How did the United States survive without the privately-owned Federal Reserve Bank cartel before 1913?
Supporters of the privately-owned Federal Reserve Bank cartel tell us that we need the Federal Reserve Bank, because fiat money created from thin air, backed with nothing, at interest is in our best interest as Americans. Inflation is completely man-made for the profit of a very few.
How does fiat money help American citizens and how did the United States manage to survive until the creation of the creation of the Federal Reserve and the IRS in 1913?
- Leslie GoudyLv 78 years agoFavorite Answer
So what. At least we had something to look forward too. Now we have drained the bottom of the well dry and the Banks are wanting to leave the country. I wonder why. All of the Liars are saying the USA will have slow growth and Europe will not. So we are getting ready to scrape the bottom of the barrel with vulture capitalism on a grand scale with those backstopped derivatives I keep talking about Muuooooaaahahaha
- 8 years ago
And despite the fact that you've phrased this as a leading question, they're right.
In the 100 years before the Fed, 44 of those years were recessions or depressions (there were six depressions).
In the 100 years since the Fed, there have been 22 recession years, and only 1 depression.
BTW, in inflationary years since the Fed, the average inflation rate has been about 3.1%. Do you know what it was in the 100 years before the Fed? 4.8%.
The only reason that inflation over a 100 year span was low was because of those six economic collapses. You'd end up with deflation in those years. The problem is that deflation kills a modern economy--just ask the Japanese. They had a couple of deflationary years in the mid 90's, and they _still_ haven't climed completely out of the hole.
Your implied arguement that an average inflation rate of 3.1% is such a heinous evil that we should go back to the "good old days" is like saying that from now on you're going to stop your car by running into a tree so you can save money on brakes pads.
- Anonymous8 years ago
Not so well. The economy was in recession about once every 8 years and in depression every 20 years.
The Long Depression, for example, was about a year longer than the Great Depression and was a direct result of the economy's inability to create inflation, which is one of the many things the Federal Reserve provided.
- chapdelaineLv 43 years ago
we could take the 1st step via purely letting the Too huge to Fail Fail as that is already a failure. advertising Chips lower back and lower back lower back with not something to diminish back them up yet a want is purely stupid (in case you s**t in one hand and want in the different, which one fills up speedier?) There are smaller valuable entities that could desire to be a lots better wager for the Fed to diminish back than those spinoff Swollen Cotton candy money huge Banks. What in the international is Bernanke thinking. by no potential concepts. i don't likely prefer to comprehend. I purely want him to end construction fairy fortress interior the air. that could desire to be a start up. and that i think of we could nevertheless be ok if we used some basic experience approximately banking and money administration quite than this unmitigated greed and bailing outtt
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- Anonymous8 years ago
:) we are slaves of NWO