The Federal Reserve - FB conversation

L.B. posted this: Please listen to this message from Senator Dennis Kucinich. It only takes a couple of miniutes but lays out the way for the people of the United States to regain soveriegnty
The Fed Grants $7.77 Trillion in Secret Bank Loan - Now Do You Understand Occupy Wall Street? http://www.youtube.com/watch?v=oUpXDZFtEHw&feature=share

Me: He correctly identifies the symptoms, then blames the private sector? The Fed, basically a part of government, is the conduit of funds for the government. The government decides to deficit spend, the fed prints the money, the government receives it and issues bonds to the Fed to cover the money it receives. Essentially, the government is loaning money to itself and the Fed holds the bonds it receives for printing the money the government. Something wrong with this equation, and Kucinich is part of the problem.

L.B.: You don't get it Rich! The Fed is not a part of the government, it is a privately held corporation owned by elitist world power brokers. The Fed essentially creates dollars out of thin air then we the tax payers have to pay them back with interest. Its a giant sucking sound coming out of your pockets to enrich world bankers. It is robbery of the first order and our government, yes Barack Obama, is enabling it to happen!

L.B.: PS The reason I used Senator Kucinich is because many of my friends are lefties and won't read or believe anything that comes out of the right wing media bias. Its great when one of their own gets at least a piece of the picture.

Me: I'm tracking with you, my brother. Kucinich is useful in that regard.

By the way, the Fed was created by an act of congress in 1913, and the board of the Federal Reserve is appointed by the President, but according to law is subject to congressional oversight.

L.B.: If the fed is subject to congress then explain why during the TARP bail out they gave the mega banks in the US and Europe 9 trillion dollars when congress only authorized 900 billion?

Me: It's a shocker I know, but congress doesn't always follow the law... especially when they can spend other peoples' money without limit.