SORT BY Relevancy
The Federal Reserve Act (enacted December 23, 1913 signed into law by president Woodrow Wilson) was purportedly designed to aid in:
1. Conducting the nation’s monetary policy by influencing monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates.
2. Supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system, and protect the credit rights of consumers.
3. Maintaining stability of the financial system and containing systemic risk that may arise in financial markets.
4. Providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system.
The Origins of Fractional Reserve Banking
In XVIth century England people who had gold would deposit it with goldsmiths for safekeeping. In exchange they got a signed receipt guaranteeing that they could retrieve it. The value assigned to that note backed by the gold in the goldsmith’s vault made it possible to use it for payment.
That means if A deposited £10 worth of gold and had in his possession a receipt he could settle his debt with it. That receipt, actually a promissory note, became money. The person who took it in payment could either use it as is, or at some later point retrieve the gold in the goldsmith’s keeping.
At the same time B borrows £10 worth of gold from the goldsmith but receives a promissory note. He settles his debt to C with that note. Now there are two notes in circulation for one amount of gold. The goldsmith issues further notes, knowing that all claims would not have to be honored at the same time.
in Self Help
Philosopher Dr. Diana Hsieh answered questions on fractional reserve banking, fraud, and deception, people unworthy of the truth, deception in a business partner, and more in this episode of Philosophy in Action Radio.
Question 1: Does fraud require deliberate deception?
Question 2: Are some people unworthy of the truth?
Question 3: How can I decide whether a business associate has crossed the line?
To download or feed a high-quality version of this episode, plus show notes and other details, visit its archive page.
For more from Dr. Diana Hsieh on the application of rational principles to the challenges of real life, visit PhilosophyInAction.com.
John writes in the Money Bubble, "In a very real sense, it is fractional reserve banking and not money itself that is the root of so many of today’s evils. Whenever fractional reserves are permitted, the banking system – including the one that exists today throughout the world – comes to resemble a classic Ponzi scheme which can only function as long as most people don’t try to get at their money."
A Better System"Now, is this critique of the current monetary system just impotent ideological whining over something that, like the weather, can’t be changed? Or could fractional reserve banking and the resulting need for economic central planning actually be replaced by something better? Specifically, how could a banking system without fractional reserve lending accommodate depositors’ demand that their money be there when they want it andborrowers’ desire for 30-year mortgages which would tie up those deposits for decades? And could this market operate without the need for government oversight and management?"
Adherents of Austrian Economics are right about a lot of things, but the one thing they are wrong about could cost them a victory against central banking. That's a victory that the heartland of America desperately needs them to win.
Alex Merced discusses the Fractional Reserve Banking argument that tears the libertarian community at it seems at times.
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Fractional Reserve Banking, Oil and NWO Corruption
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in Self Help
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Suddenly the Federal Reserve seems concerned that its growth projections for the U.S. economy may have been more fantasy than reality. It's a sure sign rougher times may be just ahead.
Rioters have made a mess in Baltimore. What else would you expect after the mayor there has been quoted as saying the city went out of its way to make sure those who wanted to destroy stuff were allowed to do just that?
And Iran, the country that President Obama and his team have said deserves a chance to develop nuclear ambitions, seems to have gone more rogue with each sign of Obama's appeasement. This week's new twist? Iran's intercepting commericial shipping in the Persian Gulf. One of the intercepted ships was flying the American flag.
Talk about these events, and more, on Friday at 1:00 o'clock as Don and Doug continue to connnect the dots to help you navigate through these perilous times.
As we get ready for the summer season Troy and I talk about banking, marketing and the value of competition and leadership in an industry that often over-stresses cooperation. We will look back on some recent shows and as usual talk about things you won't hear at this year's many credit union conferences. Join us.
Friday at 12 Noon EST Scott Fenwick, will share thoughts with us on sales training, presenting at meetings,and public speaking for business.
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