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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323 870 4626 is the call in number-save it to your phones for future shows. 1921:Tulsa, Oklahoma was the richest city in the world because of the oil boom. It was the city of dreams however with dreams there are nightmares. We had the largest race riot in the history of the United States. 1921:The summer where blood ran in the streets In 1921 there in the streets of Tulsa's renown Greenwood District otherwise known nationally as Black Wall Street, lay African American men drawing their last breath . It is now 2015 in Tulsa and in that same renown former Black Wall street area known as the Greenwood District, I must report , I must educate the public that STILL yet African American men lay dead in the streets . They are told by Tulsa's finest , a Tulsa Deputy commanded to serve and protect its citizens this: "F#&^k your breath ". Eric Harris heard this as one of the last statements spoken to him . He had been shot in his back while laying on his stomach in the Greenwood streets of Tulsa by reserve deputy Robert Bates aged 73. It is 2015 not 1921. This is not a made for TV production. This is everyday reality for minorites residing in Tulsa County in the great state of Oklahoma. We The People Of Oklahoma is a grass roots group dedicated and organzied to protect the citizens of Oklahoma including Tulsa. Why should this matter to you ? Because this group is effecting culteral change within the legal system and society. What they are doing in Tulsa can be studied and duplicated in other areas. We the People of Oklahma has gone before a judge to plead their case ; to attain a petition for a grand jury investigation into the Sheriff's department & Tulsa's Sheriff Larry Glanz investigated. Please refer to Glanzgottago.com for locations on where to sign the grand jury petition Call in to listen or push 1 to join the conversation.
Looks like it's time for Memorial Day to get Freaked! Picking up where we left off last week, Crafty, Adamizer & Bax will look to remember those who paid the ultimate sacrifice not as a willing combatant or participant of any kind but typically just by going about their routine business when history crossed their path, swallowd them up and made them a part of it even if, it's not always looked at or remembered that way. Talking about those who perished at the hands of one of these many actual conspiracies, let's take a moment and remember them. The nameless, faceless and unfortunately, countless who were simply in the wrong place at the wrong time. We will of course, take some time out to have a few laughs, get a groove on and hear from you, the callers! So tune in, peace out and get that freak on!
Fractional CMO, Digital Marketing Strategist, and Leadership Keynote Speaker Michele Price brings you weekly access to the top minds to Master the Inner and Outer Game of business.
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We the People of Oklahoma, a grass roots organization have appeared before a judge for permission to file a petition for a grand jury investiation of the Tulsa Sheriff Department including Sheriff Glanz. The outdated and deadly polices of Sheriff Glanz need to be stopped. All callers welcome. Please help us stop a corrupt system within Tulsa. We need 5,000 signatures. This can be done in other cities as well. Not from Tulsa ? Call and let us converse about the possibilities of what is effective and what is not. 323 870 4626
Good Morning Family. Today we are talking abusive relationships in the money way. When we think of abuse we think physical not financial many times. Where there is a thing called financial abuse and we are talking about it here today on The Cheap Cheetah Money Show.
Monday May 25 A Message for Memorial Day with Clay
More on Waco. Officers Suspended
Ann M. Wolf "After Vietnam - The Healing" Mini-Doca gripping overview of life during the Vietnam War era in American History, written and narrated by songwriter, author, and Chaplain, Ann M. Wolf
Everyday more and more basic freedoms and good American jobs are being removed from America. The very best cure is to completely decapitate the WZs from their source of FIAT Money-power by “nationalizing” the Federal Reserve System, seizing all its assets, arresting all of its Directors, trying them for RICO Financial Fraud, Sedition and Treason.
Support the man who has been telling you the truth for 25 years or more. Clay Douglas has been right on for years. www.freeamerican.com www.shop.freeamerican.com
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