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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: Extremely concerned by a system that was meant to keep us enslaved to it. Extrememly concerned by the fact that the powers that be will sacrifice the financial security of millions to appease those who are in a position of power and control over our entire monetary system. Extrememly concerned that the possiblity of doing something about it has dwindled with each generation to almost non-existent. Extrememly concerned that an individual who speaks out about it and tried to influence a mass movement against it could find themselves myteriously taken out of the equation and the true version of events covered up by the power hitters in our gov. The people we elect to represent us will sell us out in a heart beat for a chance to be re-elected and to hold onto their already overwhelmingly powerful position of influence. We are nothing more than pieces to be manipulated on a board game to them. And that's what we will continue to be until a game change transfers the power out of their hands and onto individuals with the self control to handle that kind of power and enough moral integrity to do the right thing with it.
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      Oct 15 2013: So, We are still speaking of the Federal Reserve System? Your comment could have been applied to the entire Federal Government. Don't miss understand me, I believe that the Federal Government has become a crony system and needs some serious changes to make it again responsible to the American people.
      But, in a practical matter, if we were to do away with the Central Bank, what would we replace it with, that could be better....

      PS I don't think there are such people that have the moral integrity to handle that kind of power.
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        Oct 15 2013: The economy would be much better off without the FED. If I could change one thing it would be to get rid of the FED. You are ignorant on an important subject, you should read up on it
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          Oct 16 2013: Actually Pat, I have looked the Fed with a critical eye, I just don't see a viable alternative. We do away with it, now what? Look, I am not a fan. I have read a number of alternatives, I can poke a hole in all of them. If I can see the holes, just how bad are they?
          Do you have a way to establish a central bank? I am all ears or on TED, all eyes.
      • Oct 16 2013: Mike Colera,
        You said, "PS I don't think there are such people that have the moral integrity to handle that kind of power."
        Does this mean you think those in power and control have this so-called "moral integrity" to handle the power they now have?
        That is ludicrous to me. They have shown a complete degradation of any moral character of any kind and if you are correct, then this does mean American'ts need to not only replace their system with a just one, but also to get those in power, out of the power, by whatever means necessary.

        You also said, "But, in a practical matter, if we were to do away with the Central Bank, what would we replace it with, that could be better...."
        You mean that is all the critical thinking you are capable of, about 2 seconds worth?
        Well, your points carry no weight in that regard. Best you leave making a new and just system to those Americans who wish, want to, and can think critically in new and profound ways.
        Jacque Fresco has ideas that he has worked on for at least 75 years. No one else has worked on anything such as a re-engineering of society like Fresco has. No one, except those who wish to keep the dying, rotting status quo alive, which when thinks about it, is absurd. It's rotten, it's dying. Why keep it? It's worthless. It is letting down the people, but not those who lack moral integrity to run everything into the ground.
        Is Fresco's work perfect? No but there is nothing else on the horizon except abject failure and horror.
        What will most people say to that? Fresco is a joke, yet they have worked on nothing, and they only will speak in circles with the same old language from the same old tools, all of which have failed.
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          Oct 16 2013: Mr.Chance.
          Someone much smarter then me has said "Power corrupts and absolute power corrupts absolutely" . No, don't get me wrong, there are honest people out there, Smart people who could be well qualified to become public servants... Problem is most of them want no part of government service.
          Yes, I have to admit, I have held my nose as I pulled the election level. I have voted the best of bad choices. But, maybe, I will get better choices in the future... one can only hope.
          I read Fresco's work. Was it Sinclair that wrote about a great place to live... memories fade. But, I find Fresco, Sinclair... Sinclair is a better novelist...
          I see no way that Fresco's theories could ever be viable in the real world..
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        Oct 16 2013: Mike

        You have demonstrated that you are very informed on other threads, don't go myopic on this subject.

        Before 1913 we did not have the FED. Just look at the facts the U.S. economy boomed from the 1870s through 1912 without the FED.

        After the FED there was excessive credit created and the inevitable boom that followed burst and gave us the great depression.

