End the Federal Reserve

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2022 Jul 5, 1:40pm   39,760 views  339 comments

by Patrick   ➕follow (60)   💰tip   ignore  


It seems that Fed employees know how to get rich betraying the public.

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311   The_Deplorable   2024 May 31, 5:39pm  

Patrick says

These are our lords and masters and actually they are frankly frauds and thieves.

We need to kick them out - the sooner, the better.
312   NuttBoxer   2024 May 31, 8:40pm  

I don't think anyone will just leave a position where they can print everyone else into the poor house because of a few kicks..
315   AD   2024 Jun 2, 10:14pm  


The Federal Reserve policies contributed to the federal debt to GDP ratio reaching current level of 121, whereas it was around 106 right before the pandemic.

And I read using an AI application that about $660 billion was spent on federal debt service in 2023, compared to

$773 billion for the Pentagon
$887 billion for Medicaid
$302 billion for Veteran Affairs (about $151 billion of this went to VA disability and income security/pension payments)

I wonder how much in 2024 will go to federal debt service given that the "effective" or "average" interest rate for issued Treasuries has been steadily increasing since the Federal Reserve increased the Fed Funds rate from 0.25% (around spring 2022) to currently 5.5%, which is the highest its been since around 2001.

Wolfman at Wolf Street blog website has a recent and excellent article about federal debt compared to tax receipts.

316   AD   2024 Jun 2, 10:24pm  

Congressional Budget Office forecasts that federal debt service will reach about $870 billion for fiscal year 2024.

Hence debt service will be greater than the Pentagon budget for fiscal year 2024.

Compare that to $497 billion for fiscal year 2022 when interest rates were much lower (7 year Treasury avg was about 2.5% in 2022 compared to currently 4.5%).
318   DemocratsAreTotallyFucked   2024 Jun 6, 6:17am  

“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” - Thomas Jefferson
332   Ceffer   2024 Jun 20, 11:02pm  

People who could 'get by' on their SS checks just a few years ago have been pushed into not getting by any more.
333   AD   2024 Jun 20, 11:13pm  


I was looking at the $870 billion forecast for federal debt service and the debt to GDP ratio of 122% (compared to 100% to 105% from 2013 to 2020).

I wonder if the uni party (all Democrats and few Republicans) are planning to let the Trump tax cuts expire and to not renew any of them.

The uni party thinks this will help to reduce deficits and consequently decrease debt service payments and the debt to GDP ratio.

That depends if they can keep spending increase no greater than the annual inflation rate.

334   DemocratsAreTotallyFucked   2024 Jun 21, 8:51am  

AD says

The uni party thinks this will help to reduce deficits and consequently decrease debt service payments and the debt to GDP ratio.

Restoring SALT deductions won't reduce the deficit.
337   Patrick   2024 Jun 29, 2:46pm  


To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in—or more precisely not in—the country's businesses and banks. This inventory—it should perhaps be called the bezzle—amounts at any moment to many millions of dollars. ...

People think they're going to get paid X, but they're only going the get X/2, either through outright default, or the sneakier default of inflation. ...

No one in Congress objected to the Fed’s “new inflation strategy” of seeking above-2% inflation for an extended period of time. This was a financial war crime. ...

“One of the most profound comments that I’ve heard over the past couple of years was with a labor leader who represents low-income service workers…She said to me, inflation is worse than a recession. That is contrary to conventional economic thinking." - Kashkari ...

Yet there is never any accountability at the Federal Reserve for their horrific policy errors which permanently harm hundreds of millions of Americans.

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