10 mind blowing facts on the Federal Reserve, US economy and nature of money from a Austrian economist newbie

in #economy6 years ago

I haven't learned much about Economics. I'm just smart (and anime helped me in that regards) and I'm a curious explorer. I've learned much about Economics from great minds on the internet. Ron Paul is a great mind spreading sensible politics and Libertarians LOVE and LIVE by Austrian economics. Don't ask me why it's called "Austrian". I'm a newbie. Instead of raving about Austrian economics, I'll just share some facts about current economics.

Fact 1: The Federal Reserve is actually “independent” of the government. In fact, the Federal Reserve has argued vehemently in federal court that it is “not an agency” of the federal government and therefore not subject to the Freedom of Information Act.
On STEEM anybody can see what everybody is doing. Everything is kept in check by each individual doing a small part. But what does the FED do behind closed doors?

Fact 2: The Federal Reserve is not an agency of the federal government, but it has been given power to regulate banks and financial institutions. FED is 100% owned by private banks. https://www.globalresearch.ca/who-owns-the-federal-reserve/10489

Fact 3: FED is a "For profit" company. It pays a guaranteed 6% return to its banker shareholders. The source is the same one above.
I don't know how many people even know this fact. There is no public good when it comes to FED.

Fact 4: In 1963, President John F. Kennedy issued Executive Order 11110 which authorized the U.S. Treasury to issue “United States notes” which were created by the U.S. government directly and not by the Federal Reserve. He was assassinated shortly thereafter. Some of the debt free money are still circulating.


One of the must watch movies BTW. It's really long. Just think of it as binge watching anime.

__Fact 5: A permanent federal income tax was established the same year that the FED was created. In order to pay for all of the government debt that the Federal Reserve would create, a federal income tax was necessary. The whole idea was to transfer wealth from our pockets to the federal government and from the federal government to the bankers. The period prior to 1913 (when there was no income tax) was the greatest period of economic growth in U.S. history.

Fact 6: There really was no inflation before FED was created. Inflation also works as a stealth tax.
The "Austrians" define inflation as an increase in the supply of money. When demand is the same and supply get higher, the price gets lower. Your money starts to worth less.

Fact 7: Just visit this link https://www.scribd.com/doc/60553686/GAO-Fed-Investigation#outer_page_144 FED made 16.1 trillion dollars in secret loans to the big banks in the Housing bubble crash

Fact 8: Since 1985 roughly 62% of the US banks have closed doors. Only the big ones are growing. In fact the Top 5 banks now account for 42% of all loans in USA.

Fact 9: "I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing." -Thomas Jefferson - Founding Father and the principal author of the Declaration of Independence.
He was a wise man indeed.

__Fact 10:

A standard sheet of paper is 8.5 inches in width by 11 inches in length. 11 X 74,608 = 820,688 inches
That is 820,688/(12 X 5280) = 12.9527 miles.

That's 20.84535 Km Tax code!!!

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