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Originally Posted by Chris Bell
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Chris, I don't think you understand how the Fed works. The only control we have as citizens over it is through the appointment of the fed chairman by the president. The largest banks then put there people in to give it a balance of public/private interests.
Money has no value and calling the bond buying scheme a "ponzi scheme" just detracts from what they actually do. Before you start contemplating reforming our entire system of control on economic growth read up on how the treasury bonds are used to eliminate liquidity in the market place causing excessive inflation.
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Originally Posted by C Sean Watts
No doubt about that - even some college profs do, especially if it's a sociology prof trying to teach econ. I think the man was too damn dumb to be embarrassed.
Exactly. I don't recall a name but, in the early '90s, there was a female freshman congressional rep. who used her two minute speech to propose that we 'do something' with the annual multi trillion dollar windfall profit that the US Mint makes every year. I thought it was almost as good as when Rep. Sheila Jackson Lee said the rover on Mars should go take a picture of the American flag.
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Yup! Which is why you should take an econ class with a doctored PhD economics professor. I'm proud enough to say that I have. The theory behind it is quite easy, but I gave up when I got to the math section
