Zeev's Turnips Patch-No Politics (ZEEV)

[federal reserves]

Santa> Thanks for article..interesting.

First off the FED is not a government institution. Its a privately held corporation owned by the member banks. The only connection to the public is the President
appoints the Chairman. Congress has the right to print money, but handed it over to the FED (big mistake) in 1913. It took only 20years for the FED to bankrupt the country
in the 1930's. The FED's function is to protect
the health of the banks and expand its power. Greenspan is a global interventionist, his seat of the
pants policies have bought two huge SM crashes (87/00) and built a gigantic consumer credit bubble
that is ready to burst. At the current time he is bankrupting our nation
in an effort to brighten his tarnished and depleting reputation post bubble. After its all over
everyone will realize Greenspan was the worst FED chairman in history and
nobody should again have that kind of power again. FF at 1% is an absolute joke, what with
inflation running upwards of 3-4%. One could make a case that the Chairman is insane IMHO.