Robert Winner

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The federal reserve ... friend or foe.

Congress established three key objectives for monetary policy in the Federal Reserve Act: Maximum employment, stable prices, and moderate long-term interest rates.

During the confirmation hearing of Janet Yellen I did not hear these areas addressed.

The fed is by Congressional Act but is Independent in all actions and decisions. Even though money is printed by the Treasury it is controlled and regulated by the Fed.

Following the hearings and noting the depressions, recessions, unemployment at 23% and growing, and rates unstable, national debit at 17 trillion, that have occurred since the Fed was established in 1913 .... I am concerned if the fed is a friend or a foe.

The fed is a extreme backer of the to big to fail philosophy and questionably spend billions of US dollars when in fact the charter states it is not funded by the US government.

The more I read the more questions I have .... this is a very complex issue. It would appear that the fed has more power and influence in the US than either the President or Congress.

Prior to Yellen's appointment should Congress take another look at the purpose and goals of the Fed and recall the feds powers to be under Congressional control. A choice of the lessor of two evils.

Is the fed a loose cannon or a friend in need.

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    Nov 18 2013: The FED should be abolished, no about a doubt it.
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    Nov 24 2013: Foe. I would argue that it was never a friend in need either. More like a wolf in sheep's clothing.
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    Nov 19 2013: Let's see... Bernanke et el. or Reid and Behner.... Hmmmm... what's behind door number three?
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      Nov 19 2013: yeah ... lousy choice. However, if the voting public was knowledgeable on the major issues ... then we could throw the bums out of office. How Reid and Pelosi got back to Washington speaks volumes for their districts.

      If you figure out how we can add selection of door number please advise.

      Thanks for the reply. Bob.
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        Nov 19 2013: I wish I was smart enough to figure out a door three.

        Worse, I have to believe that most voters really don't know or care, which goes back to our public education system.

        As it is, when looking at our current situation, II see the Feds as a lessor of two evils, what would our money situation be if was being run by those who gave us the AHA.

        Considering a world monetary environment, I can't see how the USA could function without a central banking system. Worse, I am not sure where people smart enough, honest enough, or dedicated enough to run any banking system could be found. .
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    Nov 18 2013: Foe. The Federal Reserve is unconstitutional and a threat to economic stability. Congress never had the ability to transfer its authority over the coinage of money. For one thing, the Federal Reserve is private, but under the power of the executive branch, through presidential appointment. This gives that branch excess power. However, that's not the whole story. The monopolization of currency production, whether by private bank or public institution, is a threat to economic freedom. We need the free production of currency in order to truly allow free market dynamics to work.