My apologies for being a "Pathetic Loser" for propagating it. Sorry I didn't include a "valid" economic study on fiat currency. Yes, I have read a few, thank you.
The nature of that website is of conspiracy, however there are very valid points to that conversation.
- The FRB is a private entity see
Lewis v. United States 1982
however according the FRB, it is not a private entity for the sake of profit:
FRB: FAQs: Federal Reserve System
Who does actually own the FRB? Obviously it is National Banks (that have been charted) and some other banks that meet requirements. Banks must invest 3% of their capital as stock and receive 6% dividends. You are a smart guy, I'm sure you know how all this works... but if the FRB is not a private entity it is a facist entity (by definition)
- according the FRB of NY there is about $829bil (USD) in circulation right now:
How Currency Gets into Circulation - Fedpoints - Federal Reserve Bank of New York
the national debt is looming near $10trillion, so then the "caller" was correct to say that there is not enough USD in circulation to pay it.
you will probably accuse me of not knowing how the national debt works against GDP, etc or that I haven't read enough "valid" studies on it.
There can't be much debate that the current economic debacle we are in right now is/was a function of credit/inflation. The FRB regulates the member banks quite a lot, as a matter of fact the fact you can only withdraw from your savings account so many times a quarter is because the FRB says so. When the FRB cuts interest rates this obviously benefits the banks directly.
The unbridled power of the FRB is putting the nation's ultimate power (economic) in the hands of so few.
Just curious, what part of the conversation was not true?