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Is the Fed lending money?

I owned Halliburton.

The Fed is a private bank whose owners are worth unimaginable wealth.

That aside, over the past 18 months the Fed has put into circulation almost $10 trillion worth of US Dollars. Shocking amount.

We need another President Jackson. He shut down the second privately held monopoly bank back in the 1830's. We need to begin doing this again now. We have the office of Comptroller of the Currency, which could regulate dollar denominated currency, ensuring it measured against assets to ensure we don't have a run on reserves. And then we need to allow the market to dictate currency policy based on both demand and actual wealth. Not the Weimar or Zimbabwe method, which is going to be hyper-inflation.

One question: Why do we allow the Fed to set interest rates? It is basic finance or economics 101 that interest rates are the cost of dollars. Shouldn't the market dictate? When there is a scarcity the interest rate is high, when an excess it is low. People pay what they are willing to pay. Right now the rate is unnaturally low and banks won't even lend what they have to solid applicants.

Change!

Republican Ron Paul is gaining support for HR 1207, the Federal Reserve Transparency Act.

As I understand it, by law, Congress cannot see the books of the Federal Reserve. This bill simply revokes that law. If passed Congress would seek an audit of the Fed later this year.

Contact your Congressmen and urge them to support this bill.