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The Fed, creates magic money from thin air then lends it to the government at interest to sell as T bills. Guess who is on the hook for the interest? The US t
by fwungy 4y ago
The Fed, creates magic money from thin air then lends it to the government at interest to sell as T bills. Guess who is on the hook for the interest? The US taxpayer.
The Fed is owned by its member banks which are for-profit corporations. Imagine paying interest to a third party to access your own wealth! That's the USA. There is no technical need for the Fed. We were fine without it till 1913. It just makes a lot of insiders rich.
- coliveira 4y agoThere is no technical need for any bank, at least in the way they operate now. When you get a house loan, you're not getting any money, you're transferring the property lien to the bank in exchange for cash. It is just a value exchange not a real loan, and this could be done by the government. This is true for pretty much anything a bank does nowadays, they're just exchanging one type of value for cash and getting interest on the top of this transaction that takes a few minutes to process.