The Federal Reserve

Judging by the increase in fast food prices over the last four years, I believe the actual inflation rate to be between 20 to 25% per year. Why the government disguises these numbers with a convoluted formula is beyond me. Propaganda being controlled by the people in power so as to manipulate public opinion which is already controlled by the media.

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An excellent letter. I'd like to add that the Federal Reserve is no more "federal" than Federal Express. That's significant because just about everyone thinks the Federal Reserve is a branch of the US government, probably Treasury. It's not, it's a completely private organization that operates outside of the law with complete impunity. It is controlled by a only a handful of mysterious and powerful people, and it enjoys no congressional, judicial, or presidential oversight. How can that be good for our economic system? How can that be good for anything at all?

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Francine, the Fed indeed "operates outside of the law with complete impunity" and therein lies the problem. The Fed is out for it's execs and other corporate execs. We, the people, are lost in the shuffle.

To those who say unfettered capitalism is the end-all of economic systems, I say to you, it is killing us who are not those execs. It has been going on for over a century and while it continues, those elite few will govern the rest of us, line their pockets with the fruits of our labors, and keep us forever in the dark about how they do it. Truly a sad state of affairs.

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I was amazed a few weeks when it was found there was close to an extra 4 trillion in debt our country owed. We have spent money that can't possibly be payed back, much of it seemingly to buy votes. A great nation is becoming a laughing stock. Its a shame.

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side, I agree with the first part of your post. However, capitalism works very well. The problem is that our govt is so corrupt and has allowed itself to be bought and paid for by those who have an interest in achieving more financial success. It is the people who have voted these scumbags into office over and over with the promise of ever more "bacon" to be brought home. Pols are humans (sort of) and they will do whatever they can to retain power, limit dissent and protect those who line their pockets. We, the people, have only ourselves to blame and only we can correct the problem. Sadly, it is such and pervasive system I hold little expectation of correction.

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Don’t blame it on Capitalism, we don’t have Capitalism, we have cronyism. Capitalism requires a stable currency such as a gold standard. By allowing politicians and a central bank to control the value of our currency we’re only asking for the economic problems we now face. What big government fairness advocates ignore is the middle class is far worse off than it was when we were more Capitalistic. Collectivist societies have no middle class; only a rich controlling class and the poor.

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Here we go with the blame game.

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There were 34 recessions from 1790 up to and including the Great Depression. 13 since. The US economy just sputtered along before the Depression with a recession coming every 2-3.

What I have seen since 1981-2 is a reduced buying power by the public. Wages have dropped. Each recession since the early 80's has seen the US economy take longer and longer to return to an acceptable unemployment rate.

Gold standard or not. Looking at the data, it looks like the public takes it on the chin either way.

"Why the government disguises these numbers with a convoluted formula" I suspect Social Security COLA's.

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Progressives, with regulation and taxation, have run industry out of this nation and we have become a service economy. While service is necessary in society, without industry to support it, average wage will be less.

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Chucky, not the blame game. Just the facts. The Fed is an autonomous and unregulated private entity that controls our economy because our pols sold out to a bunch of wealthy men. The wealth does not make them bad, the collusion with our pols to extend that wealth at the expense of the American people does.

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"I believe that banking institutions are more dangerous to our liberties than standing armies . . . Thomas Jefferson. One of the conspiracy theories about the assignation of John Kennedy was the Federal Reserve interest as to his (Kennedy’s) signing the Executive Order No. 11110 effectively prohibiting the Fed Reserve from printing money. Kennedy issued some 4 Billion dollars worth of notes – using ‘United States Note’ in place of where the ‘Federal Reserve Note’ is placed on the bills. (1963 $2 & $5 dollar notes). Interestingly, interest is paid to the Fed Reserve on money it issues to the US government, but NO interest is paid on United States Notes. I’m just saying. Oil and Banks have run this country into the ground by using corrupt politicians and off the backs of the working class.

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nobud you are doing the blame game.

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