A Hilarious Animated Take On The Federal Reserve

[Bryan Hancock]

I thought some of you may enjoy this:

Animated Take On The Federal Reserve

What is sad is that Fed policy is funny now...good times!

[Mitch Kronowit]

Originally posted by Tom Cullen:

Whatever we did prior to establishing the FED (and starting the income tax) in 1913 can't be much worse than what we have now.

Since I wasn't around then, I can't really compare it to today. But there were apparently 5 recessions in the 15-20 years prior to establishing the Federal Reserve, so it doesn't sound like it was all "peaches and cream" before then.

Could be, but at the time of the Fed creation, we were under the Gold Standard, so the Fed couldn't just create money out of nothing, i.e., it had to be backed by gold. It wasn't until 1971 that our currency was taken completely off the Gold Standard, but I understand the gold reserves backing up the currency had shrunk to such a small percentage, it didn't make that big a difference.

I've heard opinions that say the Fed should be taken completely out of private hands (the member banks), but that would mean giving all control to the government. [[[Shudder}}}