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  Govt- Politics

Is The Federal Reserve Doing A Good Job?

By Lance Ciepiela ()     Permalink
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Is The Federal Reserve Doing A Good Job?

    
The dollar has lost 97 percent of its value since the 1913 creation The Fed by DollarDaze.org


We are told that the Federal Reserve is "above politics" and that it is absolutely vital that the Fed remain "independent". The reality is that the Federal Reserve has more control over the performance of the U.S. economy than the president even does, and yet most Americans never spend much time thinking about the Fed at all.

It is almost as if someone has instructed us to "ignore the man behind the curtain," and most of us just blindly obey. With the economy in such a mess and with the national debt exploding so dramatically, isn't it about time that we had a national conversation about the performance of the Federal Reserve? Isn't it about time that we evaluated whether the Federal Reserve is doing a good job or not?..

So has the Federal Reserve done a good job?

Well, one of the things that the Federal Reserve is charged with doing is to protect the value of our currency. In other words, they are supposed to keep inflation under control.

In that regard, the Federal Reserve has failed miserably.  The U.S. dollar has lost 96.2 percent of its value since 1900, and almost 100 percent of that decline has come during the Federal Reserve era.

The other half of the Federal Reserve's "dual mandate" is to keep unemployment low.

It doesn't take a genius to figure out that the Fed has failed there too.

In the United States today, there are less jobs than there were a decade ago even though we have added more than 30 million more people to the population since then.

So, no, the Federal Reserve is not doing a good job of keeping us all employed.

We are also told that the era before the Federal Reserve was created was a time when great "financial panics" happened on a regular basis and that the Federal Reserve was created to stop them from happening.

So has the Federal Reserve been effective at preventing financial panics?

Well, current Federal Reserve Chairman Ben Bernanke  has openly admitted that the Federal Reserve helped cause the Great Depression of the 1930s. And there have been 10 separate economic recessions since 1950. So that is not a really great track record.

In addition, it seems very clear that the foolish low interest rate policies of the Fed fueled the massive housing bubble that plunged the U.S. economy into the greatest economic downturn since the Great Depression when it finally crashed.  

Shouldn't the Federal Reserve receive some criticism for that?

Of course one of the biggest problems with the Federal Reserve is that it is a perpetual debt machine.

If you do not know where our money comes from in the United States, please see this article. The Federal Reserve system was designed to perpetually expand the money supply and to perpetually expand U.S. government debt. On both counts, it has performed brilliantly.

When the Federal Reserve was created, the U.S. national debt was less than 3 billion dollars. Today, it is more than 5000 times larger.

What is the appropriate word to use when something is 5000 times worse than it used to be?

When you simply look at performance, the truth is that it is really hard to deny that the Federal Reserve has been a complete and total nightmare for the United States.

But instead of shutting it down, Congress has been giving the Federal Reserve even more power.  The Dodd-Frank bill gave the Fed significant new powers and substantial new responsibilities, and the Fed has been exercising those new powers in almost complete secrecy - Source Michael Snyder Contributing Writer Activist Post

No, the Federal Reserve is not doing a good job.
       71% from 12 votes  
Not sure.
       18% from 3 votes  
Yes, the Federal Reserve is doing a good job.
       12% from 2 votes  

    17 votes    Vote               View Demographics Cross-Tab Results

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Lance Ciepiela is a retired senior who had an interesting career in government service - a United States Marine Corps (USMC) Vietnam-Era veteran, who became interested in restoring the Constitution after I realized that W Bush had attacked Iraq (more...)
 

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

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Since the Fed works for the banks - the big banks ... by Scott Baker on Friday, May 11, 2012 at 12:57:43 PM
the federal reserve is being very good to the bank... by zon moy on Monday, Aug 6, 2012 at 2:30:03 AM
"Do you presume to criticize the great OZ?"  ... by Lance Ciepiela on Friday, May 11, 2012 at 10:14:37 PM
With incomes dropping back to 1960's levels, would... by Joe Vignolo on Monday, May 14, 2012 at 11:03:06 AM
This evil institution has impoverished and ruined ... by Lance Ciepiela on Tuesday, Sep 3, 2013 at 3:43:59 PM
Since the creation of the [ CREATURE From Jekyll I... by Lance Ciepiela on Monday, May 14, 2012 at 9:28:53 PM
"Despite its pathetic propaganda encouraging us to... by Richard Clark on Tuesday, May 15, 2012 at 10:14:44 AM
[[IMG4148]]The rich rule over the poor, and the bo... by Lance Ciepiela on Tuesday, May 15, 2012 at 1:05:11 PM
The U.S. national debt is more than 5000 times ... by Lance Ciepiela on Saturday, Jul 14, 2012 at 8:45:56 AM
Ben Bernanke and the Federal Reserve announced ... by Lance Ciepiela on Saturday, Sep 15, 2012 at 10:21:34 AM

 
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