Re: The Federal Reserve Was Created to Bailout Banks

The Federal Reserve Was Created to Bailout Banks
---
Purpose

The primary motivation for creating the Federal Reserve System was to
address banking panics.[3] Other purposes are stated in the Federal
Reserve Act, such as "to furnish an elastic currency, to afford means
of rediscounting commercial paper, to establish a more effective
supervision of banking in the United States, and for other purposes".
[23] Before the founding of the Federal Reserve, the United States
underwent several financial crises. A particularly severe crisis in
1907 led Congress to enact the Federal Reserve Act in 1913. Today the
Federal Reserve System has broader responsibilities than only ensuring
the stability of the financial system.[24]

Current functions of the Federal Reserve System include:[12][24]

To address the problem of banking panics
To serve as the central bank for the United States
To strike a balance between private interests of banks and the
centralized responsibility of government
To supervise and regulate banking institutions
To protect the credit rights of consumers
To manage the nation's money supply through monetary policy to
achieve the sometimes-conflicting goals of
maximum employment
stable prices, including prevention of either inflation or
deflation[25]
moderate long-term interest rates
To maintain the stability of the financial system and contain
systemic risk in financial markets
To provide financial services to depository institutions, the U.S.
government, and foreign official institutions, including playing a
major role in operating the nation's payments system
To facilitate the exchange of payments among regions
To respond to local liquidity needs
To strengthen U.S. standing in the world economy


On Sep 21, 9:53 am, Travis <baconl...@gmail.com> wrote:
> **
>   lowtechgrannie posted: "99 years ago, a group of powerful bankers and
> politicians met secretly on a privately-owned Jekyll Island off the coast
> of Georgia to create a banking cartel. They called their new entity the
> Federal Reserve Bank.    Congress passed the enabling "     Respond to this
> post by replying above this line
>       New post on *Fellowship of the Minds*
> <http://fellowshipofminds.wordpress.com/author/lowtechgrannie/>  The
> Federal Reserve Was Created to Bailout
> Banks<http://fellowshipofminds.wordpress.com/2012/09/20/the-federal-reserve...>by
> lowtechgrannie<http://fellowshipofminds.wordpress.com/author/lowtechgrannie/>
>
> 99 years ago, a group of powerful bankers and politicians met secretly on a
> privately-owned Jekyll Island off the coast of Georgia to create a banking
> cartel.
>
> <http://fellowshipofminds.files.wordpress.com/2012/09/jekyllclub.jpg>
>
> They called their new entity the Federal Reserve Bank.    Congress passed
> the enabling legislation on December 23, 1913 that made the federal
> government a "partner" in their private cartel..
>
>  *lowtechgrannie<http://fellowshipofminds.wordpress.com/author/lowtechgrannie/>
> * | September 20, 2012 at 11:34 am | Tags: Banking
> Cartel<http://fellowshipofminds.wordpress.com/?tag=banking-cartel>,
> Creature from Jekyll
> Island<http://fellowshipofminds.wordpress.com/?tag=creature-from-jekyll-island>,
> Federal Reserve
> Bank<http://fellowshipofminds.wordpress.com/?tag=federal-reserve-bank>,
> G Edward Griffin<http://fellowshipofminds.wordpress.com/?tag=g-edward-griffin>,
> Jekyll Island <http://fellowshipofminds.wordpress.com/?tag=jekyll-island>,
> Jekyll
> Island Club <http://fellowshipofminds.wordpress.com/?tag=jekyll-island-club>,
> JP Morgan <http://fellowshipofminds.wordpress.com/?tag=jp-morgan>, Senator
> Nelson Aldrich<http://fellowshipofminds.wordpress.com/?tag=senator-nelson-aldrich>,
> William Rockefeller<http://fellowshipofminds.wordpress.com/?tag=william-rockefeller>|
> Categories:
> Economy <http://fellowshipofminds.wordpress.com/?cat=17656840>, The Powers
> That Be <http://fellowshipofminds.wordpress.com/?cat=499558>, US
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