Why does the left fail to understand the scam of the Federal Reserve?

The Federal Reserve is a parasitic government agency that prints additional money out of thin air. In so doing, they transfer money from the poor to the rich (actually, not the rich, but rather rich banks and government contractors). Worse, by printing this money, they cause the value of the rest of the money to go down, making prices go up. This money the Fed prints out of thin air is useful to the government, as it makes it easier for them to start wars and to engage in other destructive and/or wasteful activities (such as the War on Drugs, Corporate Welfare, the FCC etc.).



Considering that the Federal Reserve makes the rich richer and the poor poorer and that it funds such great government programs as the War on Iraq, why won't the left join the libertarians in opposing it. Considering that the founder of the Democratic Party said "banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale," why have the Democrats abandoned their support for sound money in favor of supporting a government agency that prints money out of thin air for the benefit of the Corporations (the Federal Reserve Act was actually written by a bunch of rich bankers on vacation at a place called Jekyll Island)? I can understand the support for the Federal Reserve from the conservatives (as they aren't really pro-free market, but rather pro-Corporate), but I don't understand why progressives can't see the real purpose of the Fed and its disastrous effects (such as the business cycle).Why does the left fail to understand the scam of the Federal Reserve?
I hope you post this every single day. Just because it says "Federal" and "Reserve" doesn't mean a damned thing. People assume they are a Federal agency. Nothing could be further from the truth. Jekyll Island is a huge part of our history, but no one teaches it. I am a Republican AGAINST the Federal Reserve. I just hope people look it up and study it. It IS disastrous.
Many liberals are against the Fed. The Fed is also not a complete government agency. It's actually a government created private corporation.Why does the left fail to understand the scam of the Federal Reserve?
Why have you singled out the left?



Most people don't understand the Fed Reserve and it purpose. That includes all political parties.
I tried really, REALLY hard to make any sense at all out of what you are saying, and I had an epic fail. No modern society has ever functioned with a Fed Reserve-type institution. Its simply not possible.
We do! Its not a governmrnt agency it was formed by big bankers who are typically republicans!
Wow, are you uninformed!



FYI, the Fed has never printed a single banknote or minted a single coin. Those are the jobs of the Bureau of Engraving and the US Mint.



The value of the dollar is tied directly to the deficit. While the Fed has kept interest rates artificially low to keep the interest on the national debt in check (which is nearly as much as the annual budget of the Department of Defense ,and at nearly half a TRILLION dollars can hardly be called "low") if we didn't have the current deficit we wouldn't be in the financial toilet that we are now.



While the Fed is a private corporation, it is a quasi-governmental agency created by Congress. Shares are not traded publicly. Every national bank is a member by law as are some state banks. The number of shares held is tied to the deposits held by the member banks. If the bank ceases to operate, the shares are turned back to the Fed. Furthermore, any profits generated by the Fed are turned over to the US treasury annually.
Brad: Amen, amen, amen. That organization will break the back of the United States and I'm afraid that day is getting closer and closer. Unfortunately, what they do is so complicated and veiled in secrecy that many Americans don't really know what is going on.



bostonianinmo: Of course the Federal Reserve does not literally print money. Brad was speaking figuratively. When the Fed wants to decrease interest rates, it does so by purchasing bonds from the U.S. government, which increases the money supply, which decreases the purchasing power of the dollar. This results in several of the problems we're facing right now. Oil prices are skyrocketing because the dollars we're purchasing it with are becoming less and less valuable. We create a housing bubble by artificially increasing the amount of cash available for loans and lowering the interest rates - the economy can't handle it and the bubble bursts.