level because of those comments likening the Fed to a bank charging a customer 6.25% interest. The Federal Reserve sets the federal funds rate, which is the rate at which banks in the Federal Reserve system lend to each other to. It's not a bank that gives out personal loans to American citizens charging interest.

You're all over the place. You started off talking about quantitative easing, now I guess we're talking about whether the Federal Reserve system should exist period. But we can't talk about QE, monetary policy, the economy going off a cliff or any sort of Fed policy until you educate yourself on the very basics of what the Federal Reserve system is and what it does.

i used the loan scenario as an example. in reality the one being charged interest is the GOVERNMENT. which then translates onto the people because WE FINANCE THE GOVERNMENT.

and the federal reserve banks are STILL private banks, something you refuse to address. you said the fed isnt private and i showed you it was private.

and there is still little to no oversight and absolutely NO accountability or transparency for the feds activities, which is something else you are refusing to address.

instead you want to bicker over nothing. people use the term "the fed" to refer to the network of central banks that comprise the fed.

so continue to avoid the points above while convincing yourself that im the one that knows nothing about the fed.

pitiful.

 

[Dusty Bake Activate]

i used the loan scenario as an example. in reality the one being charged interest is the GOVERNMENT. which then translates onto the people because WE FINANCE THE GOVERNMENT.

Again, the Federal Reserve sets the federal funds rate. Do you even know what the federal funds rate is? The government is charged interest? What are you even talking about? The federal funds rate is the rate at which depository institutions in the Federal Reserve system charge when they trade on their reserves.

Interest rates are near zero, that's not the problem. A big problem is the Fed giving near interest fee loans to the big banks in the wake of the financial collapse, and them turning around and loaning money to consumers at near 100% profit. And a large part of the mess we're in now is because of the Fed keeping the federal funds rate artificially LOW all through the 90's and early 00's.

You saying this stupid shyt about the fed charging people on the dollars they produce just proves you are clueless.

and the federal reserve banks are STILL private banks, something you refuse to address. you said the fed isnt private and i showed you it was private.

I know 8 year olds with better reading comprehension skills than you. I never said the Fed banks are not private.

and there is still little to no oversight and absolutely NO accountability or transparency for the feds activities, which is something else you are refusing to address.

Why should I? I'm trying to educate you on what the Federal Reserve is first because you obviously do not know. After you learn what the Federal Reserve system is, we can then maybe discuss the lack of oversight and transparency, monetary policy, QE, etc.

instead you want to bicker over nothing. people use the term "the fed" to refer to the network of central banks that comprise the fed.

so continue to avoid the points above while convincing yourself that im the one that knows nothing about the fed.

pitiful.

Nobody's bickering. I'm trying to teach you what the Federal Reserve is and what it's most basic function and activities are. You're calling people idiots for having an opinion on QE and you don't even know what the Federal Reserve is.

 

[OsO]

Again, the Federal Reserve sets the federal funds rate. Do you even know what the federal funds rate is? The government is charged interest? What are you even talking about? The federal funds rate is the rate at which depository institutions in the Federal Reserve system charge when they trade on their reserves.

the fed does more than set the federal funds rate, why the hell are you mentioning that shyt in every post? i know youre excited about the shyt you read on wikipedia but all thats not necessary.

Interest rates are near zero, that's not the problem. A big problem is the Fed giving near interest fee loans to the big banks in the wake of the financial collapse, and them turning around and loaning money to consumers at near 100% profit. And a large part of the mess we're in now is because of the Fed keeping the federal funds rate artificially LOW all through the 90's and early 00's.

but you were in favor of the bailouts yes? just like you are in favor of this round of QE yes?

seems we have not learned our lesson

I never said the Fed banks are not private.

knowing the nature of private banks, you dont have a problem with your central banking system being comprised of private banks outside government control and apparently beyond congressional oversight as well?

 

[Dusty Bake Activate]

the fed does more than set the federal funds rate, why the hell are you mentioning that shyt in every post? i know youre excited about the shyt you read on wikipedia but all thats not necessary.

lol... Reading on wikipedia? The Federal Reserve setting the federal funds rate is common knowledge to anybody who knows anything about the Fed, which isn't you. I'm mentioning it because you don't know what you're talking about which is obvious by you continually repeating this shyt about the Fed charging us interest. You're just proving you don't know what interest you're talking about.

but you were in favor of the bailouts yes? just like you are in favor of this round of QE yes?

No, I wasn't in favor of the giving the banks a plate of cash without any oversight, and without breaking them up and reprivatizing them.

lol...first it was about QE3, then it was it was about the existence of the Federal Reserve system, now it's about TARP? What do you just feel like venting or something?

knowing the nature of private banks, you dont have a problem with your central banking system being comprised of private banks outside government control and apparently beyond congressional oversight as well?

Yes, I have a lot of problems with a lot of the Fed's actions and their lack of transparency. Do I think we should abolish the Fed and central banking altogether? Hell no.

 

[OsO]

lol... Reading on wikipedia? The Federal Reserve setting the federal funds rate is common knowledge to anybody who knows anything about the Fed, which isn't you. I'm mentioning it because you don't know what you're talking about which is obvious by you continually repeating this shyt about the Fed charging us interest. You're just proving you don't know what interest you're talking about.

youre taking everything too literally. its an indirect charge of interest to the american taxpayer because we pick up the tab on government spending and borrowing.

those are our dollars theyre spending in afghanistan and iraq. those are our dollars going into the coffers at JP Morgan.

so yes we eventually pick up the bill AND the interest.

No, I wasn't in favor of the giving the banks a plate of cash without any oversight, and without breaking them up and reprivatizing them.

so why advocate giving them another plate of cash with the same lack of oversight now?

Yes, I have a lot of problems with a lot of the Fed's actions and their lack of transparency. Do I think we should abolish the Fed and central banking altogether? Hell no.

well if we're talking solutions we only have a few options.

i dont think we have to necessarily abolish the fed either, but from the top down that personnel has got to change. either folks start running the fed with some integrity like theyre supposed to or we replace them. and not replace them in the next election cycle or when their term is up, but replace them right NOW.

but since we dont hold politicians accountable for their actions, which includes fed appointees, what do you suggest? should we just keep complaining about transparency while the economy spirals out of control in a whirlwind of debts and deficits?