TED Conversations

Tom Britton

Director, Teacher, Language School

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To what extent are Americans worried about the fact that the Federal banking system is a private institution?

Is the privatisation of the Federal bank (to 10 stake holders) part of the American capitalist dream of freedom? To what extent does the general American public attribute the national debts of the U.S to abuses by the Federal bank? Is it abuse at all or is it in fact a justifiable part of American freedom? Do Americans think that it is, for any reason at all, justifiable to put a debt on every piece of currency that enters circulation? If the Federal bank was not a private institution, what would happen to America?

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Closing Statement from Tom Britton

Thanks to everyone for your input. I look forward to seeing how far the central bankers will go before the majority of the general public starts realising what is going. I suspect all of us lot will be long gone by then, if it ever happens.

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    Oct 15 2013: The FED is not the only national bank which is in private hands, the so called Bank of England is also owned by a hand-fill of individuals and are very secretive about who exactly those individuals are. Once upon a time back in the mid-1800's the FED and the Bank of England did belong to the people and were managed by our respective governments for the greater good of our nations.
    I think that the privatisation of Banks such as the FED and the Bank of England was a determined ploy to ultimately subvert the power of governments which is given to them in trust by the electorate through the ballot. Not sure about the USA, but here in the UK our government is increasingly impotent in the face of the transnationals and the banks - in fact our Chancellor of the Exchequer (the equivalent of your Head of the US Treasury) is actually fighting the EU with British Tax Payer Pounds to ensure that there is no cap to the gargantuan bonuses which bankers are allowed to pay themselves irrespective of whether they have made real or imagined profits for their firms and our economies.
    Not so long ago I revisited the Zeitgeist which explains how a handful of bankers were able to convince our politicians to sell them our National banks and set up the ponzi scheme which masquerades as "the banking system".
    The current system, which was established when our governments sold-us-out it is designed to keep them [the government] and us as individuals in debit, thought I don't think they [politicians] knew or realised this at the time. Essentially if we are in credit the system just doesn't work.
    As to whether the practice is a justifiable method to ensure freedom, I would argue that the reverse is true and that over the past 200 years since this in my view catastrophic event occurred there has been a veneer of freedom, democracy and growth - however like all Ponzi schemes, it's unsustainable. If the FED was not a private institution, equality and real democracy would flourish.

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