Federal Reserve Conjures - and Redefines - Money

[defendandprotect]

Federal Reserve Conjures - and Redefines - Money


By Matthew Cardinale

ATLANTA, Georgia, Nov 29, 2010 (IPS) - The private central bank of the United States, the Federal Reserve, has begun purchasing $600 billion of long-term U.S. Treasury Bonds, essentially subsidising the federal deficit for the year.

Many economists say the significance of this new role for the Federal Reserve cannot be overstated, especially because the agency is literally creating money at the stroke of a keyboard.

http://ipsnews.net/news.asp?idnews=53706



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Quite a number of different issues raised in this article -- and think if we are

truly to understand it we need a little help with those more familiar with

the gimmicks of finance to make it clearer for us --

What is clear is that we have a FED setting economic policy -- employment limits --

at one point stabilizing employment to preserve employee instability!

It is our Congress -- our elected officials -- who should be setting economic policy --

not the FED!!