So, I’ve finally gotten around to reading the book Meltdown. I’m at chapter 4. I’m shocked about how much the federal reserve hates competition and actually goes out to destroy it.
My question is- can the federal reserve really do all of that? If we’re really a free market society- how can our policy makers be so naive with their understanding of the fed? How then can they just dismiss all of these conspiracy theory blogs- as- just conspiracy theorists- and ignore the real problems- their own faulty system of interventions?
Why so much power is given to a quasi-government institution like the fed- is beyond me.
Is the actions of the fed even legal under current law? Not talking about counterfeiting money here- but with the rest of the stuff they do?
So it’s okay if the treasury and the fed team up to steal stuff- but not anyone else?
This doesn’t make sense to me!!
Can the fed really do this?
The FDIC, Fannie May and Freddie Mac, them banning short selling… their constant bailouts of failing companies… and I believe there is a specific act which the federal reserve pretty much uses to promote current businsses already in place, and, it hurts competition in that respect. The bailout provisions allow the federal reserve to essentially buy up any bad asset, or, any asset for they want to essentially. They said that credit was too slow… so they asked for people to lend more. They buy homes… and then sell them later for profit (if I understood this correctly). There’s a lot of things that I find questionable about the fed’s involvement in the market from what I’m reading and learning about so far. The fact that it does more than just alter interest rates disturbs me.
Why did that scene with Morpheus explaining the origin of the Matrix and the One to Neo in that white room in the first Matrix movie almost immediately come to mind upon reading this thread?
The question you have to ask yourself is, is the United States of America a free market? Is the United States of America a place where unobstructed transactions between individuals can take place, be it in goods and services or in the field of finance? Ask yourself that, and I think you’ll have your answer.