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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Ilaine who wrote (15574)2/24/2002 7:23:13 PM
From: AC Flyer  Read Replies (2) of 74559
 
Hi CB:

>>The Fed doesn't print money<<

Yes and no. The Fed does not operate the printing presses, but the Federal Reserve Bank of New York, which conducts open market operations on behalf of the Federal Reserve System, can require the Treasury Department to have the US Mint print currency for delivery to any of the Federal Reserve member banks for the cost of printing that currency.

What I find most interesting about the Federal Reserve System is that, although Congress appoints the Chairman of the Federal Reserve Board, the Fed is not a government agency. It is a private (or quasi-private) consortium of banks that was created by the Federal Reserve Act of 1913, which transferred the authority to create money from Congress to the Federal Reserve System. What a deal, eh? There are those who will say that this is the biggest scam in the known universe and that the Fed, and therefore the US, is actually run by a shadowy cabal of (insert pejorative of choice here) private bankers, who reap astronomical profits from this monopoly. For all I know this is true. However, my gut says that this is at least an exaggeration, or these guys would show up in Fortune magazine making Bill Gates look like a second-stringer.
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