        The FED is NOT part of the Constitution, yet is sold to the complacent citizens as necessary. It is only necessary to those who make a parasitic living by Enslaving the uneducated (Us).

        Go over to the Mises institute for the straight dope on this subject. Or follow .Krisztian's link for the full monty.

        This stuff is life changing.
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          Oct 16 2013: Sorry Pat,
          We got the Fed because of crash and burn of the economy in 1907 while under a free banking period. In fact, there were several bumps in the road during the boom you mentioned.
          Now, it has been said that the establishment of the Fed was the plan of the progressive party to bring the country into their political point of view, I can't confirm this, but I wouldn't be surprised. However, there was a cry across the country for the congress to fix the banking system and this is what we got.
          Hey, I got to call them the way I find them.

          I am familiar with the Mises Institute. I came across them in my readings. I find them a little over the top.
          I would like the federal government address those tasks as defined by the constitution and stop doing things they were not intended. It should reduce the Federal Government by more then half. I would like to repeal the 17th amendment. Restrict the 16th in the taxing of income. I would like to see the presidents cabinet reduced to 7 secretariats. Term limits for congressmen to two terms like the president. I would consider the terms of congressmen and the president to 5 years. I would like for the SCOTUS .to review all the amendments and insure from a legal standpoint that there are no conflicts with the basic constitution. I have found a few that disturb me if they are ever challenged. .
          I am flattered that you find most of my threads informed. You could get a number of challenges on that comment.
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        Oct 16 2013: Mike

        If that is what you see you just are Not looking.

        The difference between the "crash and burn" economy and the FED economy is stark and much worse with the FED and it's meddling.

        There is a ton on this at the Mises org. Since you don't want to look I can't do anything for you.
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          Oct 16 2013: II have read some of the missives of the Mises Org. To sum it up, they do not like the Fed and made a strong case to rid us of it. But, as I have said, I can't see a replacement. We still need a central bank and I don't trust the Treasury to do it.
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        Oct 16 2013: That is simply not true. Do you have anything to corroborate that view?
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        Oct 27 2013: 1. Where exactly is the line drawn between the FED and the Fed Gov?
        2. Those who seek to be in a position of power ought not to be given any...at all...not even a little bit. Those who are best suited to lead will be recognized by those who are already following.
        3. The Conspiracy Theories behind the FED being started are just that...conspiracy theories, however they are compelling and believable which gives great cause for concern.
        4. You find the Mises over the top. Everything about our modern day society is over the top.

        We have a monetary based system as it stands, yes, but who decided that monetary is the only acceptable system?
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          Oct 27 2013: 1. The FED is referring to the Federal Reserve, a central banking organization, et el. established in law ca. 1913. It was established as an independent banking system from the Federal Government. It was to keep the politician's hands off the nation's money supply.
          2. Agree.
          3. I find conspiracy theories questionable. Usually, they are extreme and call for some suspension of belief. Also need many people to be involved. All who must keep the secret. Possible probably, probable not. so much.
          4. Mises Organization. As I understand them, they are or propose an extreme libertarian political philosophy. I am not comfortable with extreme political philosophy. I could be wrong.

          Monetary System. We have a world of over 7 billion people. A monetary system is the only really practical way of exchanging goods and services
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        Oct 27 2013: I know the definitive difference between the FED and the Fed Gov. I was wondering where you personally would draw the line that divides them from a personal perspective.

        Think about the people who are most likely to be involved in a conspiracy theory. These are people who only circulate amongst themselves anyways. The classes are separate and money talks. Not many conspiracy theories are all that questionable, in fact far too many of them are rather enlightening. Finally answering all those nagging questions regarding holes in the story that now seem to be filled.

        Extreme political philosophy is having a FED which borrows $ that can never be repaid. If every single dollar was used to repay our debt to the FED we would still be left with the interest and all the imaginary money that was created with the gentle depression of a few keys on a computer.

        The only reason money is "the only really practical way of exchanging goods and services" is because we haven't been taught that there might be other systems.

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