Listening to more...
At 16:08, he claimed the Fed returns "trillions and trillions" of dollars back to the U.S. Treasury each year. The WSJ reports that the Fed returned $79.3 billion to the Treasury last year, and that's with far more debt outstanding than when Browne made his comments.
Epic fail!
There are plenty of failures by the FED with out the conspiracies.
A Century of Failure: Why It's Time to Consider Replacing the Fed | George Selgin
Milton Friedman also makes a great argument against the FED:
Milton Friedman, Capitalism and Freedom, 1962.The stock of money, prices and output was decidedly more unstable after the establishment of the Reserve System than before. The most dramatic period of instability in output was, of course, the period between the two wars, which includes the severe (monetary) contractions of 1920-1, 1929-33, and 1937-8. No other 20 year period in American history contains as many as three such severe contractions.
This evidence persuades me that at least a third of the price rise during and just after World War I is attributable to the establishment of the Federal Reserve System... and that the severity of each of the major contractions — 1920-1, 1929-33 and 1937-8 is directly attributable to acts of commission and omission by the Reserve authorities...
Any system which gives so much power and so much discretion to a few men, [so] that mistakes — excusable or not — can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic — this is the key political argument against an independent central bank...
To paraphrase Clemenceau, money is much too serious a matter to be left to the central bankers.
''A people that values its privileges above its principles soon loses both.'' - Dwight Eisenhower
"While boasting of our noble deeds we're careful to conceal the ugly fact that by an iniquitous money system we have nationalized a system of oppression which, though more refined, is not less cruel than the old system of chattel slavery." - Horace Greeley
Very interesting!Originally Posted by The Goat
The Fed does return money to the treasury each year.
Knowledge is Liberty!
Thanks for this!
I agree. He was against the FED which most do not know.
Last edited by GeorgiaAvenger; 03-16-2012 at 04:33 PM.
Its a great presentation, it was at Furman University which is walking distance from my house. Wish I would have known about it, would love to have been there.
Wasn't it Friedman who proposed replacing the FED with a computer?
My music/art page is here"government is the enemy of liberty"-RPThat which doesn't kill me has made a grave tactical error
Maybe. He believed changes in money supply are harmful, and wanted a steady rate(a computer would provide that.)
He had a number of theories throughout his life when it came to money supply and banking, including embracing free, 100% reserve banking.
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