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News Watch

  8/10/2004


The Fed

With the eyes of the economically mindful focused on Mr. Greenspan and the Federal Reserve Bank system today I thought a quick review is in order:

1) The Fed is not part of the Federal Government.

2) The Fed is not a bank.

3) The Fed has no reserves.

4) Since Treasury Bills are nothing more than IOU's of the Federal Government, the US Treasury could just as legitimately print dollar bills as IOU's and bypass the Federal Reserve system entirely.

5) The Fed was not established in order to protect the many, it was established in order for a few to rule.

3:55:06 PM      comment []




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